Consumer complaint received 2021-12-01
Company: CITIBANK, N.A.
State: NV
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
Citibank XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX XXXX Re : Demand Letter For negotiation purposes only, without effect as to any and all rights Attn : Claims/Fraud Dept. 

Dear Sir/Madam, The goal of this letter is twofold : first, it aims to establish that a duty of care was breached, inasmuch as you have failed to perform adequate due diligence or/and not acted in a reasonable and prudent manner to prevent foreseeable substantial damages I suffered as a result of a fraud [ XXXX ]. Second, it shall serve as formal written demand for reimbursement based on the aforementioned grounds, among others. 

A very comprehensive analysis of fraud prevention suggests that by processing atypical, non-routine transaction ( XXXX ), and/or by being aware of other fraudulent schemes similar to the one alleged herein and/or ignorance of obvious warning signs of fraud, you engaged in/ is a pattern or a practice of a wrongful and negligent conduct which provided substantial assistance to advance the commission of a fraud that resulted in my financial and psychological damages. The facts and details concerning the actions in question are set forth hereunder. 

OVERVIEW Commencing on or about XXXX 2021, I fell victim to a multilayered scam operation orchestrated by XXXX ( the XXXX ), with the design, development, manufacture, promoting, marketing, distribution, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients, through a predetermined cycle of the clients losses to their gains. 
Money was transferred from my account via bank wire, and through an intermediary named XXXX in the total amount of XXXX USD utilizing your services. 
Additionally, it is vital that you will immediately take all actions within your power to remedy the situation, whether by raising recall in respect of the transaction ( XXXX ) in question or reimburse me and credit my account, for the full amount of these payments, in the total amount of XXXX USD! 
This letter shall thrust into the spotlight, inter alia, the increasingly important role financial institutions play in the fight against financial crime and fraud, and the pressing need for higher levels of supervision and vigilance within your organization. 
Heres an indisputable fact : had you looked at the wider circumstances surrounding the above-referenced transaction ( XXXX ), this illicit transfer of wealth could have been prevented. 
Executing transactions without proper authority is not only a severe regulatory offense but also an irresponsible and reckless disregard of the customers financial safety. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX this background, and without derogating any of my rights, I hereby hold you XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX relating to this victimization and demand that you reimburse my account in full within XXXX  days from the date of this letter

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation