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Is "ACH Withdrawal SPECTRUM - SPECTRUM" fraud?

Written by Jemina Owen-Jones

April 18th, 2024

About "ACH Withdrawal SPECTRUM - SPECTRUM"

1/25/2024 6:08
  • ACH: Automated Clearing House, a network used for electronic financial transactions in the United States. This indicates that the transaction is an electronic withdrawal.
  • Withdrawal: Indicates that money was taken out of the account.
  • SPECTRUM: The name of the entity or organization initiating the withdrawal.
  • SPECTRUM: This could be the name of the recipient for whom the payment was made or potentially a reference to the payment purpose.

    • Find & fight fraud from anywhere

    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 Spectrum.
    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.
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