Consumer complaint received 2025-08-31 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC.
State: WA

Complaint narrative:
To Whom It XXXX Concern, On XX/XX/year>, I was unexpectedly locked out of my Robinhood mobile app. While attempting to resolve the issue on my desktop computer, I was deceived by a fraudulent XXXX website impersonating technical support, promoted via XXXX XXXX search results. This phishing site enabled criminals to obtain my login credentials and remotely access my XXXX account. 
In under XXXX minutes, these criminals executed XXXX rapid cryptocurrency withdrawals totaling {$45000.00}. These transfers exceeded XXXX stated {$5000.00} daily transfer limit, yet no security prompts, compliance holds, or fraud alerts were triggered. 
According to the XXXX XXXX XXXX XXXX ( CFPB ) official guidance on Regulation XXXX, even if a third-party gains access to a consumers credentials or access device through fraud or deception, any resulting transfers are still classified as unauthorized electronic fund transfers ( EFTs ). I neither authorized nor benefitted from these withdrawals, and XXXX therefore bears the responsibility to promptly investigate and reimburse me under the Electronic Fund Transfer Act ( XXXX ) and Regulation XXXX ( XXXX CFR Part XXXX ). Also, The XXXX guidance makes clear that financial institutions can not rely on provisions in consumer agreements to define what constitutes an unauthorized electronic fund transfer ( EFT ), limit liability, or otherwise modify or waive protections under XXXX XXXX The Electronic Fund Transfer Act ( EFTA XXXX includes a strict anti-waiver provision, which prohibits any agreement with a consumer from containing a waiver of rights or legal remedies granted by the EFTA XXXX 
Despite repeated communications, XXXX has failed to provide a meaningful resolution or acknowledge its clear regulatory obligations. The companys failure to ( XXXX ) enforce transaction limits, ( XXXX ) identify high-risk activity patterns, and ( XXXX ) safeguard my account demonstrates a critical breakdown in internal controls. XXXX markets its systems as employing robust fraud prevention, yet this incident shows those protections were either absent or grossly inadequate. 
These facts parallel findings from XXXX XX/XX/year> enforcement action against XXXX XXXX XXXX and XXXX XXXX XXXX, which highlighted systemic anti-money laundering ( AML ) and compliance failures. Additionally, under XXXX XXXX XXXX ( XXXX ), XXXX had an independent duty to supervise account activity and respond to obvious red flags ; it failed to do so. I therefore respectfully request that CFPB intervene to : XXXX. Recognize these transfers as unauthorized EFTs under CFPB guidance ; XXXX. XXXX XXXX to reimburse my {$45000.00} loss ; and XXXX. Require XXXX to remediate its compliance and security deficiencies that allowed this theft. 
I have provided supporting materials, including account statements, time-stamped transaction records, the police report. 
Thank you for your attention and assistance in ensuring XXXX is held accountable under federal law and industry regulations. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation