Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #7658202
Complaint Overview
Complaint ID: 7658202
Company: M&T Bank Corporation
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: Connecticut
ZIP Code: 06405
Date Received: 2023-10-06T12:00:00-05:00
Date Sent to Company: 2023-10-06T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I was the victim of a scam. I had a charge on my XXXX credit account by way of an app. I called a number to reach XXXX which was provided by the app to dispute the charge. Unbeknownst to me, it was a scam. They answered as XXXX, and provided their name and employee number. He advised he could see other charges on my account for items purchased out of state. I advised they were not my charges. He requested access to my phone so that he could put blocks and limits on my accounts that were on my phone. I allowed him access. He accessed my bank and processed a transfer via XXXX. I never used XXXX before. He claimed the transaction was a test and that no money would be withdrawn from my account. This was the scam as I immediately saw {$1000.00} come out of my account. After arguing with him to get my money back, I hung up. I immediately contacted M & T Bank and froze my accounts and filed a dispute. I also became aware that they tried to transfer money via XXXX as well, but by freezing my accounts, they did not get that money. The next day I went to the bank branch and opened new accounts. In response to my dispute, I received a letter dated XX/XX/XXXX from M & T Bank stating that the XXXX transaction was processed correctly and they were denying my claim. Of course it looked like the transaction was processed correctly. The guy obviously knew what he was doing, but if they really investigated the transaction, they would see that they sent the money to one person, but used a strange XXXX account which actually sent the money to a different person. I called the bank to speak to someone in their fraud department and was told there was nothing they could do because I gave the person access to my phone. Yes, I let this person have access to my phone but I obviously thought he was helping me. I would never let some random stranger have access to my phone. However, it doesnt matter to M & T Bank that I was scammed into it. I also tried contacting XXXX, but could not reach anyone to help me because the transaction was done through my bank. I am submitting this complaint because M & T Bank is refusing to acknowledge the scam and return my money. I have found many news articles on line that state that XXXX is popular among thieves and that each year millions of dollars are stolen from consumers through XXXX in fraudulent transfers. Banks are aware of this and XXXX is aware of this yet nothing is being done. I should be able to get my money back regardless if I allowed him onto my phone because I was lied to and scammed. I believed I was being helped. As mentioned, there are many articles about this and one such article dated XX/XX/XXXX from XXXX XXXX states that XXXX XXXX XXXX found fraudulent transfers over XXXX exceeded {$250.00} XXXX last year alone. By federal laws and rules enforced by the Consumer Financial Protection Bureau, banks are required to refund customers for fraudulent and unauthorized transfers. Senator XXXX office has stated that banks that are not repaying customers who contest XXXX payments are potentially violating federal laws. The Consumer Financial Protection Bureau also confirmed that consumers are not liable for payments initiated by a third party who obtained the consumers payment information through fraud. The person who had access to my phone was granted access through fraud. I am requesting that M & T Bank repay me in the amount of {$1000.00} which was transferred out of my account by way of a scam. My money is insured. I was scammed. I should be able to recover the funds.
Frequently Asked Questions
What is Complaint #7658202 about?
Complaint #7658202 was filed against M&T Bank Corporation regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2023-10-06T12:00:00-05:00.
How did M&T Bank Corporation 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 M&T Bank Corporation?
Yes, visit the M&T Bank Corporation company profile at readthecomplaint.com/company/m-t-bank-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.