Consumer complaint received 2025-01-28 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Problem using a debit or ATM card
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT

Complaint narrative:
Dear CFPB, I am submitting this follow-up case regarding my fraud dispute with Bank of America concerning a {$3200.00} unauthorized XXXX transaction that was fraudulently taken from my savings account after my phone number was compromised in a XXXX  swap attack. On XX/XX/year> a fraudster gained control of my phone number through an unauthorized XXXX swap, allowing them to bypass security measures and complete a XXXX transaction from my account. I have provided substantial evidence proving this fraud, including XXXX XXXX logs confirming that my XXXX  was swapped to a different device ( XXXX XXXX XXXX ) in Pennsylvania, a police report documenting the unauthorized transaction and SIM swap fraud, IP logs from my carrier showing the fraudulent login from an unrecognized device and location, and an XXXX complaint reporting the financial fraud to the XXXX XXXX XXXX XXXX XXXX. Despite this clear and compelling evidence, Bank of America has denied my fraud claim for a third time today for the same reason, stating that the transaction was made from a device consistent with my previous account activity and was authorized using a code sent to my phone number. These conclusions are factually incorrect and demonstrate that the bank did not conduct a proper investigation, as my carrier logs directly contradict their determination. My phone number was hijacked, meaning the fraudster was receiving authentication codes, and the XXXX logs and device information prove the fraudulent access was from Pennsylvania, while I was in New York at the time for work. This transaction was clearly unauthorized, yet my bank refuses to acknowledge the overwhelming evidence. In addition to the evidence I have provided, I also spoke with a Bank of America representative last week who explicitly acknowledged that my account was compromised due to a XXXX  swap attack, and even stated that, based on my evidence, I should be able to recover my stolen funds. Despite this, the bank has continued to deny my claim without addressing the clear fraud that took place. Furthermore, under Regulation E ( 12 CFR 1005.11 ), the burden is on Bank of America to prove that the transaction was authorized, yet they have failed to do so. Instead of providing concrete evidence that I personally authorized this transfer, they have relied on flawed reasoning that contradicts the carrier logs and IP records I submitted. This demonstrates a failure to conduct a thorough and good-faith investigation, violating my consumer protection rights under federal law. Under Regulation E ( 12 CFR 1005.11 ), I am protected against unauthorized electronic fund transfers ( EFTs ), and the bank must refund fraudulent transactions unless they can prove it was authorized, which they have not done. Instead, they have ignored the XXXX swap evidence, failed to conduct a proper investigation, and continue to wrongfully deny my claim. For weeks, I have been going back and forth with my bank, providing every document they requested. I have been left broke, struggling to pay my bills, and feeling like no one is helping me recover my stolen money. My financial situation has become severely impacted, yet my bank refuses to uphold my consumer protection rights. I am requesting that CFPB escalate my case and ensure my bank completes a proper investigation, considering the undeniable XXXX  swap evidence, hold the bank accountable for violating Regulation E by wrongfully denying a legitimate unauthorized transaction claim, and require a full refund of the {$3200.00}, as mandated under consumer protection laws. I appreciate your urgent attention to this matter and hope for a resolution soon.

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 monetary relief