Consumer complaint received 2021-09-11
Company: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: MD
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
The CFPB needs to investigate whats going on via XXXX and every financial institution thats pushing this service to customers. First, they are hiding from consumers & customers that, its extremely unsafe, they are not reporting how much of that 1 billion they boasted about was fraud, scams. Instead, you see this, XXXX XXXX Exceeds One Billion Payments in 12 Months, Setting a New Record for the Payments Network. No where does it say, 4.5 billion in payments were sent to U.S. small businesses in Q3, an increase of more than 30 percent from the prior quarter. It goes on to say, and this is all on the XXXX pay website itself, We continue to grow our network, welcoming financial institutions of all sizes. Today, more than 1,000 banks and credits unions are currently contracted to participate on the XXXX XXXX, including 731 that are live today and processing transactions, said XXXX  XXXX, CEO of XXXX XXXX XXXX , XXXX. XXXX is available to more than 140 million consumers in their mobile banking apps or in the XXXX  app, and is used for the most important life essentials such as sending contactless payments to local businesses and money to friends and family in need.

Consumers have increased their use of XXXX  significantly in the past 12 months, adopting the service for an evolving set of use cases. In its recent XXXX Consumer Payment Survey, the XXXX XXXX found that nearly three-quarters of consumers surveyed were most likely to use P2P services to provide financial aid to friends and family since the onset of the COVID crisis. 
Still, nothing about fraud, or fraudulent scams. XXXX site says its Partnerships Help to Increase Digital Financial Literacy. Then it talks about XXXX XXXX XXXX XXXX XXXX. Who ultimately owns/runs XXXX XXXX XXXX And then says XXXX XXXX XXXX XXXX XXXX is a XXXX XXXX owned by seven of the countrys largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, XXXX XXXX is best known as the owner and operator of the XXXX XXXX, a financial services network focused on transforming payment experiences. The combination of XXXX XXXX risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. Did you see anything about the amount of fraud and scams and innocent people being robbed via XXXX? No. Go on XXXX XXXX or XXXX, and see what is happening. Read the cases and complaints. No one knows who Early Warning is so, I think thats confusing to customers as well. They see XXXX so, why would they XXXX XXXX XXXX? You have to search and dig to find the information that we are not being shown or given. Then, theres misinformation and a picture being painted by XXXX that this is safe. Businesses and small businesses and XXXX banks, etc. Nowhere does XXXX say, 5 million of that 1 billion is fraud. XXXX has a webpage to report fraud. In which they state, we take fraud very seriously. Thats a lie. Ive filed over 4 fraud claims via their site and nothing. Outside of the standard system generated email, I got nothing. No calls, no emails, no nothing. They dont care. 
Two, bank customers are being given a false sense of security because its your bank pushing this feature and you use it inside your banking app. Youre safe inside their secure banking portal. You dont go to a third party website, you dont get a USAA pop up warning you are now leaving from USAA.com. 
Three, you are not told that your money is not protected if anything goes wrong. If I had been told, been given this information prior to using it for the first time, I WOULD HAVE NEVER used it. Youd have to be stupid to use it, if you did, after being told the Real Facts.

Four, no one really seems to know what the facts really are about the app either. Ive talked to multiple people at USAA and Ive been told various things, some being, apparently and conveniently untrue. Not to mention, If you signed up months, weeks or years ago, you do not get disclaimers sent to you nor, do any pop up when you do go to use XXXX. All that stuff from when you signed up, doesnt come up ever again. In USAA banking website or app, you select pay with XXXX, which is ALWAYS on your screen, you enter your cell phone number. You then get sent a PIN code to enter, you enter it and a blue USAA screen comes up with three options. Send, Receive and Request. No warnings saying that XXXX will refuse to help you if youre money is stolen. No warning saying USAA will not help you either is anything goes wrong. USAA nor XXXX is giving users the warnings that they should be. They know if we were told the truth, then no one would use it. I found it interesting that USAA will help you if it happens unknowingly but, not the other way around. 
Fact is, CFPB needs to step in and investigate, regulate and go after every bank using and owning XXXX. They are hiding the amount of fraud occurring eith their app because, as USAA said to me, its in high demand. Not, we shouldnt use it anymore, its we know whats happening but its in high demand so, we dont care. They also advised me to go to police or courts and I did talk to a detective and beings this is theft/fraud over {$1000.00} its a felony and the banks are accessories and accessories after the fact to a felony. By XXXX refusing to even call me, refusing to return the funds, they are committing a felony. They are not only harboring a felon but, they are enabling all people no matter whether you know them or not, to steal money rampantly without any consequences. Also, that includes USAA. USAA is an accessory to a felony, and an accessory after the fact, as well. 
Ive spoken to FDIC, too. FDIC says, clearly that Checking Accounts are insured. USAA insures my Checking and Savings accounts up to the standard {$250000.00} according to the FDIC. Regardless of how my {$1100.00} came out of my USAA Checking Account, that account and my money in it, is insured. The FDIC does not insure the following : money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities. USAA needs to return the money stolen from my USAA checking account. Then, USAA can subrogate to get their money bank from XXXX. Maybe then, if USAA stood up and did something, this kind of stuff would stop. Refusing to do anything when a crime has been committed is wrong. Those 7 super rich banks that own XXXX can afford to return those funds. XXXX also needs to take the money back from the receiving bank that Stole my money and they are protecting. Then, it would stop. Right now, the site is still up, and they are going to befriend someone else and weeks later, steal their money because they know XXXX wont do a thing about it. 
I have asked multiple people from strangers to neighbors and friends, if their bank offers XXXX. All but one said yes. I then asked if theyve used it and, all but 1 said no. Then, I asked them if it was safe? All, but the one whose bank didnt offer XXXX XXXX said, of course it is, my bank wouldnt offer it if it wasnt. Or, it should be, its inside your account, youre fine. Little do they know, thats not true. USAA needs to please, credit me back the {$1100.00} that they know is fraud. I told XXXX from USAA that Im not going to stop sending in complaints, until I get my money back. I get one check a month for XXXX for XXXX and XXXX. I do not have the means that USAA does to get my money back. XXXX wont even call or email me. XXXX  got a short email response from them and I rejected that because its another system generated email. I dont know whats in USAAs contract with XXXX but that should be also available to customers. Im getting the feeling that USAA, who pays XXXX to use their service on XXXX website and, pushes it to all USAA customers, that USAA must have agreed not to go after them if money is stolen or, is a known scam. I cant think of any other reason, a company who has stellar customers and supports the military, wouldnt give their customers their money back immediately and, not go after the perpetrator ( s ) that committed a felony?? 
Nonetheless, I really dont want to have to file criminal charges against USAA and XXXX XXXX however, I will if it comes to it. Please, CFPB, please open and investigation and, please regulate this app XXXX that these banks are pushing to consumers. This needs to stop immediately because Im sure, its still happening and USAA and XXXX and every other bank is doing absolutely nothing to prevent or stop it. The CFPB aims to makes rules governing consumer finance markets more effective and to create new rules when warranted. Its warranted! USAA, please refund my XXXX dollars that was stolen from my USAA checking account.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation