Is "Electronic Withdrawal Prog Preferred" fraud?

Written by Aiden Lee

June 18th, 2024

Medium Risk

What is "Electronic Withdrawal Prog Preferred"?

Prog Preferred has been in business since 1996. The company provides a range of retail products, including electronics, home appliances, furniture, and various accessories. They operate through both physical stores and an online platform, offering installment payment plans for customers. Prog Preferred is known for its services that cater to customers who prefer flexible financing options.

Electronic Withdrawal: Indicates that funds were withdrawn electronically from the account.

Prog: Abbreviation commonly standing for "Program," which often refers to a scheduled or recurring transaction.

Preferred: Could either denote a specific product or service, or a preference status associated with 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.