Is "DIRECT WITHDRAWAL, GLAIC INSPAYMENT" fraud?

Written by Caleb Martin

June 18th, 2024

Medium Risk

What is "DIRECT WITHDRAWAL, GLAIC INSPAYMENT"?

Genworth Life and Annuity Insurance Company has been in business since 1996. The company provides various insurance products and financial solutions. Their offerings include life insurance policies and annuity products. These services are aimed at helping individuals manage financial risk and plan for future financial security.

**DIRECT WITHDRAWAL**: Type of transaction indicating that funds were electronically withdrawn from the account.

**GLAIC**: Likely a shorthand reference to the company/organization involved in the transaction. In this instance, it seems to refer to Great Lakes Insurance Company.

**INSPAYMENT**: A description of the payment purpose, indicating it is an insurance payment.

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.