Is "ACH CREDIT XXXXX7648 SAFECO INS. CO. INS REFUND" fraud?

Written by Lily Tran

June 18th, 2024

Medium Risk

What is "ACH CREDIT XXXXX7648 SAFECO INS. CO. INS REFUND"?

Safeco Insurance has been in business since 1923. It provides a range of insurance products for individuals. These products include auto insurance, homeowners insurance, renters insurance, and personal umbrella insurance. Safeco Insurance also offers specialized coverage such as boat, motorcycle, and classic car insurance. The company operates as a subsidiary of Liberty Mutual Insurance since its acquisition in 2008.

ACH CREDIT: Type of transaction — Automated Clearing House (credit transaction)

XXXXX7648: Unique identifier or reference number for the transaction

SAFECO INS. CO.: Name of the involved institution or entity (Safeco Insurance Company)

INS REFUND: Description or purpose of the transaction (Insurance refund)

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.