Consumer complaint received 2025-05-08 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: FL

Complaint narrative:
SoFi has engaged in repeated negligence by failing to implement proper security measures and disregarding my requests to close my account. Key instances of this negligence include : Failure to Freeze Account and Cards After Fraud Report : On Friday XX/XX/XXXX XXXXXXXX XXXX I contacted SoFi 1 hour and 15 min 3 times to report fraudulent activity and requested immediate action. 
In one of the phone calls with the fraud department, I ask SoFi to open a new account with a different routing and account number, so the actor could no longer access my funds. They did not do this and said it will be investigated I have got screenshots and evidence to prove it.

Despite this, SoFi failed to freeze my account or deactivate the associated debit cards throughout the entire weekend. This inaction allowed the attacker to freely access and drain the account without any protection in place. I followed up on Monday XX/XX/XXXX, I contacted SoFi in 2 separated occasions of 1 hour and 5 minutes and 53 minutes at which point, SoFi acknowledged that no preventative measures had been implemented, the lady set that she will freeze my cards at that point, i ask them why was not this done in the first place, the fact that I spend so much time speaking to SoFi bank allowed the actor to continue to damage or open other fraudulent accounts on my email. 
XX/XX/XXXX at XXXXXXXX XXXX tuesday morning, I received an e-mail saying my account has been restricted due to irregular activity. I called the bank and told them to please freeze the account and that I told them repeatedly trough the week since friday 2nd that theres an impostor and my account should be frozen. After spending nearly 3 hours on the phone with SoFi in 2 different occasions, I send them a letter with a formal complaint due to negligence. I received a reply immediately and I had to speak to them at the phone a 3rd time, the person who I spoke to at XXXX XXXX was very apologetic and told me they opened different account will credit all my money back. Then he said that once all the funds were on the account, I will be able to call them to verify it was me and will be able to remove all the funds. The next morning I received a message saying my account is unfrozen and that I am able to access all of my funds. I called to get verified and remove my funds. They had set a restriction at {$5.00} per day only and {$15.00} per month only. 
I spoke to 4 customer sale agents and the only one who check my identity via video call was the last one. All the others would of let me access my funds without verifying my face first.

It took me 2 hours and 52 minutes to finally transfer my money out of the account.

All of these conversations are recorded and fully demonstrable. I formally demand that SoFi recognize this incident as a case of malpractice and gross negligence. The only response given was that an investigation would be conducted, instead of immediately freezing the cards, or open a new one and make a transfer to keep the remaining funds safe, which would have been protective measures to secure my assets. SoFi was the only institution that left my account full exposed to the attacker, without safeguards, for an entire weekend.

Failure to Implement Promised Video Verification : SoFi promised to verify my identity through video calls as an additional layer of security, which was not conducted, thereby violating their own security protocols.

Failure to Properly Protect New Accounts : A new account was created by SoFi under my name, which was also left unprotected, leading to the hacker accessing the new account without proper verification or safeguards.

No Timely Action : Despite my repeated complaints, SoFi failed to act promptly to address the breach or properly freeze the compromised accounts, thereby facilitating ongoing access for the hacker.

Company response to consumer: Closed with explanation