Is "Synchrony Bank Credit Card" fraud?

Written by Jemina Owen-Jones

May 18th, 2024

The Fake Synchrony Receipt Scam

There was a gentle breeze as Jake walked to his mailbox with a cup of coffee in his hands. A man of routine, he loved the peaceful early morning hours. This morning, however, was to be anything but peaceful. As he scanned through his email, he spotted a purchase notification: "Synchrony Bank Credit Card" from a merchant known as Synchrony. He wasn't aware of any recent purchases, so it piqued his curiosity.

'Must be a small error,' Jake thought, brushing it off initially. Later that day though, he received a phone call from a man claiming to be a representative from Synchrony. The man was friendly and professional, informing him of suspicious activity detected on his account and there was an imminent need to verify his account for security reasons.

Being a cautious and responsible individual, Jake was immediately worried and followed the caller’s lead, which took him to what he believed was the Synchrony site login page. After entering his meticulously maintained confidential details, he was thanked for his cooperation and was told the issue had been resolved.

It wasn't until later in the week, when Jake noticed more unfamiliar charges made to his account, that he realized something was not right. His heart sank as he called his bank, confirming his worst fear - he had become a victim of phishing. After panicking briefly, he meticulously started to change all his passwords and placed security checks on all his accounts.

While researching more about the scam, he discovered SimplyWise, an app that could help identify and prevent such fraudulent activities. With its help, he was able to manage his receipts more efficiently, track all his transactions in real-time, and keep an eye out for any suspicious ones - all under one roof.

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.

Jake's story is a stark reminder of the unfortunate truth of our digital age. Being informed and cautious can play a significant role in protecting you from succumbing to similar scams. Tools like SimplyWise can offer an added layer of security to your financial life. With SimplyWise, you can manage your receipts and track transactions, thereby detecting any fraudulent activity before it spirals into a bigger issue. By introducing a reliable watchdog in your financial management, you can rest easy safeguarding your hard-earned money.

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