Consumer complaint received 2024-02-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Bank of America has repeatedly declined our fraud claim after allowing an unauthorized wire transfer on XX/XX/year>, that stole our savings of $ XXXX. Despite our diligence reporting the fraud and identity theft incident promptly to the bank and the authorities, and pursuing details of the fraud scheme with the Mobile Carrier ( XXXX ) and Wire Receiving bank ( XXXX ) in hopes of helping with the investigation and pursuing the perpetrators, we were treated with complete lack of transparency and engagement by BofA 's Fraud team, receiving only boiler plate claim denials on XX/XX/XXXX and again on XX/XX/XXXX. We'd like help to escalate this with BofA for another appeal of this claim. 

My wife and I have joint accounts with BofA and been a customer for 27 years, and we maintained a sizable balance through payroll direct deposits to qualify for the Gold Tier Rewards Program ( XXXX $ XXXX balance ) that they actively promote. On XX/XX/year>, my wife unexpectedly lost cellular service on her XXXX and was a victim of SIM-swapping, and someone impersonated her to request an unauthorized wire transfer of $ XXXX that cleared our joint BofA accounts . We reported the fraud right away to BofA 's Fraud department ( claim # XXXX ), filed reports with the FBI and XXXX XXXX XXXX XXXX XXXX , even alerted XXXX bank where the wire transfer was sent to and we had no relationship with. Still BofA denied our claim on XX/XX/XXXX saying the transaction was authorized by us, clearly implying we were making a false claim and not standing up for their lapse in security in allowing this unauthorized transfer. 

Following escalation to CFPB we were contacted on XX/XX/XXXX by BofA informing our burden to prove we were victims of Fraud and Identity Theft by gathering evidence from our Mobile Carrier, and even then our refund would be dependent on BofA 's recovery of funds. They even said their voice recording of the fraudster is not required in their internal investigation. So we collected details from XXXX XXXX ( XXXX ) and shared the log of events supporting the Account breach and Sim Swapping incident on XX/XX/XXXX, but after reconsidering the case without feedback we were denied again on XX/XX/XXXX. 

We need to hold BofA for their security lapse and subsequent ill-treatment of its loyal customers who trusted them with their financial assets through the promises of its Rewards Program. We've repeatedly demonstrated that we had no part of the transaction, that we quickly alert BofA and the authorities of the incident, and had no knowledge of the account that the wire went to. Thus we should have XXXX $ liability as BofA touts in their customer agreement.The bank is clearly taking advantage of the true victims here rather than pursuing the perpetrators, prioritizing its own interests over that of the consumers by shifting the burden of proof in the claim process.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation