Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #8062154
Complaint Overview
Complaint ID: 8062154
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
State: Missouri
ZIP Code: 64151
Date Received: 2023-12-26T12:00:00-05:00
Date Sent to Company: 2023-12-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Commencing on or about XXXX, 2022, I fell victim to two multi-layered scam operations run by XXXX and a company posing as XXXX which involved me making deposits for a total amount of XXXX XXXX from my XXXX account to XXXX at the instructions of the scammers. In providing its services, financial institutions as registered and licensed Payment Service Providers, are required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is scammer or is involved in potentially fraudulent activity. XXXX issued International Standards on Combating Money Laundering and the Financing of XXXX and Proliferation ( the XXXX Recommendations ), aimed at setting minimum standards for action in different countries, to ensure that XXXX efforts are consistent internationally. There is a long-standing obligation upon financial institutions to have necessary procedures in place to ensure the detection and prevention of money-laundering, XXXX funding and other illegal activities. In this case, it is perfectly obvious that XXXX could have, and should have, utilised various risk-based examination procedures and techniques, all of which are within their purview and legal obligation, and could have entirely prevented this disastrous outcome. Given that their client owner of the wallet bellow was an active participant in the movement of my money, which eventually ended up with the Company, XXXX have not exercised their duties to identify this suspicions scheme in a timely manner. XXXX
Frequently Asked Questions
What is Complaint #8062154 about?
Complaint #8062154 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2023-12-26T12:00:00-05:00.
How did Coinbase, INC. 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 Coinbase, INC.?
Yes, visit the Coinbase, INC. company profile at readthecomplaint.com/company/coinbase-inc 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.