Consumer complaint received 2024-01-04
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Problem with a company's investigation into an existing problem — Was not notified of investigation status or results
Company: CITIBANK, N.A. (NY)

To : Citibank From : XXXX XXXX XXXX Re : Unauthorized Transaction Dispute - Urgent Attention Required Account Number : XXXX Transaction Date : XX/XX/2022 Transaction Amount : XXXX USD Dear Citibank Customer Service XXXX I am writing to formally dispute an unauthorized transaction that occurred on my Citibank account on XX/XX/2022. I am deeply concerned about the security and integrity of my account and the apparent failure of Citibank to uphold its duty of care in this matter. 
On the mentioned date, I received a call from an individual who claimed to be a Citibank employee, inquiring about a XXXX USD withdrawal from my account. I promptly denied making such a transaction, only to discover that the amount had been debited from my account without my authorization. Disturbed by this discovery, I visited my local branch on XX/XX/2022 to file a claim for the unauthorized transaction. The original claim number is XXXX. 
Despite taking immediate action by filing the claim, I was disheartened to learn that Citibank was unable to recover the funds fully. The only resolution provided to me was a partial refund of XXXX USD that was credited to my account on XX/XX/2022, which is significantly inadequate compared to the total unauthorized withdrawal. 
I allege that Citibank has breached its duty of care, commonly known as the XXXX duty, as established in the case of XXXX XXXX XXXX v XXXX XXXX. 
The XXXX duty obliges financial institutions to exercise reasonable care and skill when executing client instructions, especially when there are reasonable grounds to suspect fraudulent intent. 
As per The Bank Secrecy Act, financial institutions are required to assist U.S.

government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding XXXX USD ( daily aggregate amount ), and report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. I did not receive any warning from anyone from Citibank. 
In this case, it is evident that a fraudulent transaction took place, and an ordinary prudent staff member of Citibank should have had a reasonable basis for suspicion. I urge Citibank to thoroughly investigate this matter and take immediate action to recall the unauthorized transaction made on my behalf by the fraudster who deceived me. 
As a dedicated and loyal customer, I have had the privilege of being associated with CitiBank for close to 40 years, maintaining a commendable standing throughout this extensive period. The recent fraudulent incident has profoundly impacted not only my financial security but also my mental well-being. The trust and confidence that I have placed in the institution over the years have been significantly shaken by this unfortunate occurrence. I have always valued the relationship I have had with CitiBank, and the distress caused by this scam has been deeply distressing. It is my hope that the necessary measures will be taken to address this situation and restore the trust that has been compromised. 
If, for any reason, the funds can not be fully recalled, I request Citibank to provide me with a reimbursement or compensation for the entire amount of XXXX USD. I believe that, as a loyal customer, I deserve the full support and protection of Citibank in rectifying this situation promptly. 
I appreciate your immediate attention to this matter and expect a thorough investigation to be conducted to resolve this dispute as quickly as possible. 
Please provide me with regular updates on the progress of the investigation. 
Thank you for your prompt assistance in addressing this urgent matter. 
Respectfully, XXXX XXXX XXXX