Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #16959374
Complaint Overview
Complaint ID: 16959374
Company: Truist Financial Corporation
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: Georgia
ZIP Code: 30338
Date Received: 2025-10-30T12:00:00-05:00
Date Sent to Company: 2025-10-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/year>, XXXX XXXX was made aware of a wire fraud incident involving a payment intended for one of our subcontractors, XXXX XXXX XXXX XXXXOn XX/XX/year>, our company initiated a wire transfer in the amount of {$61000.00} to what we believed waXXXX XXXX XXXX XXXX XXXXXXXX account. We later discovered that a fraudulent party had impersonated XXXX XXXX XXXX XXXX and provided us with falsified ACH information. The legitimate subcontractor had originally sent us their banking details, and shortly thereafter, we received another email appearing to be from them with updated ACH information. Unfortunately, that updated information belonged to the perpetrators of the fraud. XXXX XXXX XXXX XXXX did not notify us that they had not received the payment until XX/XX/year>. Upon realizing the issue, we immediately contacted Truist Bank ( our bank ) to initiate a reversal of the transfer. The reversal was processed, and the funds were returned to our account on XX/XX/year>. As of XX/XX/XXXX, the funds were still reflected in our account. However, on XX/XX/XXXX, we discovered that the {$61000.00} had been withdrawn from our account again. We contacted Truist Bank immediately and have since reached out to both Truist and XXXX ( the bank that held the fraudulent recipients account ) multiple times in an attempt to resolve the issue. Despite our repeated efforts, we have been unable to obtain a clear explanation or resolution from either bank. We were informed by Truist branch staff that they could not assist and that we would need to contact the fraud department. However, when calling, we have been unable to reach the correct contact or department. XXXX has not responded to any of our inquiries. It appears that the fraudulent account at XXXX was allowed to receive the funds, withdraw them, and close the account before the 5-day reversal period was completed. This situation has been extremely frustrating and financially damaging. While {$61000.00} may not seem significant to larger institutions, for a small business like ours, the impact has been devastating. We have filed a police report and submitted a complaint with the FBI ( IC3 ), but at this point, we are uncertain how to proceed further as we have not been able to get assistance or guidance from either bank.
Frequently Asked Questions
What is Complaint #16959374 about?
Complaint #16959374 was filed against Truist Financial Corporation regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2025-10-30T12:00:00-05:00.
How did Truist Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Truist Financial Corporation?
Yes, visit the Truist Financial Corporation company profile at readthecomplaint.com/company/truist-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.