Consumer complaint received 2026-02-24 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: U.S. BANCORP
State: CA

Complaint narrative:
I am filing this complaint regarding XXXX unauthorized international wire transfers that were sent from my U.S. Bank business account on XX/XX/year>. These six wires were sent to three different foreign banks, including XXXX XXXX in the XXXX XXXX. I did not initiate or authorize any of these transfers, nor did I complete any of the authentication steps required for wire approval. The wires were executed through U.S. Banks systems without my knowledge or consent. I discovered the unauthorized wires while they were still pending and immediately contacted U.S. Banks Fraud Department. During that call, I explicitly requested that the bank stop or recall the transactions. Despite reporting the fraud in real time, U.S. Bank released the wires while I was still on the phone. No explanation has been provided for why the wires were not stopped or why no emergency hold was placed. To date, four of the six wires have been returned by two of the receiving banks. Two wires remain outstanding, totaling {$39000.00} from XXXX XXXX U.S. Bank did not contact XXXX for over a week after the fraud was reported, and at one point advised me to look up the receiving bank and contact them myself, even though customers do not have access to the internal wire details required to do so. Following the incident, I repeatedly requested the required authentication and session data for the wires, including whether any authentication tokens were generated, whether any tokens were entered, whether the wire PIN was used, and any device/IP information. These items are necessary to determine whether U.S. Bank followed a commercially reasonable security procedure as required under UCC Article 4A. None of this information has been provided. Over the next several weeks, I made multiple requests for : Full authentication and session logs A detailed timeline of U.S. Banks actions Confirmation of whether U.S. Bank followed its own security procedures Status of provisional credit None of these items has been provided. Instead, I was told by U.S. Bank representatives that the matter was out of U.S. Banks jurisdiction and that they were waiting on the other bank. This is incorrect. The fraudulent transfers originated from my U.S. Bank account, and the authentication, authorization, and release of those wires occurred entirely through U.S. Banks systems. Under UCC Article 4A, U.S. Bank is responsible for the security procedures used to authenticate outgoing wires and can not shift responsibility to the receiving bank. U.S. Bank has also informed me that it does not have any internal policy or mechanism to credit or reimburse a customer for losses resulting from cyber fraud involving unauthorized wire transfers. Instead, the bank stated that it relies entirely on the receiving bank to return the funds, and if the receiving bank does not return the money, the customer is left absorbing the loss. This approach is inconsistent with the requirements and intent of UCC Article 4A, which places responsibility on the originating bank to use and follow commercially reasonable security procedures before releasing a wire. By relying solely on the receiving bank and declining to issue provisional credit, U.S. Bank has effectively left me without protection despite the fraud originating through its own systems. I escalated the matter internally and spoke directly with XXXX XXXX, VP / Business Sales Manager, who confirmed that the case is being handled internally and that U.S. Bank is responsible for completing its portion of the investigation. He also stated that U.S. Bank is unequipped to handle this type of fraud and that they are doing their best. This admission raises serious concerns about the adequacy of U.S. Banks fraudprevention systems and its ability to comply with UCC Article 4A requirements. Despite multiple escalationsincluding to the Executive Communications Unit, Fraud, Wire Operations, ECCA Complaints, Investor Relations, and Corporate Communications, U.S. Bank has not provided the required documentation, has not issued provisional credit, and has not explained how the wires were authorized without my credentials. U.S. Banks delays, contradictory statements, and refusal to provide required information have significantly hindered my ability to recover the remaining funds and understand how their security procedures failed. I am requesting CFPB assistance to compel U.S. Bank to : 1. Provide the full authentication and session logs for each unauthorized wire 2. Provide a complete timeline of U.S. Banks actions 3. Explain whether U.S. Bank followed its own security procedures 4. Issue provisional credit while the investigation continues 5. Clarify why the bank claimed the matter was out of jurisdiction despite UCC Article 4A obligations 6. Address the admission by a U.S. Bank Vice President that the bank is unequipped to handle this type of fraud 7. Ensure the remaining {$39000.00} held at XXXX Bank is credited immediately This situation has caused substantial financial harm to my business, and U.S. Bank has failed to fulfill its legal responsibilities under UCC Article 4A or to provide the transparency required for a proper investigation.

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