Is "External Withdrawal COMMERCE / INSURAN - ECHECKPAY" fraud?

Written by Gavin Brooks

June 18th, 2024

Medium Risk

What is "External Withdrawal COMMERCE / INSURAN - ECHECKPAY"?

MAPFRE Insurance has been in business since 1972. The company provides a variety of insurance products, including auto insurance, home insurance, and commercial insurance. They also offer specialty insurance products such as motorcycle insurance, watercraft insurance, and rental property insurance. MAPFRE operates in several countries and serves a diverse client base through its network of agents and online services.

**External Withdrawal**: A withdrawal made from outside of your bank (typically an electronic transaction)

**COMMERCE / INSURAN**: Descriptor indicating the type or source of transaction, possibly related to a commercial vendor or insurance payment

**ECHECKPAY**: Electronic check payment method used for the transaction

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.