Is "BETTERMENT SEC TRANSFER" fraud?

Written by Caleb Martin

June 18th, 2024

Medium Risk

What is "BETTERMENT SEC TRANSFER"?

Betterment is a financial technology company that has been in business since 2008. The company provides a range of investment services, including robo-advisory options, retirement planning, and cash management solutions. Their product offerings also include personalized financial advice and various types of accounts such as brokerage and IRA accounts. Betterment uses algorithms to offer automated portfolio management and rebalancing, aiming to simplify the investment process for its users.

BETTERMENT: Refers to the name of the financial institution or service provider involved in the transaction.

SEC: Acronym for "Securities," indicating that the transaction involves securities or investment products.

TRANSFER: Indicates that the transaction is a transfer of funds or assets from one account to another.

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.