Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #11890229
Bank of America Resolves Domestic Transfer Scam with Monetary Relief
Complaint Overview
Complaint ID: 11890229
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: New York
ZIP Code: 11358
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: medium
The complaint involves a fraud or scam, indicating a potential vulnerability in the bank's security or customer protection measures for domestic money transfers.
Consumer Sentiment: positive
Topics: Money transfer, Virtual currency, Money service, Fraud or scam
AI Analysis
CFPB complaint 11890229 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 Bank of America customer in New York reported a fraud or scam related to a domestic money transfer via the web, which was closed with monetary relief. The complaint was received on January 31, 2025 from New York. The company responded with "Closed with monetary relief".
What You Should Do -- Consumer Action Plan
Consumers should be wary of unsolicited requests for money transfers and verify the legitimacy of recipients before initiating transactions.
Legal Context & Consumer Protection Laws
This case falls under consumer protection laws and regulations governing financial institutions and money transfer services, particularly concerning fraud prevention and resolution.
Regulatory Insight
Financial institutions must have robust systems in place to detect and prevent fraudulent money transfers and provide clear recourse for affected customers.
Resolution Likelihood
likely
State-Specific Consumer Protections
The resolution in New York suggests that state-level consumer protection mechanisms were effective in addressing this specific fraud incident.
Industry Comparison
Banks generally face ongoing challenges with fraud in money transfer services, and the successful resolution with monetary relief indicates a positive outcome in this instance.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11890229 about?
CFPB complaint 11890229 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 11890229 filed against?
Complaint 11890229 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 11890229?
BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with monetary relief". The response was marked as timely by the CFPB.
When was complaint 11890229 filed?
Complaint 11890229 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 11890229 filed from?
Complaint 11890229 was filed from New York. You can view all complaints from this state at /state/NY.
Was the consumer satisfied with the resolution of complaint 11890229?
Dispute information is not available for complaint 11890229.
What product category is complaint 11890229 about?
Complaint 11890229 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 11890229 submitted?
Complaint 11890229 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 11890229?
This case falls under consumer protection laws and regulations governing financial institutions and money transfer services, particularly concerning fraud prevention and resolution. 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 11890229 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 11890229?
This complaint is rated as medium risk. The complaint involves a fraud or scam, indicating a potential vulnerability in the bank's security or customer protection measures for domestic money transfers.
What regulatory actions apply to complaint 11890229?
Financial institutions must have robust systems in place to detect and prevent fraudulent money transfers and provide clear recourse for affected customers. 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 11890229?
Consumers should be wary of unsolicited requests for money transfers and verify the legitimacy of recipients before initiating transactions.
Are there state-specific protections for complaint 11890229?
The resolution in New York suggests that state-level consumer protection mechanisms were effective in addressing this specific fraud incident. This complaint was filed from New York.
How does complaint 11890229 compare to industry norms?
Banks generally face ongoing challenges with fraud in money transfer services, and the successful resolution with monetary relief indicates a positive outcome in this instance.
What specific security measures did Bank of America implement to prevent this type of fraud in the future?
While the specific measures are not detailed, banks typically enhance transaction monitoring, implement multi-factor authentication, and provide customer education on fraud prevention.
How common are fraud or scam complaints for domestic money transfers through web platforms?
Fraudulent activities are a persistent concern across all financial platforms, including web-based money transfers, necessitating continuous vigilance from both institutions and consumers.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.