Is "CREDIT BALANCE REFUND DEBIT" fraud?

Written by Sage Wallace

June 18th, 2024

Medium Risk

What is "CREDIT BALANCE REFUND DEBIT"?

Credit is a company that has been in business for a certain number of years, though the exact duration is not specified. The company's product offerings span across various retail sectors. They provide financial products and services designed to help individuals manage and optimize their credit. Additionally, Credit offers tools and resources for credit monitoring, reporting, and analysis. They may also provide educational materials to help consumers understand the importance of credit and how to improve it. The company's retail products are typically aimed at individuals seeking to maintain or improve their financial health.

CREDIT: The transaction type indicating money coming into the account.

BALANCE: Refers to the account balance being affected.

REFUND: Implies that this transaction is reversing a previous charge.

DEBIT: Indicates that the transaction may involve money being taken out as an adjustment or correction.

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.