While consumers regularly face fraudulent and scam attempts to gain access to their private information or persuade them into making a payment for a good or service, it is important to know the difference between unauthorized vs. authorized transactions and the protections offered by Centennial Bank.
Fraud is when someone gains unauthorized access to your money. If someone gains access to your account and makes a payment, stole money or sent it without your permission, this could be defined as fraud, which is a form of unauthorized transactions. Because the consumer did not authorize a payment, a refund of the money is typically made after reporting the incident.
A scam takes place when a consumer authorizes a payment, but they did not receive what was expected. Even if the consumer does not receive what they were expected in return for a payment, this is still an example of an authorized transaction since they authorized the payment.
It is important to contact Centennial Bank at (888) 372-9788 if you feel you’ve been scammed or have been a victim of fraud. Under the Electronic Funds Transfer Act, consumers have legal rights and protections for cases involving unauthorized transactions.