Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #13282224
Consumer Falls Victim to Digital Wallet Scam with Goldman Sachs
Complaint Overview
Complaint ID: 13282224
Company: Goldman Sachs Bank USA
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Fraud or scam
State: North Carolina
ZIP Code: 28314
Date Received: 2025-04-30T12:00:00-05:00
Date Sent to Company: 2025-04-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Risk Assessment
Risk Level: high
The risk is high due to the nature of fraud and scams in digital wallets, which can lead to significant financial loss for consumers.
Consumer Sentiment: negative
Topics: Money transfer, virtual currency, or money service, Mobile or digital wallet, Fraud or scam
AI Analysis
CFPB complaint 13282224 was filed against GOLDMAN SACHS BANK USA regarding Money transfer, virtual currency, or money service (Mobile or digital wallet), specifically about "Fraud or scam". A consumer reported a fraud or scam involving a mobile or digital wallet transaction with Goldman Sachs Bank USA, which was closed with an explanation. The complaint was received on April 30, 2025 from North Carolina. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should be extremely cautious of unsolicited requests for personal information or money transfers through digital wallets and verify all transactions before authorizing them.
Legal Context & Consumer Protection Laws
Federal laws like the Electronic Fund Transfer Act (EFTA) and Regulation E provide consumer protections for electronic fund transfers, including those made through digital wallets, but fraud and scams can still occur.
Regulatory Insight
Financial institutions must have robust security measures and fraud detection systems in place to protect consumers from scams and unauthorized transactions in digital wallets.
Resolution Likelihood
likely
State-Specific Consumer Protections
In North Carolina, consumers are subject to state and federal regulations regarding financial services and consumer protection, with specific state laws potentially offering additional recourse.
Industry Comparison
This incident is common across the financial services industry, as digital wallets and mobile payment platforms are increasingly targeted by fraudsters.
Related Issues
Frequently Asked Questions
What is CFPB complaint 13282224 about?
CFPB complaint 13282224 involves Money transfer, virtual currency, or money service (Mobile or digital wallet). The consumer reported an issue with "Fraud or scam". This complaint was filed against GOLDMAN SACHS BANK USA on April 30, 2025.
Which company is complaint 13282224 filed against?
Complaint 13282224 was filed against GOLDMAN SACHS BANK USA. You can view all complaints against this company on their profile page at /company/goldman-sachs-bank-usa.
What was the company's response to complaint 13282224?
GOLDMAN SACHS BANK USA responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 13282224 filed?
Complaint 13282224 was received by the CFPB on April 30, 2025. It was sent to GOLDMAN SACHS BANK USA on April 30, 2025.
What state was complaint 13282224 filed from?
Complaint 13282224 was filed from North Carolina. You can view all complaints from this state at /state/NC.
Was the consumer satisfied with the resolution of complaint 13282224?
Dispute information is not available for complaint 13282224.
What product category is complaint 13282224 about?
Complaint 13282224 is categorized under "Money transfer, virtual currency, or money service", specifically "Mobile or digital wallet". This is one of the product categories tracked by the CFPB.
How was complaint 13282224 submitted?
Complaint 13282224 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 13282224?
Federal laws like the Electronic Fund Transfer Act (EFTA) and Regulation E provide consumer protections for electronic fund transfers, including those made through digital wallets, but fraud and scams can still occur. This relates to a Money transfer, virtual currency, or money service complaint against GOLDMAN SACHS BANK USA involving "Fraud or scam".
How likely is complaint 13282224 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 13282224?
This complaint is rated as high risk. The risk is high due to the nature of fraud and scams in digital wallets, which can lead to significant financial loss for consumers.
What regulatory actions apply to complaint 13282224?
Financial institutions must have robust security measures and fraud detection systems in place to protect consumers from scams and unauthorized transactions in digital wallets. 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 13282224?
Consumers should be extremely cautious of unsolicited requests for personal information or money transfers through digital wallets and verify all transactions before authorizing them.
Are there state-specific protections for complaint 13282224?
In North Carolina, consumers are subject to state and federal regulations regarding financial services and consumer protection, with specific state laws potentially offering additional recourse. This complaint was filed from North Carolina.
How does complaint 13282224 compare to industry norms?
This incident is common across the financial services industry, as digital wallets and mobile payment platforms are increasingly targeted by fraudsters.
What specific steps should consumers take to protect themselves from fraud when using mobile or digital wallets?
Consumers should enable two-factor authentication, use strong, unique passwords, avoid sharing login credentials, and be wary of phishing attempts or suspicious links.
What recourse does a consumer have if they are a victim of fraud through a digital wallet with their bank?
Consumers should immediately report the fraud to their bank and file a dispute. Depending on the circumstances and the bank's policies, they may be eligible for reimbursement under federal regulations like the EFTA.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.