Consumer complaint received 2023-01-16
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NY)

To : FDIC- Office of the Ombudsman Mailing Address : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Email/Website : FDIC : Information and Support Center - Home Object : Official request to solve a problem with the XXXXXXXX XXXX XXXX Sir /Madam , My name is XXXX XXXX and I fell victim to a scam company XXXX ( The Company ) and I invested out of pocket a total amount of {$5700.00} USD. It all started when I I had an issue with a product I purchased from XXXX. I XXXX  XXXX 's phone number and a site popped up for an XXXX toll free number, I called and a person representing XXXX answered. He identified himself as XXXX, I explained why I was calling, he asked for my XXXXXXXX XXXX XXXX  and the product code and price of the item I purchased. After giving him the information and explaining what was going on with the device, he said they could issue a refund. And he needed to put me on a brief hold. When he returned he said he'd spoken to his supervisor, and was switching me over to him, and to follow his exact instructions. When this person came on the phone he introduced himself as XXXX. I explained what was going on with the tool I purchased. He reaffirmed they would issue a refund. Then he proceeded to ask about supposed purchases over {$300.00} each. I then explained that my last purchase was for {$11.00} or so. That when he suggested they might be fraudulent and he needs to verify my ip address to make sure. He then had XXXX installed the XXXX XXXX  Then he told me that he would create a dummy account, and to follow his instructions step by step. I told him I wasn't comfortable with that and he said not to worry, it's only a XXXX  account, and nothing was going to happen. That is when he told me to open the XXXX  to start the XXXX XXXX Then he had me enter the XXXX and prompted me to text yes when the bank text to verify. I repeated the process two more times. For XXXX and XXXX XXXX  explained I needed to get back to work. He then gave me his direct number and said to call him back after I got off work, Which I did. That's when he told me that he was able to trace the ip addresses. And it wouldn't come from my account. And he was going to issue a full refund. To call the next day in the morning. To complete everything. When I called he had me reopen the XXXX XXXX  once again. Then told me to request {$1900.00} so I did. He made it seem like something was wrong, so then he said to send it. 
I report this to you as a Financial Regulator of Bank of America to look into the fact that my report to Bank of America was responded to with a refusal. The main reason for the existence of the Ombudsman is to resolve disputes between clients and their financial institution. So, I tried to solve this problem by myself with Bank of America. I asked them in several official letters and correspondence with the support where I claimed my money back since they failed to protect me and they violated their own terms and conditions about the customer protection against money laundering and fraud. 

After my initial letter to Bank of America, they decided to escape their liability by stating that they are not liable for such a transaction. 
So, after my attempts ended in failure, I was really disappointed by Bank of America. I thought that at least they would respect their terms regarding customer protection but they simply decided to deal with my issue with immaturity and underestimation. I was not totally hopeless, but I was expecting that their response would bring me justice and take my side and defend me, but obviously, they are not willing even to listen to me and I am desperate by this response. 
As a regulated financial institution, it is of your obligation to contact Bank of America and urge them to take the right action as they are supposed to. If they had taken action at the point my report was made, my funds could have been retrieved. The recipient would have been contacted and the fraudulent event would have been communicated to them BUT NO, none of these were done, I did all the contacting myself. 
And as a regular person, my report wasnt taken seriously which is a total disrespect to me personally and a huge disappointment. I deeply think that if an investigation was made by XXXX a result would for sure be obtained. But now the situation looks as if Bank of America, a company that is regulated by you, helped a fraudulent company to obtain my money. 
I request to contact Bank of America regarding my situation and resolve this dispute through the right process. 
Im sincerely looking forward to receiving your answer. 
Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( Attached are the letters sent to BOA and their responses ) To : Bank of America XXXX XXXX XXXX XXXX XXXX XXXX Object : This is an Official Request for Refund Sir/Madam, My name is XXXX XXXX XXXX a client of your bank, I am writing to you to raise your awareness regarding an issue that I had lately with my funds which have been transferred to some fraudulent and illegal destination known XXXX ( The Company ) and I invested out of pocket a total amount of {$5700.00} USD. 
So let me tell you how this sad situation happened to me : It all started when I I had an issue with a product I purchased from XXXX. I XXXX  XXXX 's phone number and a site popped up for an XXXX toll free number, I called and a person representing XXXX answered. He identified himself as XXXX, I explained why I was calling, he asked for my XXXX user ID and the product code and price of the item I purchased. After giving him the information and explaining what was going on with the device, he said they could issue a refund. And he needed to put me on a brief hold. When he returned he said he'd spoken to his supervisor, and was switching me over to him, and to follow his exact instructions. When this person came on the phone he introduced himself as XXXX. I explained what was going on with the tool I purchased. He reaffirmed they would issue a refund. Then he proceeded to ask about supposed purchases over {$300.00} each. I then explained that my last purchase was for {$11.00} or so. That when he suggested they might be fraudulent and he needs to verify my ip address to make sure. He then had XXXX installed the XXXX XXXX. Then he told me that he would create a dummy account, and to follow his instructions step by step. I told him I wasn't comfortable with that and he said not to worry, it's only a dummy account, and nothing was going to happen. That is when he told me to open the XXXX  to start the ip trace. Then he had me enter the XXXX and prompted me to text yes when the bank text to verify. I repeated the process two more times. For XXXX and $ XXXX explained I needed to get back to work. He then gave me his direct number and said to call him back after I got off work, Which I did. That's when he told me that he was able to trace the ip addresses. And it wouldn't come from my account. And he was going to issue a full refund. To call the next day in the morning. To complete everything. When I called he had me reopen the XXXX XXXX once again. Then told me to request {$1900.00} so I did. He made it seem like something was wrong, so then he said to send it. I then tried to cancel this transaction at this point. 
( Check Transactions : ) Then I ask him to send back the order funds I've sent on the XXXX. He then said it would take time. So I told him to send it back the same way I sent it, through XXXX. He began to stall, so I told him if he didn't return my money I would contact the authorities. I demanded my money, and he hung up. So I called XXXX back and told him that it would be a fraud and I wanted my refund to my XXXX  account. He told me to calm down, I didn't, he hung up once again. I called back a few more times, but he didn't answer. So I call the toll free number when I first dial. That's when I spoke with XXXX again, still representing XXXX as a customer service representative. After explaining what happened with XXXX XXXX, he apologized and supposedly went to talk with a finance manager. When he got back on the phone he told me they would return the full amount. He asked me to open the XXXX. Then he wanted me to open only apps that deal with money such as XXXX, XXXX, etc. I then told him I wasn't opening anything and hung up, this was XX/XX/2022. 
Today, I feel lost because my financial situation went very badly. I have credits to pay, I am no longer able to provide my family with what they need, but I especially feel betrayed. 
Thats why I am coming to you with this official request to refund my full lost money for the amount of {$5700.00} USD. Either you claim it from the beneficiary bank where you allowed my money to go. Either you reimburse me from your own pool because as your client you are responsible to protect my funds. I hope that you will not shift liability, and you assume the consequences of your mistake, I want to stay your client for longer and keep receiving your services but for this, you have to show maturity and act to resolve this issue without taking the initiative to go to your regulator complaining about your failure in the protection of your clients Looking forward to hearing from you a positive response. 
Cordially, XXXX of XX/XX/2022 XXXX XXXX XXXX XXXX : XXXX To : To : Bank of America XXXX XXXX XXXX XXXX, DE XXXX Object : Official request for a refund Sir/Madam My name is XXXX XXXX XXXX XXXX am writing to respond to your answer wherein the you declined to provide me with a refund after I was defrauded for {$5700.00} USD. 
I am now writing to appeal that decision. In refusing a refund, you justified your decision that you can not refund me the money that I lost, that you are done your best, but you have not been able to do so. 
I want to point your attention to your own Terms and Conditions that can be found by the link : Bank of America XXXX Online Banking | Service Agreement Based on the foregoing, I can safely say that I did not receive any goods and services promised to me at all. Also, I received absolutely no fraud protection from your organization, which makes me have a lot of questions about your company. Why do I, as a client of your bank, do not feel any difference when transferring funds to you, from transferring funds directly to scammers? At the same time, I am still obliged to pay for your services, which you undertake to perform, but in every possible way avoid this. 
I want to note that the bank is a party to the essential transaction because money came from my account in your bank and banks should have knowledge of the persons to whom I submit money which is a standard XXXX  procedure for any bank. 
I state that you didnt take a reasonable care regarding my transaction. It is clear that your Bank is supposed to provide security procedures regarding its clients accounts. But I didnt notice any protection from your side, I didnt receive any call from you, you didnt block my transactions and didnt question any of them. In my point of view a transaction to XXXX  exchange while it is not a part of my usual pattern of purchases definitely fits the description of suspicious transaction. 
In this case, I am the customer, the transfers were made due to fraud and have been coerced by trickery. I couldn't have known in advance how this story would unfold for me since I was using your service. 
I have been a client of your bank and I always had the deepest trust in your bank, but now I feel that you are just trying to avoid your responsibility. At first, I got scammed by the fraudsters and now the bank where I trusted my funds is not willing to help me in this situation. I rely on your fair consideration of information provided in this letter. 
I want to stay your client for longer and keep receiving your services but for this you have to show maturity and act to resolve this issue without taking the initiative to go to your regulator. 
Looking forward to hearing from you a positive response. 
Regards, XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX