The answer
Approving a spender changes permission on the token contract; it does not automatically transfer your coins. A later contract call may use that permission.
What to do next
Inspect the transaction method and approved spender in the explorer. Revoke any unknown allowance and move at-risk assets if the wallet was compromised.
Etherscan
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Ledger hardware wallet
Relevant hardware-backed signing for supported assets; it does not eliminate gas fees, contract vulnerabilities or approval risks.
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Frequently asked questions
Does an approval show the same recipient as a normal payment?
Not necessarily. It authorises a spender contract rather than directly paying a recipient.