Is "WITHDRAWAL ACH IRS TYPE: USATAXPYMT ID: 3387702000" fraud?

Written by Remi Russell

June 18th, 2024

Medium Risk

What is "WITHDRAWAL ACH IRS TYPE: USATAXPYMT ID: 3387702000"?

The Internal Revenue Service (IRS) is not a merchant, but a U.S. government agency responsible for tax collection and enforcing tax laws. It was established in 1862 by President Lincoln. The IRS also oversees various benefits programs, such as the Health Coverage Tax Credit, and administers tax laws related to retirement plans, charities, and the like. The IRS mission includes assisting taxpayers comply with their tax obligations and fairly applying the tax law.\n'

WITHDRAWAL: Indicates that money was taken out of the account

ACH: Stands for Automated Clearing House, a network for electronic financial transactions in the United States

IRS: Stands for Internal Revenue Service, the tax collection agency of the U.S. government

TYPE: Specifies the type of transaction, in this case, a tax payment

USATAXPYMT: Indicates that the payment is related to US taxes

ID: Unique identifier for the transaction

3387702000: Specific identifier for this transaction

CO: Stands for Company, in this context referring to the IRS

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.