Consumer complaint received 2024-07-16
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NJ)

A comprehensive analysis of fraud prevention suggests that by processing atypical, non-routine transaction(s), and/or by being aware of other fraudulent schemes similar to the one alleged herein and/or ignorance of obvious warning signs of fraud, it appears that several payment transfers have slipped through and enabled the commission of a fraud that resulted in my financial and XXXX  damages. The facts and details concerning the actions in question are set forth below. Description of the Incident. On or about XXXX XXXX XXXX  until XXXX XXXX XXXX I fell victim to a 
multilayered scam operation orchestrated by yelp-us.com (the XXXX  clone), 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 client losses to gains. Money was transferred from my account 
via bank wire and through an intermediary named XXXX  and XXXX  in the total amount of 60,400.00 USD utilizing BOA services. I respectfully filed a Complaint against the Bank, an internationally recognized and respected financial institution. The Complaint meticulously states several recognized and viable causes of action, inter alia, negligence, breach of implied contract and other similar claims for which I seek damages, as well as attorneys fees and costs, to the fullest extent permitted by law.
The allegations contained herein are predicated upon personal knowledge, and upon facts obtained through investigations or analyses conducted by qualified third parties and media reports. I strongly believe that substantive evidence in support of the allegations set forth herein will be found after an appropriate opportunity for discovery.
I am a victim of an incredibly sophisticated investment fraud scheme, where crooks
systematically disguise themselves as a legitimate and trustworthy entity in order to
illicitly exploit the vulnerabilities of unsuspecting investors and con them out of their 
money.
It is impossible not to conclude, therefore, that Bank of Americas actions and/or
inactions, as described in this Complaint, were unfair and deceptive, in that it did nothing to protect me from falling victim to immoral, unethical, oppressive, unscrupulous, and substantially injurious fraud. Bank of America Falsely Markets its Financial Services as Safe and Secure, Omits Key Information Concerning the Enormous Risks and Threats Posed by Large-Scale Frauds COMPLAINT FOR DAMAGES AND OTHER RELIEF DEMAND FOR RESOLUTION OF FINANCIAL DISPUTE and Scams, and Misrepresents the Scope, Magnitude, and Effectiveness of its Anti-Fraud Controls and Fraud Detection Efforts
Importantly, however, I contend that Bank of America actively misrepresents and omits
to disclose material facts surrounding the right of accountholders to recourse, 
reimbursement or protection in the event of a scam.  According to the advertising material of three major US banks: BofA conspicuously touts their security as a reason to use their service. Specifically, BofA writes on their website: Our policies, procedures and protections are always evolving to stay ahead of new strategies used by fraudsters. BofA goes on to say: We have multiple layers of security in place to protect clients, employees and our company. We have a sustainable cybersecurity program built on accountability and consistency. Further, BofA publicly states:Bank of America's award-winning Online Banking service incorporates industry-leading safety features that give you greater security and peace of mind as you manage your money. Taking some common-sense steps to help protect yourself adds an extra layer of protection to your online experience.(XXXX/ Specifically, XXXX writes on their website:
XXXX XXXX  is consistently enhancing our security measures and identifying new and
emerging threats to help keep your accounts and information secure. XXXX goes on to say: 24/7 Fraud Monitoring We help keep your money safe by monitoring your accounts and may contact you if we detect unusual activity.  If your banking behavior differs from your usual activity, we may send you an access code to confirm your identity, prevent certain types of transactions, or restrict account access (including card declines). We may require further proof of identity before we restore your online access. AXXXX XXXX XXXX, it is our top priority to protect your assets and information from
increasing fraud and cybercrime threats. If you believe you may have been a victim of
fraud, speak with your XXXX XXXX team immediately.
(XXXX); Further, XXXX  writes on their website:
Suspicious activity We monitor your XXXX  profile to help us detect fraud as early
as possible and We might call you if we notice a change in your online activity. It goes on to say If we can't reach you, we might place a temporary hold on your online activity and We work with some financial websites and apps to give you control of your financial information and to keep it safe and private.
Bank of America has a duty not to misrepresent the efficacy of the protective steps it 
purportedly takes to ensure the safety and security of customer funds. This entails that 
rather than propagating half-truths and heavily misleading statements in its marketing 
material, Bank of America must clearly and prominently disclose: a) the entire spectrum 
of threats posed to its customers in todays complex landscape, including the scam 
referred to herein; and b) the associated protections adopted to counter each respective threat. In the age of digital banking and artificial intelligence, accountholders reasonably and justifiably expect their entrusted financial institution to have in place robust measures and systems to prevent and detect scams efficaciously. This is not surprising, since at all times material to the various transaction(s) and interactions involved in this Complaint, Bank of America provably advertised to its customers that it took proactive steps to safeguard their financial interest. Bank of Americas dubious marketing tactics alleged herein arguably constitute deceptive acts or practices proscribed by the applicable UDAAP laws and regulations mentioned above. 
I significantly relied on Bank of America's misrepresentations and material omissions. 
Specifically, I was completely unaware that Bank of America would flatly refuse to cover 
fraudulently induced transactions such as the ones at issue here. Had I known the truth 
about Bank of Americas policies and business acts complained of herein, I would not 
have placed confidence in Bank of America and would not have continued to carry my 
deposits there.
To add an other financial Institution that was used in this attempt to obtain funds for me, was XXXX, where they have worked with me and were able to give me 95% of my funds. May I add how they were  more cautious in this type of scam and warned against it, than BOA. They were more sincere and did more of a due diligence than BOA.