Is It Fraud or a Scam?
Do you know the difference? Get a quick breakdown.
When members are reporting suspicious account activity or unrecognized transactions, they often use the terms “fraud” and “scam” as though they mean the same thing. Understanding how they're different can help you communicate concerns about your account if you need to contact BECU for assistance.
What Is Fraud?
We use the term “fraud” to describe unauthorized account activity when someone gains access to your account and conducts transactions without your knowledge or involvement. This can happen if someone steals your personal information and uses it to access your account and engage in fraudulent activity.
Learn more about account fraud:
Identifying and Preventing Account Fraud | BECU
Enhancing Your Digital Security | BECU
Unfortunately, account fraud can happen any time someone is able to access your information. For example,
- When debit card info is “skimmed” at a gas pump and used to make purchases.
- When a check made out to someone else is altered and cashed.
- When a credit card account is opened using someone else's name and information.
Recognizing Account Fraud
Account fraud is often discovered when victims are reviewing their account statements or checking their credit report. You might notice unexpected charges, missing funds or accounts opened in your name without your awareness. BECU and your other financial institutions monitor accounts and may alert you about suspicious activity. Ultimately, it's your responsibility as the account holder to monitor your account and notify us quickly if you discover any unrecognized activity.
We encourage you to set up alerts in Online Banking and the mobile app. These notifications can make it easier to monitor your account and detect suspicious activity. Learn more about account alerts for security.
If You Discover Fraud
If you are a victim of fraud, financial institutions like BECU can take direct action to secure your accounts and limit your losses. This is because the transaction was not authorized. See the Reporting Fraud and Scams to BECU section below.
What Is a Scam?
We use the term “scam” to describe payments and transactions that you authorize because a scammer deceives, manipulates, and convinces you to participate in their scheme. It might seem like a transaction that results from a scam would be unauthorized, but when you send money, share account information or authorize payments, you are technically indicating your awareness and willingness to authorize the transactions.
Unfortunately, scams can take place in almost any type of situation including:
- Online: Involves phishing attempts, manipulative social media messages and fake e-commerce listings.
- On your phone: Scammers frequently call, text and email victims, posing as representatives of legitimate agencies or business.
- In person: Door-to-door solicitors and street scammers promise quick returns and too-good-to-be-true rewards.
One thing almost every scam has in common is creating a sense of urgency and convincing victims to act quickly.
Learn more about scams:
Social Engineering Scams | BECU
Protecting Yourself from Online Scams | BECU
If You've Been Scammed
Victims often don't realize they've been scammed until they receive no response when following up on some promised outcome, such as a payment, product or service. Scammers might deactivate phone numbers, websites and accounts to avoid further contact.
Unfortunately, if you fall for a scam, it can be difficult to resolve the issue. Despite our efforts, we are rarely able to recover lost funds after a payment has been authorized. Learn more about scams involving payment apps.
Merchant Errors
Questionable account activity doesn't always involve fraud or a scam. Sometimes, an incorrect or unauthorized transaction is a billing error from a merchant you did business with legitimately. If so, consider contacting the business. If needed, you may be able to dispute the transaction within a certain timeframe. Learn more about filing disputes.
Reporting Fraud or Scams to BECU
To report fraud, suspicious activity or a lost or stolen card during business hours:
- Send us a message. Monday to Friday, 7 a.m. to 7 p.m. and Saturday to Sunday, 9 a.m. to 6 p.m. Pacific Time.
- Call 800-233-2328. Monday to Friday, 7 a.m. to 7 p.m. and Saturday, 9 a.m. to 1 p.m. Pacific Time.
- For TTY support, dial 711 to access the Telecommunications Relay Service (TRS).
- BECU Business members call 800-704-8080.
After-hours support:
- To report lost or stolen debit cards after BECU business hours, call 888-241-2510.
- To report lost or stolen credit cards after BECU business hours, call 866-820-2999. For TTY support 24/7, call 888-918-7323.
- For additional account support information, visit Contact Us.
If you ever notice suspicious activity on your BECU debit card, you can pause your card* in Online Banking or the mobile app to prevent it from being used for new transactions. Report lost or stolen cards and unauthorized transactions to BECU immediately.
*Pausing your debit card does not report unauthorized transactions to BECU. Recurring transactions may still process while the debit card is paused. BECU is not responsible for any fees that may result from recurring transactions that do or do not process as a result of a paused debit card. If your card is lost or stolen, or you suspect fraud, contact us immediately at 800-233-2328.