Where did that transaction come from?
Between kids just learning the financial ropes, teens pushing boundaries, merchants deploying dark patterns, and fraudsters pouncing on vulnerabilities, parents routinely have to don their detective hats to track down the source of “mystery” charges. Occasionally it’s fraud. Most times it isn’t (see Five Flavors of Faux Fraud).
This month, we added a new tool to the FamZoo transaction tracking toolbox: merchant category codes, or MCCs for short. MCCs are defined by the International Organization for Standardization (ISO) and used to classify merchants by the type of goods or services provided. When the transaction description fails to unlock the mystery of a purchase’s origin, the MCC description just might do the trick.
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