Beacon Credit Union Warns, Scam Could Raise Costs for Customers

Lynchburg, VA - Beacon Credit Union says that texting scam we've been telling you about is costing them, too.

They say this could cause their insurance rates to go up, and that would mean higher costs passed on to customers.

Beacon management says these scams are costing thousands of dollars and becoming incredibly common.

Multiple are occurring every year, and the truth is, they say, there's no easy answer to putting an end to it.

"These things are becoming natural occurrences almost three, four times a year you see this happen in the Lynchburg area. Who's to say in larger metro areas how much it happens" said Beacon's Vice President of Marketing, Scott Hudson.

And it's costing big bucks, "You may see anywhere from $10-50,000 in losses" said Hudson.

Hudson says that equates to a hike in Beacon's insurance rates; anywhere from 10-20%, a cost inevitably, that must be paid by customers.

"You're seeing it. You may not see it on your statement, they may not tell you openly, but they're going to tell you in the way that they charge or restrict your access" said Hudson.

We're talking potentially, no more free checking, ATM fees, it runs the gambit, and all because of a text.

"The first thing you think is your account's been compromised" said one woman who received the text scam.

"It does fall ultimately on the members. And there may come a day that financial institutions are saying look, you're going to have to bear the brunt of a loss up to a particular amount of money" said Hudson.

He says Beacon does all it can to keep your account secure, and the rest they say, is up to you.

"If we're unable to investigate these, what we'd like to do is get the message out to the public" said Lt. Randall Trent of the Lynchburg Police Department's Criminal Investigations Unit.

Local law enforcement says they do all they can. But with modern technology, bringing scammers to justice can be almost impossible.

"These scams can originate out of state, overseas, you know we may not even have jurisdiction over these" said Trent.

"Whether they go to Beacon Credit Union or Bank of America, or whoever, it's like a rising tide" said Hudson.

As bad as this all may sound, some silver lining, Beacon says the increases to customers may only be pennies on the dollar.

And again some good information to remember, police say your best defense against these scammers is to never give out any personal information.