Consumer complaint received 2021-04-10
Company: FIRST HORIZON BANK
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Fraud or scam

Complaint:
COMPLAINT ABOUT OBERIA BANK-FIRST HORIZON Ive been a customer of Iberia Bank, well over 15 years now, I started with XXXX XXXX, which was acquired by XXXX XXXX ; subsequently by XXXX XXXX  ; then Iberia bank and now once Again First horizon On XX/XX/2021 Ive noticed an unauthorized wire transfer on one of my accounts the very same XX/XX/XXXX, and immediately sent an email to everybody informing about the illegal activity the very same evening ; the next day XXXX expected a phone call first thing in the morning, since I did not receive any phone call then I call myself to XXXX XXXX who told me she received the email and the Bank was working on the issue, Next call she told me she was informed that my email account was hacked and I should run an antivirus, that the bank was recalling the wire transfer nevertheless the bank was going to take care as it should and redeposit the funds Now lets analyze the situation using a little of intelligence, this whole story is very suspicious to me and the facts speak for themselves in this case The bank recently decided to change a very proven two steps wire transfer policy followed by almost every bank I know, where you send a written wire transfer request from your email account on record and following you receive a phone call from your officer to confirm both identity and instructions to the phone number on record belonging to the customer ; For a Phone call to an 800 generic customer service center answered by an unknown agent who takes a verbal order and only a 4 Digit Pin to confirm it. This policy applies for domestic wire transfers only. Basically reducing the existing security level to practically nonexistent For International Wire transfers, I was informed that still a written request was required followed by phone call confirmation same as always only difference that the wire transfer was handled directly by the wire transfer department Despite the new policy, all my Wire transfers request were sent in writing from my email on record to the wire department with XXXX XXXX in copy, followed by my phone call from my phone number on record to confirm the written wire transfer instructions request This particular International wire transfer supposedly was done without any written instructions confirmation originated by my email and without receiving any confirmation call as required for international wire transfers, from an unknown phone number by an unknown Person without any security verification Now If you ask me what happened, the fact that this happened immediately after changing the existing wire transfer policy is very suspicious To me this is most likely an internal job from the bank by a dishonest employee who took advantage of the changed and new relaxed security policy, simply collected PIN #, have access to Customer Bank Accounts and activities, partnered with a third party to simply call the bank and request a wire transfer as it happened. Simple no verification of any kind by the bank nothing else require just a phone call and a PIN and voila!!!

If not there is no explanation why the only account that was chosen was the account I have done several international wire transfers ; the amount was suspiciously close to the available funds and a story of paying an international invoice was included, and of course conveniently the employee did not follow the rules for the international wire transfers. 

I had more balance on other accounts at the time, but none of them were used for wire transfers, instead they chose the most likely the less suspicious and with the highest balance That is why your fraud department claim that my Email was hacked, is very weak and most likely inexistent, if it was the case this people without knowing the account balance try a small value first and then they go for a larger amount or would have tried my personal account with a balance of {$79000.00} at the time Now I would appreciate Straight answers if possible and not just vague descriptions 1 ) Why Should I be depending on a resolution from the other Bank, when this is clear the bank problem?? 
2 ) When I will be able to receive the funds back into my account??

3 ) Do you have the recording of the wire transfer request?? Yes or No??
4 ) Have you verified If the recording Belongs to me?? yes or no??

5 ) Have you verified from where the Phone call was originated Yes or No??

6 ) Do you have a recording of all the conversations I had With the Wire transfer department Yes or No??
7 ) Have you verified the Instruction I was given for International Wire transfers from the Wire department requiring a written instruction??

8 ) Why the Customer Service Agent did not follow the International wire transfer procedure I was given to receive a written request before ordering an international wire transfer??

9 ) Which is the bank policy ( If any ) they follow, for crediting the unauthorized wire transfer back to my account 10 ) Why do I have to rely on your explanation that The bank is working on it when nobody ever contacted me???

11 ) How do I know That this was not an internal Problem from the bank????? 


THIS NEW WIRE TRANSFER BANK POLICY PROCEDURE IS COMPLETELY UNACCEPTABLE EXPOSING CLINETS TO UNNNECESSARY SECURITY PROBLEMS

Company response to consumer: Closed with explanation