Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #11888001
Bank of America Customer Scammed Out of $3000 in Online Watch Purchase
Complaint Overview
Complaint ID: 11888001
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: Illinois
ZIP Code: 60439
Date Received: 2025-01-31T12:00:00-05:00
Date Sent to Company: 2025-01-31T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Risk Assessment
Risk Level: high
The consumer was defrauded of a significant amount of money in an online purchase scam, indicating a high risk of financial loss for consumers engaging in similar transactions.
Consumer Sentiment: negative
Topics: Fraud or scam, Money transfer, Online purchase
AI Analysis
CFPB complaint 11888001 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION regarding Money transfer, virtual currency, or money service (Domestic (US) money transfer), specifically about "Fraud or scam". A consumer sent $3000 via Bank of America to an individual for a watch purchase, but never received the item and lost the money due to a scam. The complaint was received on January 31, 2025 from Illinois. The company responded with "Closed with monetary relief".
Consumer Narrative
On XX/XX/year> Ive sent {$3000.00} to an individual by the name of XXXX XXXX for a purchase of a watch. One transaction for {$2900.00} an another one for {$100.00} thru XXXX. He told me to send it to his wifes account by the name of XXXX XXXX. XXXX account was ( XXXX ) Shortly after all communication stopped and never received anything. Have emails and documents. He hacked two separate accounts and was able to try to sell this online.
What You Should Do -- Consumer Action Plan
Consumers should be extremely cautious when sending money for online purchases, especially to individuals, and verify the legitimacy of sellers and platforms before completing transactions.
Legal Context & Consumer Protection Laws
This case involves a potential violation of consumer protection laws related to fraud and deceptive practices in financial transactions.
Regulatory Insight
Financial institutions should enhance fraud detection and prevention measures for money transfers, particularly those involving online purchases where the risk of scams is elevated.
Resolution Likelihood
likely
State-Specific Consumer Protections
The incident occurred in Illinois, and state consumer protection agencies may be involved in investigating such fraudulent activities.
Industry Comparison
This type of scam is unfortunately common across various financial service providers, highlighting a widespread issue in online commerce.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11888001 about?
CFPB complaint 11888001 involves Money transfer, virtual currency, or money service (Domestic (US) money transfer). The consumer reported an issue with "Fraud or scam". This complaint was filed against BANK OF AMERICA, NATIONAL ASSOCIATION on January 31, 2025.
Which company is complaint 11888001 filed against?
Complaint 11888001 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION. You can view all complaints against this company on their profile page at /company/bank-of-america-national-association.
What was the company's response to complaint 11888001?
BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with monetary relief". The response was marked as timely by the CFPB.
When was complaint 11888001 filed?
Complaint 11888001 was received by the CFPB on January 31, 2025. It was sent to BANK OF AMERICA, NATIONAL ASSOCIATION on January 31, 2025.
What state was complaint 11888001 filed from?
Complaint 11888001 was filed from Illinois. You can view all complaints from this state at /state/IL.
Was the consumer satisfied with the resolution of complaint 11888001?
Dispute information is not available for complaint 11888001.
What product category is complaint 11888001 about?
Complaint 11888001 is categorized under "Money transfer, virtual currency, or money service", specifically "Domestic (US) money transfer". This is one of the product categories tracked by the CFPB.
How was complaint 11888001 submitted?
Complaint 11888001 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11888001?
This case involves a potential violation of consumer protection laws related to fraud and deceptive practices in financial transactions. This relates to a Money transfer, virtual currency, or money service complaint against BANK OF AMERICA, NATIONAL ASSOCIATION involving "Fraud or scam".
How likely is complaint 11888001 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with monetary relief". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11888001?
This complaint is rated as high risk. The consumer was defrauded of a significant amount of money in an online purchase scam, indicating a high risk of financial loss for consumers engaging in similar transactions.
What regulatory actions apply to complaint 11888001?
Financial institutions should enhance fraud detection and prevention measures for money transfers, particularly those involving online purchases where the risk of scams is elevated. The CFPB tracks complaints like this one to identify patterns of misconduct across the Money transfer, virtual currency, or money service industry.
What should the consumer do about complaint 11888001?
Consumers should be extremely cautious when sending money for online purchases, especially to individuals, and verify the legitimacy of sellers and platforms before completing transactions.
Are there state-specific protections for complaint 11888001?
The incident occurred in Illinois, and state consumer protection agencies may be involved in investigating such fraudulent activities. This complaint was filed from Illinois.
How does complaint 11888001 compare to industry norms?
This type of scam is unfortunately common across various financial service providers, highlighting a widespread issue in online commerce.
What recourse does the consumer have if the bank cannot recover the funds?
The consumer may have limited recourse through the bank if the funds were sent willingly, but can report the fraud to law enforcement and consumer protection agencies.
Can the bank be held liable for facilitating the fraudulent transaction?
Generally, banks are not liable for facilitating transactions that are later found to be fraudulent, unless there was negligence in their security protocols or a failure to act on known suspicious activity.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.