Consumer complaint received 2024-11-01
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: FinCo Services Inc DBA Current (TX)

Dear Consumer Financial Protection Bureau, I am writing to file a complaint against Current Bank regarding their mishandling and inadequate investigation of my recent fraud claim. I believe there has been a lack of due diligence, oversight, and communication from Currents end, resulting in the unjust denial of my claim for fraudulent transactions made between XX/XX/XXXX, and XX/XX/XXXX. I am seeking assistance from the CFPB to reopen and thoroughly review my case. 

Background of the Incident XXXX XX/XX/XXXX, while hospitalized and completely incapacitated, my phone, wallet, identification, and bank card were stolen. I was unable to access my accounts or receive any notifications as I was physically unable to manage my affairs. The thief who stole my belongings quickly XXXX all security measures on my phone and Current account, including XXXX XXXX, two-factor authentication, and location services. These security measures were XXXX on XX/XX/XXXX, and the fraudulent transactions began immediately thereafter. This sequence of actions strongly suggests that the security features were deliberately bypassed by an unauthorized individual on that specific date to facilitate the fraudulent activity that followed. 

Fraudulent Activity and Lack of Communication from Current The fraudulent charges on my Current account spanned from XX/XX/XXXX, to XX/XX/XXXX, yet due to my ongoing XXXX, I remained unaware of this unauthorized usage until I was finally discharged on XX/XX/XXXX. Upon noticing these transactions on XX/XX/XXXX, I promptly reported the activity to Currents customer service, initiating a fraud investigation and filing a dispute on these charges. 

Despite the serious nature of the case, I was informed by a customer service agent that Currents fraud investigation team would reach out to gather more information regarding my claim. Unfortunately, I received no further communication from Current, which I believe constitutes a significant lapse in their investigative process and customer communication obligations. After just XXXX days, I was informed that my case had been denied. Given the gravity of the claim and the available evidence, I find it highly concerning that Current denied my case in such a short timeframe, without a thorough investigation or additional contact with me. 

Currents Lack of Due Diligence I believe Current failed to exercise due diligence in several critical ways : XXXX. Failure to Review Security Feature Changes : On the same date that my phone and wallet were stolen, all security measuresincluding Face ID, two-factor authentication, and location serviceswere XXXX on my phone and Current account. This timing directly correlates with the start of fraudulent transactions. A basic review of account settings would have clearly shown that security features were altered on XX/XX/XXXX, yet this key information was either overlooked or ignored in the investigation. There was also a dispute filed in XXXX that was unauthorized and NOT me the account owner. For what reason that was filed by the thief I dont know, but what I do know is that I called into the dispute center in XXXX to file my dispute, so my voice can be heard and verified and compared to whoever called in for the dispute in XXXX from XXXX. I also dont know if the thief called in to file that XXXX dispute or if they only used the app to file the dispute, that should have been investigated more so due to the fact I spoke with the agent over the phone and stated that the XXXX dispute was not from me and Id like if they can look into that as well. Adding onto that, there are also check deposits from MY unemployment benefits that was stolen and used without my authority not by someone I know but by someone who stole my information. As well as paycheck advances that are NOT authorized by me either dating back to XX/XX/XXXX. I stress this a XXXX times that ANY transactions whether it was adding money or removing money or anything else with the current account was NOT done by me as it was physically impossible for me to do so, being in the hospital and not having access to my wallet and phone due to it being taken. 

XXXX. Inadequate Investigation Timeline : The denial of my fraud claim in just XXXX days demonstrates a lack of attention to detail and due diligence on Currents part. Given the complexity of the case and the extensive evidence of unauthorized access, it is unreasonable that Current would close this case in such a brief period without contacting me for additional information. I submitted my own Patient Discharge Information which I dont even know Im allowed to do but I provided literal proof of an extended hospital stay at that time and discharge. Yet Current still determined me responsible.

3. Lack of Communication : Despite assurances that I would be contacted, Current failed to reach out to gather crucial information regarding my hospitalization and incapacity, which are directly relevant to the validity of my claim. This lack of communication undermines the thoroughness and fairness of their investigative process.

4. Failure to Recognize Consumer Protection Obligations : Under the Electronic Fund Transfer Act ( EFTA ) and Regulation E, financial institutions have an obligation to investigate claims of unauthorized transactions thoroughly and in good faith. I also understand that, per CFPB guidelines, financial institutions are required to act responsibly and proactively in cases of identity theft and account breaches. Currents inadequate response and communication fell short of these obligations, further demonstrating their lack of due diligence.

The Impact on Me as a Consumer The denial of my claim has caused significant distress, not only because I was incapacitated and unable to monitor my accounts but also due to the financial impact of these unauthorized charges. As someone who was hospitalized, I was entirely unaware of the transactions and unable to take preventive measures. Currents failure to conduct a thorough investigation has left me with no recourse for these substantial losses, despite clear indicators that unauthorized access occurred. 

Requested Resolution In light of the above, I am requesting that the CFPB intervene to have my case reopened and fully re-evaluated by Current. Specifically, I am seeking : XXXX. A full investigation into the changes made to my security settings on XX/XX/XXXX, which aligns with the start of the fraudulent transactions.

2. Provisional credit for the unauthorized charges, as mandated under the Electronic Fund Transfer Act, to alleviate the financial burden until the case is resolved. 
XXXX. Improved communication and transparency from Current throughout the investigation, as I was denied updates and information on the status of my claim. 

I believe that a detailed review of my case, along with the sequence of events and evidence I am able to provide, will demonstrate that I was not responsible for the transactions in question and that Current failed to act with due diligence in their initial investigation. 

Thank you for your attention and assistance in this matter. Please do not hesitate to contact me for any additional information.