Consumer complaint received 2024-08-16 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AK

Complaint narrative:
On XX/XX/2024 there was a fraudulent XXXX transaction with confirmation code " XXXX '' in the amount of {$1700.00} to " XXXX XXXX '' made by unauthorized access to my Bank of America bank account without my permission and making the above referenced transaction that I never authorized nor involved in. Upon discovering this fraudulent transaction, I subsequently secured my devices, changed my password, put a block on outgoing transactions from my bank account and filed Claim # XXXX with Bank of America 's fraud department on XX/XX/2024 based on XXXXXXXX XXXX stated fraud policy for reimbursement : " Fraud is when someone gained access to your bank account and made an unauthorized XXXX payment . For example, someone gained access to your bank account without your permission and you never authorized or were involved in the transaction. Because these transactions are unauthorized, they typically qualify for reimbursement. '' XXXX XXXX XXXX XXXX On XX/XX/, 2024 I received a denial letter from Bank of America which XXXX have attached to this CFPB complaint. The denial letter said that my claim was denied because " Our investigation found that the transaction in question was completed using a device that is consistent with previous valid account activity. '' From this bank account I have historically only sent XXXX transactions to myself at accounts I hold at other financial institutions, which is verifiable, and I certainly did not make this transaction to " XXXX XXXX '' whom I do not know and have never done business with nor authorized payment to. 

I reported this to Bank of America as fraud, which fits XXXXXXXX XXXX terms for reimbursement since someone apparently gained unauthorized access to my bank account without my permission to send this unauthorized transaction. The denial reason of " device consistent with previous payment activity '' certainly does not preclude the possibility of my device and/or bank account being accessed by hackers and/or fraudsters without my authorization and permission and sending this unauthorizedtransaction ; which certainly appears to be the case here. 

In fact, I see that in a report by XXXX XXXX titled " Bank of America, XXXX XXXX are under investigation for handling of customers funds on XXXX '' as recently as XXXX XXXX, 2024 that XXXX and Bank of America are currently being investigated by the CFPB over fraudulent transactions : " The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform XXXX XXXX '' - XXXX XXXX XXXX I encourage the CFPB to add my case to this ongoing investigation if Bank of America is unable to resolve this complaint in my favor...

HOWEVER : I am confident that Bank of America will do the right thing and reimburse my funds for this fraudulent XXXX transaction. I can not afford to lose this money. I have taken necessary precautions to secure my devices and bank accounts in the meantime. I hope for a favorable outcome to this complaint.

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