Is "ACH WEBRECUR XXXXX0001 VERIZON PAYMENTREC" fraud?

Written by Ava Morales

June 18th, 2024

Medium Risk

What is "ACH WEBRECUR XXXXX0001 VERIZON PAYMENTREC"?

Verizon is a multinational company, founded in 2000 after the merger of Bell Atlantic Corporation and GTE Corporation. It offers various telecommunication services, including wireless communications, local and long-distance voice services, broadband networking, video and digital television services, and internet services. It has also been steadily expanding into the wired broadband and telephony market. In addition, Verizon provides network services for the federal government including business phone systems, data solutions and cybersecurity. It also provides IoT (Internet of Things) services that include fleet management, asset tracking, smart cities solutions and more.'

  • ACH: Automated Clearing House, a network that facilitates electronic funds transfers between banks.
  • WEBRECUR: Indicates a recurring payment made via web-based ACH transaction.
  • XXXXX0001: Unique identifier for the specific transaction. The Xs represent obscured characters, and the numbers may vary depending on the payment details.
  • VERIZON PAYMENTREC: Specifies the recipient or payee of the payment as Verizon. The "PAYMENTREC" likely stands for payment received.

    • 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.

    SimplyWise Community Comments

    Henry Baker

    Oh man, just saw a charge from ACH WEBRECUR XXXXX0001 VERIZON PAYMENTREC on my statement! What the heck is this about? Anyone else got any info? #confused #help

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