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Date Published: January 21, 2025

With the rise of peer-to-peer payment networks, such as Zelle®, PayPal, or CashApp, fraudsters have found ways to use these applications to access the funds of victims.

In one common form of scam, fraudsters will contact their victims via phone call or text message posing as the fraud department of a financial institution, claiming that a large transaction has been made on the victim’s account. After making contact, they will urge their victims to provide login information and send a text message verification codes to “secure” their peer-to-peer payment account. Once the scammer has this information, they can access the victim’s payment account and steal money through the app.

Fraudsters have also used this method to set up fake accounts on the payment applications under the victim’s name and ask the victim to send money to these false accounts as a verification method. The scammers will lead their victim to believe that they are simply “paying themselves” by transferring money between two of their own accounts, when in fact the account they are sending to is controlled by the scammer.

Here are some important things to remember to help protect yourself against potential threats on peer-to-peer payment networks:
  1. EECU will NEVER ask for your online banking login information over the phone.
  2. EECU will NEVER ask you to send money to yourself as a form of verification.
  3. If you receive an unexpected text message from someone claiming to be EECU, use caution before responding or clicking a link. Look for red flags such as misspellings or unfamiliar URLs.
  4. If you receive an unexpected phone call regarding fraudulent activity on your account, do not respond. Instead, hang up and call EECU directly at (817) 882-0800 to verify the legitimacy of the fraud alert.
  5. When in doubt, always contact EECU through the verified contact methods found on our website at eecu.org.
The security of your account and information is our priority. It’s important to stay informed of common scams and be aware of what to look for and what to do to help keep your money safe. If you receive a suspicious alert or notification or think you may be the target of a fraud attempt, immediately call EECU at (817) 882-0800.

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