Consumer complaint received 2024-12-23 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: FL

Complaint narrative:
Explanation for Filing a Complaint Against XXXX XXXX and Bank of America Subject : Fraudulent Transaction and Bank of Americas Failure to Act I am filing this complaint against XXXX XXXX XXXX and Bank of America due to a fraudulent transaction and the banks subsequent failure to assist in resolving the issue or provide accurate information regarding the recipient of my funds. 

Background of the Incident : On XX/XX/year>, I transferred {$1300.00} via XXXX from my business account at Bank of America ( Account Name : XXXX XXXX XXXX ) to XXXX XXXX ( Recipient 's Account Name as provided : XXXX XXXX, XXXX Account : XXXX ). The payment was for a stand at an advertised business exhibition at XXXX XXXX, promoted by XXXX XXXX under the business name XXXX XXXX XXXX. 

It turned out that the event was entirely fraudulent. The exhibition never occurred, and numerous individuals, including myself, have suffered financial losses due to this scam. Despite multiple attempts to contact XXXX XXXX, he has not responded, and no refund has been provided. 

Additionally, I am aware of other individuals who were also defrauded by XXXX XXXX in similar schemes. These individuals also reported their cases to Bank of America, yet the bank failed to take appropriate measures to prevent further fraudulent activities. 

Bank of Americas Role and Failure to Act : Upon realizing I was a victim of fraud, I immediately contacted Bank of America to dispute the transaction. However, the bank : Failed to Accept My Claim : Bank of America denied my request to investigate the transaction or initiate any chargeback process, citing the use of XXXX, despite clear evidence of fraudulent activity. 
Refused to Provide Accurate Recipient Information : The bank did not disclose clear and accurate details regarding the recipient of the funds, preventing me from pursuing legal action more effectively. 
Neglected Previous Warnings : Despite prior reports from other victims of similar fraud by XXXX XXXX, Bank of America did not take preventative measures to investigate or flag his account. 
Lack of Due Diligence : Bank of America did not provide adequate support or advice on how to recover my funds, even though the fraud was reported in a timely manner. 
Why This Matters : XXXX transactions are processed through participating financial institutions, and Bank of America, as the originating bank, has a responsibility to investigate fraudulent activity and support its clients. The banks refusal to assist or provide full transparency undermines consumer trust and enables recurring fraudulent activities. 

My Request : From XXXX XXXX : Full reimbursement of the {$1300.00} I paid for a non-existent event. 
From Bank of America : A thorough investigation into this fraudulent transaction. 
Full disclosure of the recipients banking information to support legal proceedings against XXXX XXXX. 
A review of Bank of Americas handling of both my complaint and prior complaints involving XXXX XXXX, ensuring that appropriate preventative measures are implemented. 
An explanation for the banks failure to act on previous fraud reports against XXXX XXXX. 
This situation has caused significant financial loss and emotional distress. Furthermore, the knowledge that Bank of America ignored earlier warnings about XXXX XXXX fraudulent activity is deeply concerning. I expect prompt action and resolution from both parties involved to address this matter effectively. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX Phone : XXXX Email : XXXX XXXX

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