Is "External Withdrawal - MFSUSA LOAN PAYM - BILL PAY" fraud?

Written by Lily Tran

June 18th, 2024

Medium Risk

What is "External Withdrawal - MFSUSA LOAN PAYM - BILL PAY"?

Mazda Financial has been providing financing services to customers of Mazda vehicles for several years. The company offers a range of financial products including leasing options, loan packages, and vehicle protection plans. These products are designed to assist customers in the purchase or leasing of new and certified pre-owned Mazda cars and SUVs. Additionally, Mazda Financial provides various customer service options to address payments, account management, and other financing queries.

  • External Withdrawal: Indicates that funds have been transferred out of the account to an external entity.
  • MFSUSA: Possibly an abbreviation for the company name or entity receiving the payment, likely "MFS Investment Management" or a similar financial service entity.
  • LOAN PAYM: Specifies that the nature of the transaction is a loan payment.
  • BILL PAY: Indicates that the payment was made through a bill payment service provided by the bank or financial institution.

    • 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 Mazda Financial
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