logo

Is "Point Of Sale Withdrawal" fraud?

Written by Jemina Owen-Jones

May 18th, 2024

The Fake Microsoft Receipt Scam

Emma, an active online shopper, was going through her bank statement one busy afternoon. She noticed an odd transaction listed as "Point Of Sale Withdrawal" from 'Microsoft'. She was confused as she didn't recall making any purchases from Microsoft recently. Passively dismissing it as some forgotten subscription renewal, Emma went concerning her typical routine.

A day later, Emma received an unsolicited call claiming to be from 'Microsoft's customer support'. They notified her about some technical issues found in her Microsoft account that needed immediate resolution. They instructed her to log into a linked website to resolve the issue. Despite some reservations, she complied, as she did not want any complications with her account.

Days later, a massive chunk of her savings vanished, the bank statement labeled it as "Point Of Sale Withdrawal". Connecting the dots, Emma realized she fell prey to a sophisticated phishing scam, masked behind the 'Microsoft' name.

Immediately, Emma contacted her bank to freeze her account and report the scam. She changed all her passwords, activated two-step verification processes where available and became extra cautious while navigating her online activities. Her bank managed to recover some of her savings, but the experience left her rattled.

In her journey to securing her finances, Emma discovered SimplyWise, an app that provided a comprehensive view of all her financial activities. With SimplyWise, she was able to manage all her receipts, transactions, subscriptions and even detected suspicious activities on her account. The fear of another potential scam was put to rest with SimplyWise.

How to Protect Yourself from Scams and Fraudulent Receipts

Scams can occur to anyone and they have become increasingly sophisticated. Therefore, it is crucial to stay on guard. Here are some steps to keep in mind:

1. Verify Emails: Always check the sender's email address carefully. A tiny typo or an odd-looking address can often expose a scam.

2. Avoid Clicking Links: Instead of clicking links in emails, access the official website by typing the URL into your browser.

3. Enable Two-Factor Authentication: This is an extra layer of protection for your accounts that goes beyond the simple username and password security.

4. Monitor Your Accounts: Check your bank and credit card statements regularly to catch any unauthorized or suspicious transactions swiftly.

5. Report Suspicious Activity: Upon receiving a questionable email or identifying unauthorized transactions, report it to the respective company and your bank immediately.

6. Use SimplyWise: The SimplyWise app assists you in managing your receipts and detecting unusual activities. Here’s how it works:

Step 1: Download SimplyWise

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 Accounts

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.

Find fraud quickly!

SimplyWise will match your transactions to your bank/credit card spending and check those items off.

By staying informed, vigilant, and cautious, you can thwart the attempts of these cyber miscreants to exploit your hard-earned money. With apps like SimplyWise, you add an extra layer of security to your financial transactions. It not only eases managing your receipts but also alerts you of any fraudulent activity before it escalates into a major issue. In the dynamic world of online transactions, being proactive in securing your finances is a vital asset.

SimplyWise Community Comments
Be the first to comment!