Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #8905456
Citibank Customer Falls Victim to International Transfer Scam
Complaint Overview
Complaint ID: 8905456
Company: Citibank, N.A.
Product: Money transfer, virtual currency, or money service
Sub-Product: International money transfer
Issue: Fraud or scam
State: Kansas
ZIP Code: 66209
Date Received: 2024-04-30T12:00:00-05:00
Date Sent to Company: 2024-05-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: high
The risk is high due to the nature of international money transfers, which are often targets for scams and fraud, and the potential for significant financial loss.
Consumer Sentiment: negative
Topics: Money transfer, Virtual currency, Money service, International money transfer, Fraud or scam
AI Analysis
CFPB complaint 8905456 was filed against CITIBANK, N.A. regarding Money transfer, virtual currency, or money service (International money transfer), specifically about "Fraud or scam". A consumer in Kansas reported a fraud or scam related to an international money transfer through Citibank, which was closed with an explanation. The complaint was received on April 30, 2024 from Kansas. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should be extremely cautious with international money transfers, verify the recipient's identity, and be wary of unsolicited requests or offers.
Legal Context & Consumer Protection Laws
Federal laws and regulations govern money transfer services, including those offered by banks like Citibank, to prevent fraud and protect consumers.
Regulatory Insight
This case highlights the ongoing regulatory focus on protecting consumers from fraud in money transfer services, especially those involving cross-border transactions.
Resolution Likelihood
likely
State-Specific Consumer Protections
In Kansas, as in other states, consumers are protected by state and federal laws against financial fraud and scams.
Industry Comparison
Banks and money service businesses face similar challenges in preventing fraud for both domestic and international money transfers.
Related Issues
Frequently Asked Questions
What is CFPB complaint 8905456 about?
CFPB complaint 8905456 involves Money transfer, virtual currency, or money service (International money transfer). The consumer reported an issue with "Fraud or scam". This complaint was filed against CITIBANK, N.A. on April 30, 2024.
Which company is complaint 8905456 filed against?
Complaint 8905456 was filed against CITIBANK, N.A.. You can view all complaints against this company on their profile page at /company/citibank-n-a.
What was the company's response to complaint 8905456?
CITIBANK, N.A. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 8905456 filed?
Complaint 8905456 was received by the CFPB on April 30, 2024. It was sent to CITIBANK, N.A. on May 1, 2024.
What state was complaint 8905456 filed from?
Complaint 8905456 was filed from Kansas. You can view all complaints from this state at /state/KS.
Was the consumer satisfied with the resolution of complaint 8905456?
Dispute information is not available for complaint 8905456.
What product category is complaint 8905456 about?
Complaint 8905456 is categorized under "Money transfer, virtual currency, or money service", specifically "International money transfer". This is one of the product categories tracked by the CFPB.
How was complaint 8905456 submitted?
Complaint 8905456 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 8905456?
Federal laws and regulations govern money transfer services, including those offered by banks like Citibank, to prevent fraud and protect consumers. This relates to a Money transfer, virtual currency, or money service complaint against CITIBANK, N.A. involving "Fraud or scam".
How likely is complaint 8905456 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 8905456?
This complaint is rated as high risk. The risk is high due to the nature of international money transfers, which are often targets for scams and fraud, and the potential for significant financial loss.
What regulatory actions apply to complaint 8905456?
This case highlights the ongoing regulatory focus on protecting consumers from fraud in money transfer services, especially those involving cross-border transactions. The CFPB tracks complaints like this one to identify patterns of misconduct across the Money transfer, virtual currency, or money service industry.
What should the consumer do about complaint 8905456?
Consumers should be extremely cautious with international money transfers, verify the recipient's identity, and be wary of unsolicited requests or offers.
Are there state-specific protections for complaint 8905456?
In Kansas, as in other states, consumers are protected by state and federal laws against financial fraud and scams. This complaint was filed from Kansas.
How does complaint 8905456 compare to industry norms?
Banks and money service businesses face similar challenges in preventing fraud for both domestic and international money transfers.
What steps can consumers take to protect themselves from international money transfer scams?
Always verify the identity of the recipient and the legitimacy of the transaction. Avoid sending money to someone you've only met online or to a business you haven't thoroughly researched. Be skeptical of urgent requests or offers that seem too good to be true.
What recourse does a consumer have if they are a victim of an international money transfer scam?
Report the scam immediately to your bank and the money transfer service. File a complaint with the CFPB and relevant law enforcement agencies. While recovery is often difficult, reporting helps authorities track and combat these schemes.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.