Consumer complaint received 2026-03-10 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: SOFI TECHNOLOGIES, INC.
State: FL

Complaint narrative:
Complaint Summary I am filing this complaint because SoFi Bank denied my fraud claims without conducting a reasonable investigation and appears to have recorded key details of my claims inaccurately. As a result, my disputes were denied quickly despite extensive evidence that my phone was stolen and my financial accounts were compromised. The unauthorized activity totaled approximately {$7300.00} and occurred through numerous transactions to the merchant XXXX XXXX XXXX after my phone was stolen and access to my financial accounts was obtained through my device. Despite reporting the fraud through SoFis fraud alert system and providing extensive documentation including a police report, FTC identity theft report, and fraud determinations from other financial institutions, SoFi has continued to deny my claims. Timeline of Events XX/XX/XXXX My phone was stolen, and the individual who obtained it gained access to my email, banking apps, and digital wallet using my device passcode and biometric access. I reported my phone stolen to XXXX on XX/XX/XXXX. XX/XX/XXXX XX/XX/XXXX Unauthorized activity began appearing on my SoFi account during this period. These were smaller charges ranging from approximately {$5.00} to {$30.00} to the merchant XXXX XXXX XXXX. Because my SoFi account had little activity at the time and I use multiple bank accounts, these smaller transactions did not immediately draw my attention. These appear to have been test transactions prior to the larger fraud that occurred later. XX/XX/XXXX Major Fraud Activity On XX/XX/XXXX, I received a deposit of slightly over {$7000.00} from my former employer into my SoFi account. As I am currently unemployed, I intended to use these funds to pay rent and other essential expenses. At approximately XXXX XXXX, I received a fraud alert text message from SoFi asking if I authorized a {$100.00} transaction to XXXX XXXX XXXX. I immediately responded NO. SoFi sent a confirmation message stating my account would be secured. Approximately one hour later, I received another fraud alert for an additional {$300.00} charge to the same merchant, despite already reporting the first transaction as unauthorized. I again responded NO. Another hour later I received TWO additional fraud texts asking if I was spending {$79.00} and {$300.00} with XXXX XXXX XXXX. I immediately responded NO to both messages. Despite reporting the fraud FOUR TIMES through SoFis fraud alert system, the transactions continued and my account was not effectively secured. When I was finally able to log into my account, I discovered that numerous transactions had occurred in rapid succession to XXXX XXXX XXXX, completely depleting my account and causing it to become negative. I provided screenshots of these fraud alerts and my responses to SoFi as part of my original claim. XXXX XXXX XXXX I immediately contacted SoFi and reported my debit card as lost or stolen because I initially could not locate it and believed it may have been compromised. I also wanted to ensure the fraud would cease since SoFi did not cancel my card and allowed fraud to continue after reporting as unauthorized via text. I confirmed to representative on XX/XX/XXXX that I had my card in my possession and was never lost. During this call, a representative opened a fraud claim for the XXXX XXXX XXXX transactions. At the time, I did not recognize the merchant name, so the representative mistakenly included several legitimate small transactions I made in XXXX and XX/XX/XXXX in the claim. XX/XX/XXXX After reviewing my records more carefully, I realized I did recognize the merchant from prior legitimate use. I contacted SoFi multiple times requesting that the legitimate XXXX and XXXX charges be removed from the fraud claim. It took four separate contacts with representatives before those legitimate transactions were removed. This raised concerns that my claim information may not have been recorded accurately by SoFi representatives. Unauthorized Transfers Between Financial Institutions During my investigation I discovered that several transfers had occurred between my financial accounts that I did not initiate or authorize. These included : Three XXXX transfers of {$500.00} each from my SoFi account to my XXXX account ( totaling {$1500.00} ) One XXXX transfer of {$300.00} from my XXXX account to my SoFi account One transfer of {$300.00} from my SoFi account to my XXXX XXXX account These transfers occurred during the same timeframe in which my stolen phone and compromised accounts were being used to conduct fraudulent activity. When I reported these transactions to XXXX, representatives informed me that XXXX would not investigate the transfers because the receiving accounts were also in my name and instructed me to contact the receiving institutions directly. As a result : XXXX investigated the {$300.00} XXXX transfer from XXXX to SoFi and confirmed it was fraudulent and reimbursed the funds to me. I provided SoFi with documentation confirming XXXX fraud determination. Despite this documentation, when I later submitted claims for the XXXX transfers from SoFi to XXXX, SoFi denied the claims in less than 24 hours, stating they had confirmed the transactions were authorized. It is unclear how SoFi could reasonably conclude that these transactions were authorized, particularly when another financial institution involved in the same chain of transfers has already determined related activity was fraudulent. Appeal and Documentation Submitted : After the denial of my claims, I submitted an appeal and provided extensive documentation including : Police report documenting my stolen phone ( pdf from XXXX XXXX police department, additional reports were filed for XXXX and XXXX XXXX due to jurisdiction discrepancies ) -FTC Identity Theft Report -Fraud investigation results from XXXX and XXXX confirming fraud -XXXX XXXX transaction records showing XXXX XXXX XXXX charges immediately after transfers -Documentation showing I reported my phone stolen to XXXX on XX/XX/XXXX Despite providing this documentation, SoFi failed to start the appeal process on XX/XX/XXXX even though several representatives confirmed it was processing when I reached out for status updates between XX/XX/XXXX and XX/XX/XXXX. On XX/XX/XXXX, a rep confirmed no appeals were submitted and began the process with my documentation as well as included new claims for the unauthorized transfers to XXXX and XXXX. XXXXoFi denied newly submitted claims within less than 24 hours, which raises concerns that a meaningful investigation was not conducted. Regulatory Concern : Based on the circumstances, I am concerned that SoFi has not conducted a reasonable investigation into the unauthorized electronic fund transfers as required under the Electronic Fund Transfer Act ( EFTA ) and Regulation E ( 12 CFR 1005.11 ). My claims appear to have been : Recorded inaccurately by representatives Denied rapidly without reviewing submitted evidence Denied despite other financial institutions confirming related fraud Denied despite clear evidence that my phone and accounts were compromised These fraudulent transactions occurred immediately after a deposit that I needed to pay essential living expenses while unemployed. Because SoFi denied my claims and delayed processing my appeal, I am now past due on my rent and am at risk of eviction, in addition to being unable to pay other necessary bills.

Company response to consumer: Closed with explanation