Consumer complaint received 2024-09-02 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: CITIZENS FINANCIAL GROUP, INC.
State: MA

Complaint narrative:
Dear Sir/Madam, I am writing to formally lodge a complaint regarding a significant financial loss I have incurred due to a fraudulent investment scheme and the subsequent lack of resolution from both the involved financial institutions and regulatory bodies. 

On XXXX XXXX XXXX, I was deceived into participating in an investment scheme orchestrated by individuals posing as representatives of XXXX XXXX XXXX. The fraudster, identifying himself as " XXXX, '' contacted me via text message, claiming that there was a fictitious charge on my account and that my IP and banking information had been compromised. He provided a phone number ( XXXX XXXX ) for further communication. 

Under the guise of protecting my assets, I was coerced into making a Wire transfer payment from my Citizens Bank account. This transaction resulted in a total loss of {$25000.00}. Despite partial recoveries facilitated by a scam recovery service named XXXX XXXX, I am still facing substantial financial detriment. 

After discovering the scam, I immediately contacted Citizens Bank to report the fraudulent activity and requested a reversal of the transaction. The Office of the Comptroller of the Currency ( OCC ) intervened and facilitated communication with Citizens Bank. Although Citizens Bank initially indicated they would assist, there has been no substantive progress towards resolving the issue or providing a refund. 

Despite multiple communications via email and phone, Citizens Bank has failed to provide any resolution or refund for the fraudulent transaction. 

Given the lack of response and effective action from Citizens Bank following OCC 's involvement, I am now turning to the Consumer Financial Protection Bureau ( CFPB ) for assistance. Enclosed with this letter are copies of the following documents to support my complaint : 1. Letter to the Office of the Comptroller of the Currency ( OCC ) detailing the fraudulent activities and Citizens Bank 's response.

2. Correspondence with Citizens Bank indicating their initial commitment to assist.

3. Bank statements showing the unauthorized withdrawal and transaction.

I respectfully request the CFPB to : 1. Conduct a thorough investigation into the fraudulent activities and Citizens Bank 's failure to address the issue adequately despite OCC 's intervention.

2. Facilitate the recovery of the lost funds from Citizens Bank.

3. Implement measures to prevent similar scams from affecting other consumers in the future. 

I am available to provide any additional information or clarification as needed. Your prompt attention to this matter is greatly appreciated. I look forward to your response and the resolution of this serious issue. 

Thank you for your assistance. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation