Is "WITHDRAWAL SLS MORTGAGE PAY TYPE: WEB PAY ID: XXXX" fraud?

Written by Julian Sanchez

June 18th, 2024

Medium Risk

What is "WITHDRAWAL SLS MORTGAGE PAY TYPE: WEB PAY ID: XXXX"?

Specialized Loan Servicing has been in business since 2003. The company focuses on mortgage servicing and offers a range of financial services including loan administration, payment processing, escrow management, and customer support for homeowners. They work with investors, borrowers and other financial institutions to manage loans throughout their lifecycle.

WITHDRAWAL: Indicates that the transaction is a withdrawal from the account.

SLS MORTGAGE PAY: Identifies the party initiating the transaction, in this case, SLS Mortgage.

TYPE: WEB

PAY ID: XXXXXX8268

CO: SLS MORTGAGE PAY

NAME: ,JOHN DOE

%% ACH ECC WEB: Specifies that the transaction was processed through the Automated Clearing House (ACH) network as a Web-based electronic check conversion (ECC).

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.