Consumer complaint received 2025-08-12 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TN

Complaint narrative:
On XX/XX/year> I received a phone call from XXXX, which is a published Bank of America branch office number. The caller identified himself as a Bank of America fraud department representative. He stated there had been suspicious activity on my account and that he was calling to increase my account security.

The caller had my correct account details and verified my identity exactly as Bank of America employees normally do. He then sent me standard security codes from Bank of Americas own system ( via text message ) and a link through my BoFA mobile app to confirm my identity. I believed I was speaking to a legitimate bank employee because the phone number matched a real BoFA office and the security process matched what I have experienced in the past.

Under coercion and believing I was preventing fraud, I followed his instructions. As a result, {$8100.00} was transferred from my account in the form of a payment to a location in XXXX a country where I have never sent funds before. I did not receive any benefit from this payment and did not authorize it for any legitimate purpose. 

This was a clear case of caller ID spoofing and social engineering fraud a well-known tactic recognized by the FCC, FTC, and CFPB. I immediately reported the incident to Bank of America, filed a police fraud report ( XXXX XXXXXXXX ), and submitted an FBI XXXX complaint. 

Bank of America denied my reimbursement request, stating the transfer was authorized because I followed instructions. This position ignores the definition of an unauthorized electronic fund transfer under the Electronic Fund Transfer Act ( EFTA ), 15 U.S.C. 1693a ( 12 ) and Regulation E, XXXX XXXX XXXX XXXX XXXX XXXX which covers any transfer initiated by someone other than the consumer without actual authority and from which the consumer receives no benefit. My consent was obtained by fraud and coercion, which means the transaction was unauthorized under federal law. 

Bank of America also failed its obligations under Regulation E by : XXXX. Failing to Conduct a Reasonable Investigation Reg E 1005.11 ( c ) ( 1 ) requires a thorough investigation. BoFA failed to consider my spoofing evidence, my fraud reports, or the highly unusual nature of the transfer. 
XXXX. Failing to Detect and Stop Suspicious Activity A large, first-time, international transfer to XXXX is a classic red flag under fraud detection protocols. BoFAs systems should have automatically flagged, held, and verified this transaction. I received no warning, no verification call, and no opportunity to stop it. 

The CFPBs Compliance XXXX XXXX clearly states that banks must have robust procedures to detect and respond to social engineering and spoofing scams. In this case, Bank of America failed on multiple levels failing to prevent an obvious fraudulent transaction and then failing to fulfill its legal obligations under Reg E when I reported the loss. 
This scam was highly sophisticated and indistinguishable from a genuine Bank of America security call. The bank had every opportunity to detect and prevent this obvious fraud, but failed to do so. Regulation E protects consumers in exactly these circumstances, and I request that the CFPB require Bank of America to make me whole.

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