Is "Electronic Withdrawal IpfsXXXXXXXXXXXX" fraud?

Written by Ethan Patel

June 18th, 2024

Medium Risk

What is "Electronic Withdrawal IpfsXXXXXXXXXXXX"?

IPFS (InterPlanetary File System) is a peer-to-peer network protocol for storing and sharing data in a distributed file system, not a retail merchant. It was developed by Protocol Labs, which was founded in 2014. IPFS is utilized for decentralized storage and sharing of files, websites, applications, and other data across multiple nodes in a network. It aims to make the web faster, safer, and more open.

  • Electronic Withdrawal: Transaction type indicating funds were electronically removed from the account
  • IpfsXXXXXXXXXXXX: Likely refers to the specific reference or identifier for this transaction, possibly related to the recipient or purpose of the withdrawal

    • 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.

    SimplyWise Community Comments
    Transaction codes from Ipfs
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