Consumer complaint received 2025-01-21 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: Remitly, Inc.
State: GA

Complaint narrative:
Subject : Formal Complaint Regarding Fraud, Account Suspension, and Request for Refund and Compensation Dear Consumer Financial Protection Bureau ( CFPB ), I am filing a formal complaint regarding my experience with Remitly, which involves their failure to refund my money after being scammed on their platform, as well as the suspension of my account. Despite providing Remitly with clear evidence of fraud, I have been treated as the wrongdoer, while the actual fraudsters remain unpunished and continue to use the platform. I am requesting a full refund, compensation for emotional distress, and a review of Remitlys practices, as I believe they are in violation of several consumer protection laws. 

Details of the Issue : Business Account : XXXXXXXX XXXX  Amount Lost : {$1800.00} Platform : Remitly Fraud Circumstances : I was scammed by fraudsters who used Remitlys platform to steal money from me. After I reported the scam to Remitly, I provided them with clear evidence, including details of the fraudsters and their actions. 
Account Suspension : Instead of investigating my situation thoroughly, Remitly suspended my business account permanently. They have not refunded my money, nor have they taken appropriate action to prevent the fraudsters from continuing to use the platform. In fact, I have proof that the same fraudsters are still active on the platform, while I, the victim, remain banned. 

The Violations and XXXXegal Issues : Remitlys actions violate several important consumer protection laws : 1. Electronic Fund Transfer Act ( EFTA ) - 15 U.S.C. 1693 et seq.

Under the EFTA, I am entitled to protection against unauthorized transactions, including fraud. Remitlys failure to reimburse me for the {$1800.00} lost in a fraud scheme is a violation of my rights under this law. Additionally, Remitly has not properly investigated my situation, which further undermines their obligations under the EFTA.

2. Truth in Lending Act ( TILA ) - 15 U.S.C. 1601 et seq. 
The Truth in Lending Act requires clear and fair communication of terms and conditions, as well as an obligation to correct errors and prevent fraud. Remitlys failure to resolve the situation and properly reimburse me for the fraud contradicts these principles. 
3. Consumer Financial Protection Act ( CFPA ) - 12 U.S.C. 5536 Remitlys practices and failure to protect consumers from fraud may constitute unfair or deceptive acts or practices, which are prohibited under the CFPA. Their treatment of me as the victimby suspending my account while allowing fraudsters to continue using the platformis both unjust and violates the act.

4. Unfair and Deceptive Trade Practices Remitlys conduct is likely in violation of state-level consumer protection laws regarding unfair and deceptive trade practices. By failing to act on my legitimate fraud claim, they have made it difficult for me to recover my money, resulting in financial harm, emotional distress, and a damaged reputation for my business. 

Request for Action : Given the violations of consumer protection laws and the failure to appropriately investigate and resolve this issue, I request the following : 1. Full Refund of {$1800.00} : As I am a victim of fraud, I request that Remitly refund the full amount of the fraudulent transaction.

2. {$1000.00} in Compensation : I request compensation for the emotional distress, fees, and damages I have incurred as a result of this incident. The stress and time spent dealing with Remitlys negligence have caused significant harm. 
XXXX. Investigation and Accountability for Fraudsters : I request that the CFPB investigate Remitlys failure to act on the fraud claim I submitted and ensure they take proper action against the fraudsters who have remained on the platform, causing further harm to consumers. 
XXXX. Review of Remitlys Business Practices : I request that the CFPB review Remitlys business practices, particularly their handling of fraud cases and how they treat victims. They should be held accountable for failing to adequately protect consumers from fraud.

Request for Immediate Action on My Credit Report : If any debts, inquiries, or negative marks related to this issue appear on my credit file, I request the immediate removal of any such items, as they are a direct result of Remitlys improper handling of my fraud claim and account suspension. 

Conclusion : I feel that I have been unjustly punished as a victim of fraud, and Remitly has failed to take adequate steps to protect me and other consumers. I am requesting immediate intervention and a full investigation into this matter. Your assistance is critical to ensuring that my rights as a consumer are protected. 

Thank you for your attention to this serious issue. I look forward to your response and resolution of my complaint. 

XXXX, XXXX XXXX XXXX XXXXXXXX

Company response to consumer: Closed with explanation