Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #5195577
Complaint Overview
Complaint ID: 5195577
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: Maryland
ZIP Code: XXXXX
Date Received: 2022-02-07T12:00:00-05:00
Date Sent to Company: 2022-02-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I entered into an investment contract with XXXX VIP XXXX ( the Company ) to transfer XXXX USD. Entering the online trading sphere comes with many hopes but due to Companys Shady activities and dealings, I lost my money within a very short period of time. I advised Bank of America of this fact on XX/XX/XXXX and I havent received any satisfactory response so far. I am a victim of Fraud as I was under a lot of pressure and coerced through very sophisticated methods specifically created by these criminals. I reiterate that there was no trading account and no trading actually took place. This was all a scam and the recipient simply pocketed the money. My true issue with the bank is their limited understanding of the kind of recall I was consistently requesting to raise. Whilst I am not denying the demand for the reason code, I have deliberately emphasised to the bank that my case falls under a different reason code. Despite providing the bank with the required explanations of my case, Bank of America preferred to stick with the authorisation issue which has never been raised by me which already shows the banks lack of understanding of how to treat my case. Bank of America could have done more at the time of the payment to warn me of the risks of scams - Taking steps to educate their customers about scams - Taking steps to identify higher risk payments and customers who have a higher risk of becoming a victim of scams - Providing effective warnings to customers if the bank identifies a scam risk - Taking extra steps to protect customers who might be vulnerable to scams - Talking to customers about payments and even delaying or stopping payments where there are scam concerns- Acting quickly when a scam is reported to it - Taking steps to stop fraudsters from opening bank accounts
Frequently Asked Questions
What is Complaint #5195577 about?
Complaint #5195577 was filed against Bank Of America, National Association regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2022-02-07T12:00:00-05:00.
How did Bank Of America, National Association 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 Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association 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.