Consumer complaint received 2023-10-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
To the Consumer Financial Protection Bureau ( CFPB ), From XXXX XXXX, XXXX Reference Information : XXXX Fraudulent company XXXX XXXX cryptocurrency company XXXX XXXX XXXX XXXX Bank of America My bank Dear Sir/ Madam XXXX I am writing to follow up on a recent matter concerning a fraud case that has caused me significant financial loss and emotional distress. I believe that your intervention and support are crucial in resolving this issue. 

To provide context, I have been a victim of a fraudulent scheme that involved the deceitful and fraudulently use of my Bank of America account for transactions related to cryptocurrency through the companies called XXXX and XXXX. The scheme was orchestrated by malicious fraudulent company who deceived me into believing that I was engaging in legitimate investment activities. Regrettably, I have only recently discovered the extent of the scam and its impact on my financial well-being. 

I initially reported this issue to Bank of America, hoping for assistance in investigating and resolving the fraudulent transactions. However, Bank of America has informed me that they would close my fraud case and advised me to directly contact XXXX. They have also stated that my case has exceeded their specific timeframe for resolution. 

I want to emphasize that I only became aware of the fraudulent nature of this scheme after the fact. Had I known from the beginning that I was being scammed, I would have promptly reported it to Bank of America, despite any other commitments or responsibilities I may have had at the time. It is essential to understand that I was a victim who was deceived by individuals who portrayed themselves as legitimate entities. 

I find it deeply concerning that Bank of America has indicated that they are not liable in this matter because I participated in the activity. I believe this response is unjustifiable, as it fails to acknowledge the gravity of my situation. I trusted my financial institution to safeguard my accounts and protect me from fraudulent activities. The fact that my account was used in a fraudulent activity by the sophisticated and expert fraudulent company underscores a lapse in security that is beyond my control. 

I am reaching out to the Consumer Financial Protection Bureau, as well as designating Bank of America 's Ombudsman, to request your assistance and intervention in this matter. I kindly request that you review the details of my case, taking into consideration the circumstances surrounding my involvement, and advocate on my behalf to ensure a fair resolution. 

My primary goal is to recover the substantial amount of money I have lost due to this fraudulent activity and to hold those responsible accountable for their actions. Your expertise and advocacy in matters of consumer protection are invaluable, and I trust that you will help me navigate this challenging situation. 

I am available at your convenience for any additional information or documentation you may require. 

Thank you for your attention to this matter, and I look forward to your assistance in resolving this distressing situation. 

Sincerely, XXXX XXXX

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