Consumer complaint received 2024-12-19 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: CITIBANK, N.A.
State: CA

Complaint narrative:
I am filing this complaint against Citibank for mishandling my case involving fraudulent wire transfers, which has resulted in a financial loss of {$51000.00}. Despite my immediate action to report the scam and persistent follow-ups, Citibank has denied my claim, classifying the incident as a scam rather than fraud. This decision disregards critical details and Citibank 's negligence in protecting my account from unauthorized transactions. On XX/XX/year>, there were XXXX wire transfers to recipients with whom I have no affiliation. The transactions were as follows : {$7500.00}, {$8000.00}, {$10000.00}, {$14000.00} and {$16000.00}. I want to emphasize that I did not provide the scammers with a code nor did I intend or authorize these transactions. I have never conducted a wire transfer before and did not authorize anyone to withdraw money from my account. Upon realizing I had been defrauded, I immediately contacted Citibank on XX/XX/year> to report it. I also filed a police report, as well as complaints with Federal Trade Commission ( FTC ) and the Internet Crime Complaint Center ( IC3 ) to support recovery efforts and to document the fraud. Despite these actions, I was informed on XX/XX/year>, that the beneficiary banks ( XXXX XXXX and XXXX ) were unable to recover the funds. Citibank failed to flag these highly irregular transactions. As a long-standing customer, my account history clearly shows no prior wire transfers or transactions of such magnitude. The series of back-to-back wire transfers, totaling {$51000.00} should have triggered Citibank 's fraud detection protocols. Despite these red flags, Citibank allowed the transfers to proceed without intervention. As my financial institution, Citibank has a duty to protect me from fraudulent activity. Allowing XXXX successive wire transfers without any verification or security measures demonstrates a significant lapse in their responsibility. If Citibank had flagged the initial {$7500.00} transfer as suspicious, subsequent transactions could have been prevented. I reported the fraud to Citibank on XX/XX/year>, the same day the transfers occurred. Swift messages were sent to the beneficiary banks, and hold harmless letters were issued on XX/XX/year>. For XXXX days, Citibank 's system reflected that the wire transfers were still pending, providing a critical window to act decisively and freeze the funds. This opportunity was missed, and the funds were ultimately lost. Since XX/XX/XXXX, I have contacted Citibank at least XXXX times daily to follow up on the status of my case. While Citibank reimbursed {$5000.00} from XXXX fraudulent XXXX transactions, and XXXX returned approximately {$5000.00} from the first wire transfer, the remaining {$51000.00} has not been recovered. The partial recovery demonstrates that timely intervention was possible but was not fully executed. To strengthen recovery efforts, and demonstrate my diligence, I have filed a Police Report documenting the fraud, FTC Complaint detailing the scam and its impact, IC3 Complaint to the FBI 's Internet Crime Complaint Center to escalate the matter and increase the likelihood of recovery. These additional measures underscore my commitment to resolving this issue and protecting others from similar scams. Despite these efforts, Citibank has failed to act effectively to recover the remaining funds or honor their duty to protect my account. I did not knowingly authorize these transactions, nor did I intend for any funds to be sent to unknown recipients. Citibank 's decision to classify this as a scam unfairly shifts responsibility onto me. I respectfully request that Citibank reimburse the remaining {$51000.00} lost due to this fraudulent activity. Citibank 's failures in fraud detection, fund recovery, and customer protection directly contributed to my financial loss. This case highlights significant gaps in Citibank 's fraud prevention protocols, and I believe it warrants a thorough review. I trust the CFPB will advocate on my behalf to ensure Citibank fulfills its obligation to protect and reimburse its customers. As a diligent customer, I took immediate and sustained action to address this fraud, including reporting the incident to Citibank, filing formal complaints with law enforcement and federal agencies, and following up persistently. Citibank 's negligence and delayed response have caused me undue financial and emotional hardship. I urge the CFPB to review my case thoroughly and hold Citibank accountable for their inaction, negligence and failure to protect my funds. Thank you for your attention to this matter. I am hopeful for a fair and just resolution. 

Sincerely, XXXX XXXX XXXX Victim of Fraud Wire Transfer

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