Consumer complaint received 2024-11-07
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: U.S. BANCORP (KS)

Page XXXX of XXXX XX/XX/year> US Bank is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected. There are some recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognize customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm. These recommendations are established as a general principle, the organization should deliver a service that : XXXX ) Takes a proactive approach to minimizing risks, impact and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organizations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorized and unauthorized payments, thereby minimizing the risk of financial harm to customers. As regards to the detection of fraud and financial abuse, it says the organization : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple cheque books; b. sudden increased spending ; XXXX transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. g. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. 
Page XXXX of XXXX XX/XX/year> B ) organizations should have a process in place to ensure that staff make contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud and discuss an appropriate plan of action. US Bank are yet to show, or otherwise provide me with, a compelling argument that their wide-ranging experience and wealth of specialist knowledge in detecting transactional anomalies were not sufficient to avert the fraud at issue. By contrast, I have provided a multitude of sound and powerful reasons by which requiring their involvement has not only been pressingly relevant but also eminently reasonable and well-justified. Rather than empathizing with and undertaking substantial efforts to convey their knowledge of the existence of such regulations abroad and thereafter use it to protect and proactively relieve the plight of consumers who have been cheated out of their money and whose role in society is properly fulfilled, positively contributing to local economic growth, development and sustainability US Bank adopts a rather insouciant attitude toward my financial predicament portrayed herein. I am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by US Bank in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. Conclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of a number of possible endeavors undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices. Astonishingly, I am pondering how it is that, despite being shown that US Banks business conduct was insufficient insofar as background checks are concerned, they keep refuting their indisputable role and responsibility in connection with the matter herein discussed. The points that I have hitherto made are too crucial to be taken lightly. US Banks non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. If it was, indeed, solely my responsibility, we must then believe at least one of the following clauses : a ) financial institutions have absolutely no role whatsoever in preventing and detecting fraud, b ) the fraud in question was not reasonably foreseeable, or c ) the transactions in question Page 6 of XXXX XX/XX/year> were not sufficiently alarming. It is extremely unfortunate that US Bank pushes quite hard for me to believe all three of these thingsdespite evidence to the contrary. In summary, I respectively ask your organization to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. I look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. Thank you. XXXX XXXX XXXX THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK