Product: Checking or savings account

This is a formal complaint against Venmo for Unauthorized transactions and refusal to reimburse. 

To Whom It May Concern, I am filing a formal complaint against Venmo regarding an unauthorized transaction that resulted in funds being stolen from my account. Despite my repeated attempts to resolve this issue directly with the financial institute, they have refused to return my money and have stopped responding to my inquiries. 

Details of the Issue : Bank Name : Venmo Account Holder Name : XXXX XXXX Account Number ( Last XXXX Digits ) : XXXX Date of Unauthorized Transaction : XX/XX/year> ( XXXX ), XX/XX/year> ( XXXX ) Amount Stolen : {$790.00} How the Money Was Taken : My account was hacked into after a password data leak ( confirmed by XXXX ). I received XXXX separate emails stating my email and phone number on my account were changed. I tried logging into my account and the hacker had already changed my password, locking me out entirely. I immediately contacted Venmo security, begged the agent to freeze my account and explained these account changes were not made by me and that someone else was currently in my account. WHILE on the phone with the agent, fraudulent charges were made to a merchant named XXXX. The agent assured me he would send my account to security and help me dispute the charges. 

Date I Reported the Issue to the Bank : XX/XX/year> at XXXX ( XXXX other attempts were made starting at XXXX, but they horrible automated system is nearly impossible to get through and kept prompting me to use the chat feature which is only accessible when logged into an account ). 

Banks Response ( or Lack of Response ) : Venmo denied by disputes stating they were authorized. Venmo denied by first level appeal stating only the account holder would have known the account balance available, and since the hacker did not attempt to overdraw, then it must have been the account holder who made the purchases. They also stated there was no unusual login activity. I then made a second appeal on XX/XX/year> with the assistance of a Venmo agent. I have not received a single response. I contacted Venmo agent via their chat tool to make sure the countless documents and info requests were received by Venmo. The agent confirmed. Still no response. 

Under the Electronic Fund Transfer Act ( EFTA ) ( 15 U.S. Code 1693 et seq. ), financial institutions are required to investigate unauthorized transactions and reimburse customers when fraud has occurred. Despite my prompt reporting of this theft, Venmo has refused to take appropriate action. They did not contact the merchant, nor did they investigate the hacker activity on my account.

Resolution Sought : I am requesting that Venmo be required to : 1. Fully reimburse the stolen funds of {$790.00} 2. Provide a written explanation for their denial of my claim, including all details of their investigation, including the data log I requested and their attempt to contact XXXX. 

3. Improve their dispute resolution process to comply with consumer protection laws. 

Please investigate this matter as soon as possible, as my bank has left me with no other option but to escalate my complaint to the CFPB. I appreciate your time and assistance. 


Sincerely, XXXX XXXX XXXX XXXX XXXX, XXXX, XXXX, XXXX XXXX XXXX XXXX XXXX