Is "SBA EIDL LOAN 1456738109 OTHER DECREASE" fraud?

Written by Remi Russell

June 18th, 2024

Medium Risk

What is "SBA EIDL LOAN 1456738109 OTHER DECREASE"?

SBA EIDL Loan is not a merchant but rather a financial assistance program provided by the U.S. Small Business Administration. The Economic Injury Disaster Loan (EIDL) program has been in operation for several decades, primarily designed to help businesses and nonprofit organizations recover from declared disasters. It offers long-term, low-interest loans aimed at covering working capital and operating expenses that businesses otherwise would have been able to pay had the disaster not occurred. The program does not sell retail products but provides financial support through loans to eligible entities.

SBA: Small Business Administration

EIDL: Economic Injury Disaster Loan

LOAN: Type of transaction indicating a loan

1456738109: Unique loan or transaction identifier

OTHER: Category of the transaction not falling under usual categories like deposit or withdrawal

DECREASE: Indicates the transaction resulted in a decrease in the account balance

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.