Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #5694478
Complaint Overview
Complaint ID: 5694478
Company: Bank Of America, National Association
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Fraud or scam
State: Massachusetts
ZIP Code: 02143
Date Received: 2022-06-21T12:00:00-05:00
Date Sent to Company: 2022-06-21T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I've recently been a victim of a XXXX scam/fraud. I lost {$7000.00} in the fraud, and Bank of America is unclear as to whether they will reimburse me. They informed me they would begin a 10 day investigation, but I have not received the funds, and I can not contact them. I've been on hold for three hours today. It has been over 10 business days, and the fraud was reported within 2 business days. The scam/fraud is elaborate. First, a text was sent inquiring if I authorized a XXXX transaction of the maximum daily transfer of {$3500.00} ( XXXX does in fact send this form of notification, though this is fraudulent ). I replied " no '', and then received a call from a spoofed phone number that says " Bank of America '' and does in fact appear to be the customer support number. They first identified themselves as BOA fraud investigators and inquired if I made a {$3500.00} transaction, and when I reply no, they stated that they must complete a fake two factor authentication. They asked me to confirm the last two purchases made on your account, then to provide a 2FA code sent via text. You provide the code, but in reality, the code is used for them to steal the phone number associated with your XXXX account, which they have just initiated. They then request you to send {$3500.00} to your own phone number on XXXX to protect our funds and allow them to cancel the pending transaction. You think you are sending it to your own account, so the funds are safe, even if it is fraud. But in reality, they have stolen your XXXX account, based on your phone number. The bank denies responsibility and states they are unable to cancel a XXXX transaction even if it is in-processing. This happened twice in a 24 hour period. I believe I am titled to reimbursement under Regulation E, given that it was a " token error '' and therefore qualifies as an unauthorized transfer. I believed I was sending money to my own account, but was tricked into providing a 2FA Code by fraudsters posing as BOA. The CFPB affirms that regulation E protects me.
Frequently Asked Questions
What is Complaint #5694478 about?
Complaint #5694478 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 2022-06-21T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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.