Consumer complaint received 2025-08-20 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: SOFI TECHNOLOGIES, INC.
State: NC

Complaint narrative:
Formal Complaint Against SoFi Bank Allowing Criminal Activity Through Inadequate Fraud Controls I am XXXX XXXX XXXX XXXXXXXXXXXX XXXX XXXX XXXX and am submitting this complaint to formally report SoFi Banks failure to prevent, investigate, and address fraudulent activity involving one of its account holders. SoFis policies and procedures particularly its refusal to properly investigate reports of suspected fraud have enabled criminals to use its accounts to commit theft and launder stolen funds. 

Summary of Incident XXXX XX/XX/year>, I received a phishing email from an individual impersonating one of my employees. The email requested that I update the employees direct deposit information to a SoFi Bank account. Believing the request to be legitimate, I updated the payroll records accordingly. 

On Friday, XX/XX/year>, the real employee contacted me, confused as to why his paycheck had not been deposited. At that point, we realized that the employee had never requested any changes to his account and that I had been deceived by a fraudulent request. 

That same evening, I contacted our payroll provider to attempt to recover the funds. Unfortunately, on XX/XX/year>, I was informed that the funds had already been withdrawn from the fraudulent SoFi account and could not be recovered.

SoFi Banks Failure to Act Immediately upon discovering the fraud on XX/XX/year>, I called SoFi Banks fraud department and provided them with the fraudulent account number. I explained that a SoFi account holder was using their account to commit fraud and very likely laundering the stolen funds.

Shockingly, the SoFi representative informed me that they could not initiate a fraud investigation unless I provided the name or phone number of the account holder. I explained that I had the account number, but I did not have the name of the individual who opened the account. 

The representative placed me on hold to speak with a manager, and upon returning, confirmed that SoFi employees can not look up account information using an account number even in cases involving active fraud. I have worked in the banking industry and have never encountered such a restrictive and irresponsible policy.

This effectively means SoFi is knowingly creating an environment where criminals can operate unchecked. SoFis refusal to act despite being provided with a valid account number and being alerted to ongoing criminal activity allowed the fraudster to drain the account and conceal the funds.

Potential Violations of Federal Law SoFi Banks handling of this matter appears to be in violation of its obligations under the Bank Secrecy Act ( BSA ) and FinCENs Anti-Money Laundering ( AML ) regulations. Financial institutions are legally required to : Monitor transactions for suspicious activity Respond to reports of fraud File Suspicious Activity Reports ( SARs ) when alerted to potential money laundering or criminal activity In this case, SoFi Bank failed to act on my report, failed to secure the account, and failed to cooperate with me in providing information necessary to stop the fraud. Their policies effectively protect criminals rather than account holders and victims.

Requested Action I am requesting that the CFPB investigate SoFi Banks fraud prevention and anti-money laundering policies to ensure they are in compliance with all applicable laws and regulations, including those enforced by FinCEN.

SoFis refusal to take appropriate action has not only enabled financial crime but also undermines consumer trust in the banking system. Without intervention, SoFis inadequate systems will continue to provide a safe haven for criminals to steal and launder funds. 

I appreciate your attention to this matter and request confirmation that my complaint has been received and filed for investigation. 

Thank you

Company response to consumer: Closed with explanation