Is "SYNCHRONY BANK PAYMENT PPD ID: 1061537262" fraud?

Written by Jemina Owen-Jones

April 18th, 2024


Synchrony is a financial services company that has been in business since 2003. They specialize in providing private label credit cards, co-branded credit cards, and installment loans to a variety of retail sectors. The company offers financing options for customers of various merchants, including major retailers in industries such as home furnishings, electronics, and automotive. Synchrony's services primarily revolve around helping consumers afford their purchases through flexible payment solutions.
  • SYNCHRONY BANK: Name of the bank or financial institution.
  • PAYMENT: Indicates that the transaction is a payment.
  • PPD: Stands for Prearranged Payment and Deposit, which means the payment was pre-authorized.
  • ID: Identification number associated with the payment.
  • 1061537262: Unique transaction code or reference number for the payment.
  • 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 Synchrony.
    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 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
    Walter Thompson
    3 months ago
    "Hey, don't stress! I had a similar charge and it turned out to be legit. Stay positive and contact your bank for clarification. Hang in there!"