Consumer complaint received 2025-10-28 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: FL

Complaint narrative:
I discovered approximately {$120000.00} in unauthorized transactions from my SoFi account to multiple cryptocurrency platforms while I was out of the country on military contract work, said works prohibit the use of electronics such as computers and cell phones. I promptly reported the unauthorized transactions to SoFi Bank well within the 60-day timeframe required under Regulation E 1005.6 ( b ) ( 1 ) after returning home and checking my account. 

I filed a police report with the XXXX XXXX XXXX XXXX, where a detective was assigned to my case. I also submitted an IC3 report through the FBIs online reporting system. 

On Wednesday, XX/XX/year>2025, I submitted a formal fraud claim to SoFi Bank. 
On Monday, XX/XX/scrub> 2025, I called SoFi customer service and was informed that a check containing the compromised funds was being mailed to me. 
On Tuesday, XX/XX/scrub>, 2025, I received an email from SoFi stating that my claim had been denied. After receiving that email, I called SoFi immediately and was told the claim had been reopened. I received no explanation of any investigation findings or methodology.

I contacted several of the merchants involved in the unauthorized tra
nsactions. At least one merchant confirmed they detected suspicious activity and attempted to return some of the stolen funds to SoFi, but SoFi rejected the return transaction. 

I also spoke directly with the detective from the XXXX XXXX XXXX Department, who confirmed that no one from SoFi Bank has contacted him or the department to verify or request information about the criminal investigation. Neither through email or phone.

Due to SoFis mishandling of this claim and the severity of the loss, I have retained legal counsel to pursue this matter.

SoFi Bank has violated the Electronic Fund Transfer Act and Regulation E in multiple ways : 1. Failure to Conduct a Reasonable Investigation ( 12 CFR 1005.11 ( c ) ) SoFi completed its so-called investigation and issued a denial in less than six business days. It is not possible to reasonably investigate {$120000.00} in fraud across multiple merchants in such a short time. A proper investigation would have required : Contact with law enforcement ( which never occurred ) Contact with merchants to trace and recover funds ( which never occurred ) Analysis of transaction patterns, access logs, and device fingerprints 2. Failure to Provide a Required Written Explanation ( 12 CFR 1005.11 ( d ) ) SoFis denial notice failed to include : Details of what investigation was conducted What evidence or data was reviewed The basis for concluding that transactions were authorized How to obtain copies of documents relied upon 3. Failure to Cooperate with Fraud Recovery Efforts At least one merchant confirmed they attempted to return stolen funds, but SoFi rejected the transaction. This demonstrates a failure to act in good faith and a refusal to mitigate consumer losses.

4. Providing False and Contradictory Information ( 12 CFR 1005.7 ( b ) ) In less than a 24-hour period, SoFi representatives told me : A check was being mailed The claim was denied ( by email ) The claim was reopened ( after I called ) These contradictory statements reflect serious deficiencies in SoFis internal record-keeping and complaint-handling procedures.

5. Failure to Provide Provisional Credit ( 12 CFR 1005.11 ( c ) ( 2 ) ) If SoFi could not complete its investigation within ten business days, it was required to provisionally credit my account while the investigation continued ( up to 45 days ). SoFi did neither.

SUPPORTING EVIDENCE I can provide : Police report and case number from the XXXX XXXX XXXX Department Statement from the assigned detective confirming SoFi never contacted law enforcement Documentation of merchant communication showing that funds were attempted to be returned but rejected by SoFi Call logs showing inconsistent statements from SoFi representatives Account statements detailing the unauthorized transfers Evidence confirming my overseas location at the time of the theft ( military contract work ) FINANCIAL HARM The {$120000.00} represents my personal savings and emergency funds. SoFis refusal to properly investigate or reimburse these unauthorized transactions has caused significant hardship, financial instability, and emotional XXXX. Their negligence has compounded the harm caused by the original theft.

MERCHANT COOPERATION Every merchant I contacted stated that : 1. SoFi Bank must initiate the recall process to recover funds, 2. They are willing to cooperate fully once contacted by SoFi, and 3. At least one merchant already attempted to return funds, which SoFi rejected.

This shows that funds may still be recoverable if SoFi conducts a legitimate investigation.

Company response to consumer: Closed with explanation