Is "AUTO DEBIT TO PAY LOC" fraud?

Written by Aiden Lee

June 18th, 2024

Medium Risk

What is "AUTO DEBIT TO PAY LOC"?

Pay is a financial technology company that provides payment processing solutions for businesses. The company has been in business since 2015. Pay offers various retail products, including credit card processing, point-of-sale systems, and online payment gateways. The company serves a wide range of industries, providing tools to facilitate electronic transactions and financial management.

AUTO: Indicates that the transaction was automatically executed by the bank without manual intervention.

DEBIT: Specifies that the funds were withdrawn from the account.

TO PAY: Indicates that the purpose of the transaction is to make a payment.

LOC: Likely abbreviates "line of credit," suggesting the payment was made toward a loan or credit line.

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.