Is "SoFi Rewards Redemption" fraud?

Written by Ava Morales

June 18th, 2024

Medium Risk

What is "SoFi Rewards Redemption"?

SoFi, short for Social Finance, Inc., has been in business since 2011. The company provides a range of financial products, including student loan refinancing, personal loans, and mortgage loans. Additionally, SoFi offers investment services, banking services such as checking and savings accounts, and credit cards. The company aims to cater to individual financial needs through a comprehensive suite of lending and wealth management services.

SoFi: The financial institution managing the transaction.

Rewards: Indicates the nature of the transaction is related to a benefit or loyalty program.

Redemption: Action taken to convert or use points or rewards earned.

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.