Consumer complaint received 2025-03-04 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
Dear CFPB, I am writing to formally file a complaint regarding a series of unauthorized activities on my checking account, as well as the denial of my fraud claim by Bank of America. 

On XX/XX/XXXX, in the early morningwhile the bank was not yet XXXX received an email stating that my bank password had been changed, an action I did not authorize. I immediately logged into my account and reset my password, believing that this would prevent further unauthorized access and protect my funds. However, shortly thereafter, I began receiving additional emails from the bank indicating that the contact information in my account was being altered. Specifically, while my account initially had two phone numbers ( one for me and one for my daughter ) along with my email address, the fraudsters deleted my daughters phone number and changed my email address to one they created. They have control of my phone number and as a result, all the contact information on my account came under their control, leaving me unable to manage or secure my account. Eventually, I was unable to log into my online banking and could no longer verify whether my funds were still intact. 

When I arrived at my local branch first thing that morning, I was informed that there were several large, suspicious transactions in my checking account. I was told that two unauthorized transactions had been processed and several others were still pending. Although some of these transactions were reversedpresumably after the bank detected the duplicated large transactionsmost were directed to a company called XXXX Texas, with which I have no business relationship as I reside in California. Additionally, the banker noted that someone had even ordered debit cards on my behalf. 

I promptly filed fraud claims with Bank of America for all of these unauthorized transactions and was told the money will return in XXXX business days. While as of today, one claim resulted in a temporary credit but still invesgating, another was denied with the explanation that the charge was authorized by you or made by someone who has permission to use the card or account. This reasoning is incorrect, as none of these transactions were authorized by me. Furthermore, I am concerned that even the temporary credit may later be reversed.

I also believe that the banks reliance solely on phone numbers for identity verification presents a significant security vulnerability. Fraudsters canand in my case, didgain control of phone numbers to intercept security codes and manipulate account information. Despite being the legitimate account holder, the fraudsters control of my phone number prevented me from receiving security codes, leading the bank to mistakenly assume that I was not the authorized user. This practice poses a serious risk and highlights a major flaw in the banks security protocols. 

I respectfully request that the CFPB investigate this matter to ensure that proper procedures are followed in handling fraudulent activities and to protect consumers from being held responsible for unauthorized transactions. 

Thank you for your prompt attention to this serious issue. I am prepared to provide any additional information or documentation as needed. 

Sincerely, 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 monetary relief