What are nyx*LRS transactions and how to deal with them?

No matter which bank you use, once a month (probably) you get a bank statement, which lists all the transactions you have made during this time period.

It shows you where your salary has gone and what you have purchased. But what happens when you spot a transaction you don’t recognise and don’t remember making?

More often than not, it’s baffling to see a mysterious entry such as nyx*LRS on your bank statement. Where does that come from and should you suspect criminal activity?

Time to dig in.

What are nyx*LRS transactions?

The explanation behind these transactions is simpler than you may think.

Nyx*LRS transactions belong to a class of payments that use code words in order to be described. 

These payments hail from companies which offer services that usually do not require human intervention, such as vending machine businesses, phone booths or public transportation ticket machines. 

All of these businesses charge a specific price for a product or service without requiring direct communication between a customer and an employee.

Paying for these services is generally done via credit or debit card or even by using contactless technology – for instance, your smartphone. 

nyx*LRS transactions, in particular, come from vending machines.

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But why are the nyx*LRS transaction locations inaccurate?

When looking at your monthly credit card statement you may see that a nyx*LRS transaction may be listed as occurring at a location you haven’t visited. 

There’s a reasonable explanation behind this scenario.

Vending machines are usually linked directly to the company offering the service, which on the other hand, may not even be in the same town as the machine itself. 

As a result, what you see on your statement once you pay is basically the location of the company operating the vending machine.

How to deal with nyx*LRS transactions 

One of the biggest concerns consumers have with nyx*LRS payments is that they appear in their bank statements days after they’ve completed a purchase.

This oftentimes means that the user has completely forgotten about the products or services purchased. Tied with an unknown and unfamiliar transaction name and location, it’s entirely natural that suspicions arise.

Before you panic, think carefully about your recent purchases. In some cases, researching the location that appears on the nyx*LRS transaction data can help you uncover an address linked to a company associated with another provider.

If you still feel uncertain about a transaction in your statement, it’s always best to contact your bank and request more information or simply share your concerns. This can help you protect yourself from potential fraud in the long term. 

Final words

Usually, banks are very accurate when it comes to following transactions, so when you see a payment you don’t understand this is not necessarily a mistake.

The nyx*LRS transactions are a great example of this. So, next time you see this transaction, do not worry – you now know where it comes from.

If you are a myPOS customer and are not sure what the transaction is, you can always contact our support services at +44 20 3129 1091 or email us at [email protected].