Product: Money transfer, virtual currency, or money service

I, XXXX XXXX, am compelled to submit this formal complaint, seeking immediate intervention concerning the mishandling of a fraudulent incident by Bank of America, leading to an unauthorized withdrawal of {$67000.00} from my account due to a SIM swap scam on my XXXX line on XX/XX/2024. Despite proactive measures, including a timely fraud claim submission to Bank of America ( Claim # XXXX ) and filing a police report, the responses from the bank and XXXX have XXXX notably insufficient and dismissive. 

On XX/XX/2024, concurrent with my XXXX mobile being compromised via a sophisticated SIM swapping scheme, Bank of America authorized a wire transfer of {$67000.00} from my account to an unidentified recipient without my consent. At XXXX XXXX, my mobile XXXX account was compromised and I lost mobile service and access to my account for XXXX hours. Shortly after, at XXXX, that mobile number was used to confirm a wire transfer of {$67000.00} ( confirmation via both a text, and an incoming call from Bank of America XXXX. 

Despite promptly filing a fraud claim with Bank of America and providing all necessary evidence, including a police report and details of the security breach, the bank 's investigation has been grossly inadequate. Bank of America has denied my claim, leaving me with a significant loss of {$67000.00}. The bank indicates that a text verification and a voice call verification ( which was fraudulent ) were successfully made to my cell number at XXXX XXXX, XX/XX/XXXX therefore, the my claim to recoup the stolen funds was denied. 

On XX/XX/2024, discussions with Bank of America XXXX XXXX XXXX XXXX, particularly with a representative named XXXX, revealed the bank 's failure to review critical evidence and its disregard for clear fraud indicators. Notably, the investigation overlooked the significance of my compromised mobile service at the time verification attempts were made, a pivotal factor in the fraudulent transaction. 

This outcome is deeply disheartening and leaves me feeling as though my concerns have not been taken seriously nor thoroughly investigated by the Banks XXXX XXXX XXXX. During our conversation, the Banks representative admitted to several shortcomings in the investigation process : XXXX. The bank recording log of the wire verification call was not reviewed. 
XXXX. No explanation was provided as to why a second verification call was made to confirm outgoing wire after it had already been confirmed via text. 
XXXX. The team was unaware of a second wire attempt intercepted by the bank due to fraud concerns. 

Furthermore, despite acknowledging these deficiencies, the XXXX XXXX XXXX XXXX Bank of America stated that the evidence provided was not deemed sufficient to classify the case as fraud. Consequently, the bank has decided not to pursue any action against the recipient of the wire. I was then advised by XXXX XXXX XXXX XXXX Bank of America that it is my responsibility to produce additional evidence to prove my innocence and was advised that pursuing legal action against my phone XXXX XXXX be necessary. 

Additionally, considering the increasing press coverage of similar events ( as evidenced by the XXXX XXXX story linked below ), it appears that this incident is not isolated but part of a disturbing pattern of similar cases, highlighting a systemic failure in fraud prevention and customer protection at Bank of America : https : XXXX ] This pattern of negligence necessitates a comprehensive review by the CFPB to XXXX the bank 's accountability and the restitution of the funds unjustly taken from me. 

Given the gravity of the situation and its impact on my financial security, I urgently request the CFPB 's involvement to facilitate a fair examination of my case, urging Bank of America to reverse its current stance and provide due compensation for the significant financial loss I have endured. 

I trust in the CFPB 's commitment to upholding consumer rights and look forward to your prompt and decisive action in this matter.