{"took":159,"timed_out":false,"_shards":{"total":5,"successful":5,"skipped":0,"failed":0},"hits":{"total":{"value":35,"relation":"eq"},"max_score":null,"hits":[{"_index":"complaint-public-v1","_id":"6109828","_score":34.0011,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XX/XX/2022 - I had sent my complaint letter to CITIZENS FINANCIAL GROUP , INC., in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nCommencing on or about XX/XX/2022, I fell victim to a multi-layered scam operations run by XXXX  XXXX XXXX XXXX which involved me making deposits for a total amount of XXXX USD from my CITIZENS FINANCIAL GROUP , INC. account to fraudulent investment firm ( s ).","date_sent_to_company":"2022-10-20T21:48:48.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"10305","tags":null,"has_narrative":true,"complaint_id":"6109828","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"CITIZENS FINANCIAL GROUP, INC.","date_received":"2022-10-20T21:34:32.000Z","state":"NY","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[34.0011,"6109828"]},{"_index":"complaint-public-v1","_id":"6335964","_score":31.452711,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, XXXX never acknowledge my complaint, therefore, I have approached you XXXX and I would like to receive your assistance on this matter.","date_sent_to_company":"2023-01-11T22:00:38.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"95037","tags":null,"has_narrative":true,"complaint_id":"6335964","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"WELLS FARGO & COMPANY","date_received":"2022-12-18T12:45:43.000Z","state":"CA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[31.452711,"6335964"]},{"_index":"complaint-public-v1","_id":"6109694","_score":30.489767,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"On XX/XX/2022 - I had sent my complaint letter to COINBASE GLOBAL , INC in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, COINBASE GLOBAL , INC never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nCommencing on or about XX/XX/2022, I fell victim to a multi-layered scam operations run by XXXX XXXX XXXX XXXX which involved me making deposits for a total amount of XXXX USD from my COINBASE GLOBAL , INC account to fraudulent investment firm ( s ).","date_sent_to_company":"2022-10-20T22:13:15.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"10305","tags":null,"has_narrative":true,"complaint_id":"6109694","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2022-10-20T22:06:20.000Z","state":"NY","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[30.489767,"6109694"]},{"_index":"complaint-public-v1","_id":"10296386","_score":30.489485,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/XXXX - XXXX sent my complaint letter to Crypto.com, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Crypto.com never acknowledges my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing on or about XX/XX/XXXX, I fell victim to a multi-layered scam operation run by XXXX, XXXX which involved me making deposits for a total amount of XXXX USD from my Crypto.com account to fraudulent investment firm ( XXXX ).","date_sent_to_company":"2024-09-30T19:08:44.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"150XX","tags":"Older American","has_narrative":true,"complaint_id":"10296386","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Foris DAX, Inc.","date_received":"2024-09-30T18:50:28.000Z","state":"PA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[30.489485,"10296386"]},{"_index":"complaint-public-v1","_id":"7485779","_score":29.870672,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"The XXXX XXXX XXXX XXXX ( FDIC ) Office of the Ombudsman XXXX XXXX XXXX XXXX XXXX, VA XXXX XX/XX/2023 Dear Sir or Madam of FDICs Complaint/Dispute Department , I would like to draw your attention to the complaint I filed on XX/XX/2023- which I sent for your attention, in which I clearly stated how I was affected personally, psychologically, and financially by the scam in which Bank of America failed to protect my funds. \nHowever, it is over 50 days and I have yet to receive a response regarding my claim. \nI wish I can do anything to get this complaint done or get a resolution as soon as possible, seeing as the issue at hand is a matter of urgency for me. \nMy complaint is against Bank of America which did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of Bank of America XXXX \nBank of America and other Banks do have a duty to protect customers against the risk of financial loss due to fraud and/or to undertake due diligence on large transactions to guard against the aforementioned fraud. \nBank of America could have protected me from this ; unlike me, Bank of America knows about the existence of such scams and how you prey on vulnerable victims like myself, taking advantage of a lack of knowledge, awareness, and circumstance. Despite the irregularities in my spending and such untypical patterns, not a single contact made me question what I was doing. The treatment from Bank of America compounded by trauma and anxiety and has left me in the awful situation I now find myself in. \nYour prompt attention to this matter would be greatly appreciated! \nKind regards, XXXX XXXX","date_sent_to_company":"2023-09-19T13:00:32.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"94605","tags":null,"has_narrative":true,"complaint_id":"7485779","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"BANK OF AMERICA, NATIONAL ASSOCIATION","date_received":"2023-08-31T14:06:36.000Z","state":"CA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> Bank of America which did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of Bank of America XXXX \nBank of America and other Banks do have a duty to protect <em>customers</em> <em>against</em> the risk of financial loss due to fraud and/or to undertake due diligence on large transactions to guard <em>against</em> the aforementioned fraud."]},"sort":[29.870672,"7485779"]},{"_index":"complaint-public-v1","_id":"9175023","_score":29.557913,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/year> - I sent my complaint letter to XXXX, in which I clearly stated how this scam has affected me personally, psychologically, and financially. I am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. I feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, XXXX never acknowledges my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter.","date_sent_to_company":"2024-06-04T16:11:41.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"85206","tags":null,"has_narrative":true,"complaint_id":"9175023","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2024-06-04T15:08:04.000Z","state":"AZ","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[29.557913,"9175023"]},{"_index":"complaint-public-v1","_id":"10102407","_score":29.51363,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XXXX XX/XX/year>- I sent my complaint letter to Regions Bank, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \n\nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \n\nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Regions Bank never acknowledges my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter.","date_sent_to_company":"2024-09-12T14:22:55.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"339XX","tags":null,"has_narrative":true,"complaint_id":"10102407","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"REGIONS FINANCIAL CORPORATION","date_received":"2024-09-12T14:14:04.000Z","state":"FL","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[29.51363,"10102407"]},{"_index":"complaint-public-v1","_id":"6464077","_score":29.487934,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/2022 - I sent my complaint letter to COINBASE, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, COINBASE never acknowledges my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter.","date_sent_to_company":"2023-01-20T19:06:27.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"29681","tags":null,"has_narrative":true,"complaint_id":"6464077","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2023-01-20T19:00:54.000Z","state":"SC","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[29.487934,"6464077"]},{"_index":"complaint-public-v1","_id":"6100497","_score":28.563904,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/2022, and XX/XX/2022 I sent my complaint letter to Coinbase, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Coinbase never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing on or around XX/XX/2022, I fell victim to a multi-layered scam operation orchestrated by XXXX ( the Fraudsters or the Company ), with the design, development, manufacturing, promoting, marketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of client losses to gains. \nMoney was transferred from my XXXX XXXX XXXXXXXX and XXXX XXXX XXXX account in the total amount of XXXX USDT and then to scammers utilizing Coinbase services.","date_sent_to_company":"2022-11-02T21:27:22.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"668XX","tags":null,"has_narrative":true,"complaint_id":"6100497","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2022-10-18T19:25:49.000Z","state":"KS","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[28.563904,"6100497"]},{"_index":"complaint-public-v1","_id":"7480068","_score":28.36864,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"net I would like to draw your attention to the XX/XX/XXXX, XXXX I had sent my complaint letter to Crypto.com, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Crypto.com never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nOverview : It is well established that victims with some characteristics of vulnerability may be more likely to fall victim to scams, including misleading online financial advertisement. They may be specifically targeted through unsolicited approaches, more trusting or more likely to be persuaded to disclose personal financial details. \nIt is evidently proven that scam victims have relatively little freedom of reactivity, they respond immediately, instinctively, and invariably to the specific demands of the perpetrator under psychologically pressurising circumstances that the perpetrators themselves created to manipulate said victims ( myself in this instance ). Being able to consciously refrain from reacting in accordance with the scammers instructions is extremely difficult and sometimes impossible","date_sent_to_company":"2023-08-31T01:28:13.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"954XX","tags":null,"has_narrative":true,"complaint_id":"7480068","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Foris DAX, Inc.","date_received":"2023-08-31T00:42:04.000Z","state":"CA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[28.36864,"7480068"]},{"_index":"complaint-public-v1","_id":"7777017","_score":28.34973,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/XXXX, XXXX I had sent my complaint letter to East West Bank , in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, East West Bank never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nThe attached document has all of the dates and amounts.","date_sent_to_company":"2023-10-30T14:29:41.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"77346","tags":"Older American","has_narrative":true,"complaint_id":"7777017","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"EAST WEST BANK","date_received":"2023-10-30T14:13:22.000Z","state":"TX","company_public_response":"Company believes it acted appropriately as authorized by contract or law","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[28.34973,"7777017"]},{"_index":"complaint-public-v1","_id":"5775701","_score":28.34973,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XX/XX/2021 - I had sent my complaint letter to Wells Fargo, in which I clearly stated how this scam has affected me personally, psychologically, and financially. I am afraid I have had to go through so much \" bureaucracy '' thus far to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. I feel very distressed and cheated, all because no one acted immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Wells Fargo never acknowledged my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. More in the letter attached, I attached my letters I sent to them and their replies","date_sent_to_company":"2022-07-15T14:46:20.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"01752","tags":null,"has_narrative":true,"complaint_id":"5775701","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"WELLS FARGO & COMPANY","date_received":"2022-07-15T14:40:04.000Z","state":"MA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[28.34973,"5775701"]},{"_index":"complaint-public-v1","_id":"7683517","_score":25.939499,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"The Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX This is to complain against the Navy Federal Credit Union XXXX \nURGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to XXXX XXXX I sent my complaint letter to Navy Federal , in which I clearly stated how this scam has affected me personallyXXXX XXXX and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Navy Federal never acknowledged my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing on or about XXXX XXXX XXXX, I fell victim to XXXX multi-layered scam operations run by XXXX XXXX XXXX ( the Company ) which involved me making deposits for a total amount of XXXX USD from my Navy Federal account to fraudulent investment firm ( XXXX ). \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Navy Federal did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Navy Federals custodianship over my funds or by its control over them, they owed a fiduciary duty to me and if so, whether that duty was breached ;","date_sent_to_company":"2023-10-11T13:22:51.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"20018","tags":null,"has_narrative":true,"complaint_id":"7683517","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"NAVY FEDERAL CREDIT UNION","date_received":"2023-10-11T12:59:24.000Z","state":"DC","company_public_response":"Company believes it acted appropriately as authorized by contract or law","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[25.939499,"7683517"]},{"_index":"complaint-public-v1","_id":"11034414","_score":25.729494,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXXXXXX Dear Sir or Madam of CFPB Complaint/Dispute Department XXXX XXXX would like to draw your attention to the complaint letter of XX/XX/year>. \n- I had sent it for your attention, in which I clearly stated how I was affected personally, psychologically and financially by the scam of XXXX and XXXX. \nHowever, it is over 60 days and I have yet to receive a response regarding my claim. This really doesn't show your complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against TD Bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable person who fell victim and lost all the savings due to the misconduct of the bank. \nBanks and other Payment Services Providers ( PSPs ) do have a duty to protect people against the risk of financial loss due to fraud and/or to undertake due diligence on large transactions to guard against money laundering. \nTD Bank could have protected me from this ; unlike me, the bank knows about the existence of such scams and how you prey on vulnerable victims like myself, taking advantage of lack of knowledge, awareness, and circumstance. The treatment from TD Bank compounded by XXXX  and XXXX and has left me in the awful situation I now find myself in. \nDuring the course of our relationship, TD Bank failed to help me, as their customer. \nI believe I am fully entitled to compensation from TD Bank and that they are to be held responsible according to the following : 1. Protect people from financial harm as a result of fraud or financial abuse.\n\n2. The red flags surrounding my transaction should have raised alarms with TD Bank as the transactions were substantial and TD Bank could have easily prevented them.\n\n3. There were no similar transactions in the 12 months prior to my victimization by the scam scammer ( s ).\n\n4. A fair and reasonable outcome that TD Bank reimburses me.\n\nI have attached my complaint letter for your perusal, your prompt attention to this matter would be greatly appreciated! \n\nXX/XX/year> XXXX regards, XXXX XXXX XXXX | XXXX XXXX","date_sent_to_company":"2024-12-05T22:01:49.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"02148","tags":"Older American","has_narrative":true,"complaint_id":"11034414","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"TD BANK US HOLDING COMPANY","date_received":"2024-12-05T21:17:42.000Z","state":"MA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> TD Bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> person who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank. \nBanks and other Payment Services Providers ( PSPs ) do have a duty to protect people <em>against</em> the risk of financial loss due to fraud and/or to undertake due diligence on large transactions to guard <em>against</em> money laundering."]},"sort":[25.729494,"11034414"]},{"_index":"complaint-public-v1","_id":"6220719","_score":24.806578,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"Dear Sir / Madam, I would like to draw your attention to XX/XX/XXXX- I had sent my complaint letter to Coinbase Inc, in which I clearly stated how this scam has affected me personally, psychologically and financially. I am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. I feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Coinbase never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. Overview : It is well established that victims with some characteristics of vulnerability may be more likely to fall victim to scams, including misleading Online financial advertisement. They may be specifically targeted through unsolicited approaches, more trusting or more likely to be persuaded to disclose personal financial details. \nIt is evidently proven that scam victims have relatively little freedom of reactivity, they respond immediately, instinctively, and invariably to the specific demands of the perpetrator under psychologically pressurising circumstances that the perpetrators themselves created to manipulate said victims ( myself in this instance ). Being able to consciously refrain from reacting in accordance with the scammers instructions is extremely difficult and sometimes impossible once theyve got a hold of your funds. Likewise, financial institutions should consider their role in society and the responsibility that falls upon them to ensure the integrity of the financial markets, both when sending and receiving money. Firms have an obligation under the Anti-Money Laundering Regulations to take appropriate measures to ensure that their employees and agents are made aware of the law relating to money laundering, and XXXX financing ( and to data protection ), and are regularly given training in how to recognize and deal with transactions and other activities which may be related to money laundering or XXXX financing. \n\n\nPlease refer my attachments.","date_sent_to_company":"2022-11-18T07:28:12.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"XXXXX","tags":null,"has_narrative":true,"complaint_id":"6220719","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2022-11-18T07:16:24.000Z","state":null,"company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[24.806578,"6220719"]},{"_index":"complaint-public-v1","_id":"9738177","_score":23.225935,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Subject : Fraud Claim XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Dear Sir or Madam of CFPB Complaint/Dispute Department XXXX XXXX would like to draw your attention to the complaint letter of XXXX XXXX XXXX XXXX \n- I had sent it for your attention, in which I clearly stated how I was affected personally, psychologically and financially by the multilayered XXXX hijacking operation orchestrated by a sophisticated con artist purportedly disguised as my own daughter on XXXX ( the Scammer ), which involved me making deposits for a total amount of XXXX XXXX \nHowever, it is over 30 days and I have yet to receive a response regarding my claim. This really doesn't show your complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against XXXX XXXX XXXX XXXX gate.io that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable person who fell victim and lost all the savings due to the misconduct of the bank. \nBanks and other Payment Services Providers ( PSPs ) do have a duty to protect people against the risk of financial loss due to fraud and/or to undertake due diligence on large transactions to guard against money laundering. \nXXXX XXXX XXXX DBA XXXX could have protected me from this ; unlike me, the bank knows about the existence of such scams and how you prey on vulnerable victims like myself, taking advantage of lack of knowledge, awareness, and circumstance. The treatment from XXXX XXXX XXXX DBA XXXX compounded by trauma and anxiety and has left me in the awful situation I now find myself in. \nDuring the course of our relationship, XXXX XXXX XXXX DBA gate.io failed to help me, as their customer who was utilizing their services. \nI believe I am fully entitled to compensation from XXXX XXXX XXXX XXXX gate.io and that they are to be held responsible according to the following : XXXX. Protect people from financial harm as a result of fraud or financial abuse. \nXXXX. I have never received a phone call, email or any kind of notification from XXXX questioning the financial activity of these transactions. \nXXXX. The red flags surrounding my transaction should have raised alarms with XXXX as the transactions were substantial and XXXX could have easily prevented them. \nXXXX. There were no similar transactions in the 12 months prior to my victimization by the scam scammer ( XXXX ). \nXXXX. A fair and reasonable outcome that XXXX reimburses me with XXXX CRO and 8 % compensation for the loss that had severely affected me on many levels. \nI have attached my complaint letter for your perusal, your prompt attention to this matter would be greatly appreciated! \nKind regards, XXXX XXXX XXXX","date_sent_to_company":"2024-08-07T18:33:16.000Z","issue":"Other transaction problem","sub_product":"Virtual currency","zip_code":"XXXXX","tags":"Older American","has_narrative":true,"complaint_id":"9738177","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Foris DAX, Inc.","date_received":"2024-08-07T18:25:31.000Z","state":"CA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> XXXX XXXX XXXX XXXX gate.io that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> person who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[23.225935,"9738177"]},{"_index":"complaint-public-v1","_id":"8060470","_score":20.817236,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"y The Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX, Washington DC XXXX XX/XX/XXXX This is to complain against the Coinbase. \nURGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to XX/XX/XXXXXXXX  - I had sent my complaint letter to Coinbase, in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Coinbase never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing on or around XX/XX/XXXX, I fell victim to a multi-layered scam operation run by XXXX XXXX XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firm ( s ). \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Coinbase did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that XXXXay have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Coinbases custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Coinbase promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Coinbase was in compliance with its own policies and procedures ; ( v ) whether Coinbase owed duties to myself, what the scope of those duties was, and whether Coinbase did not uphold those duties ; ( vi ) whether Coinbases conduct was unfair ; and ( vii ) whether Coinbase has within its power the ability to, and should, compensate me for the harm that has befallen me. \nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity and properly communicate to the customer that such activity meets the relevant criteria of fraud. \nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Coinbase must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Coinbase did not foresee the fraud and disregarded even the most obvious dangers in this respect. \nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learnt from the errors of the past. \nApropos of the fluidity of the concept of reasonableness, all Coinbase has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience. \nCoinbase is obliged to take some action if it is sufficiently aware of a real possibility that a fraud XXXX be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected.","date_sent_to_company":"2024-01-04T12:59:32.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"30066","tags":"Older American","has_narrative":true,"complaint_id":"8060470","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2023-12-26T21:19:23.000Z","state":"GA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[20.817236,"8060470"]},{"_index":"complaint-public-v1","_id":"5986958","_score":18.29072,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"This is to complain against the Binance.US and Binance.com. \n\nURGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to a fraudulent crypto scam that occurred between XXXX and XXXX of 2021 - I had sent my complaint electronically to Binance.com, and also have the FBI formally engaged in a case whereby I lost over $ XXXX USD, in which I clearly stated how this scam has affected me personally, psychologically and financially and via a crypto trace, have proven conclusively that the scammers wallet where my funds are located is clearly on your platform and I seek immediate restitution. \n\nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the Binance.US and Binance.com that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of your company. \n\nI feel very distressed and cheated, all because no one acted immediately and practiced their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, neither Binance.US nor Binance.com never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \n\nGeneral Obligation : Commencing on or about XX/XX/2021, I fell victim to a multi-layered scam operation run by XXXX  Platform which involved me making deposits for a total amount of {$850000.00} USD from my XXXX XXXX and XXXX account to fraudulent investment firm ( s ). From there, the funds were stolen and transferred to your platform to the scammers wallet ( see attached crypto trace ). \n\nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Binance.US and Binance.com did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Binance.coms custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Binance.com promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Binance.com was in compliance with its own policies and procedures ; ( v ) whether Binance.com owed duties to myself, what the scope of those duties was, and whether Binance.com did not uphold those duties ; ( vi ) whether Binance.coms conduct was unfair ; and ( vii ) whether Binance.com has within its power the ability to, and should, compensate me for the harm that has befallen me. \n\nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity and properly communicate to the customer that such activity meets the relevant criteria of fraud. \n\nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent trading platform. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Binance.com must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \n\nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \n\nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Binance.com did not foresee the fraud and disregarded even the most obvious dangers in this respect. \n\nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learnt from the errors of the past. \n\nApropos of the fluidity of the concept of reasonableness, all Binance.com has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience. \nBinance.com is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected. \nThere are some recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognize customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm. \nThese recommendations are established as a general principle, the organization should deliver a service that : 1 ) Takes a proactive approach to minimizing risks, impact and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organizations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorized and unauthorized payments, thereby minimizing the risk of financial harm to customers. As regards to the detection of fraud and financial abuse, it says the organization : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple cheque books; b. sudden increased spending ; c. transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. \ng. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. \nB ) organizations should have a process in place to ensure that staff make contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud and discuss an appropriate plan of action. \nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by Binance.com in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. \n\nConclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions and cryptocurrency trading platforms ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of several possible endeavors undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices. \n\nBinance.coms non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. \n\nIn summary, I respectively ask your organization to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. \n\nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. \n\nThank you.","date_sent_to_company":"2022-09-15T17:19:13.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"01752","tags":null,"has_narrative":true,"complaint_id":"5986958","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"BAM Management US Holdings Inc.","date_received":"2022-09-15T17:05:00.000Z","state":"MA","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the Binance.US and Binance.com that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of your company."]},"sort":[18.29072,"5986958"]},{"_index":"complaint-public-v1","_id":"8493869","_score":18.20288,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I want to draw your attention to XX/XX/XXXX - XXXX sent my complaint letter to Cash2Bitcoin, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \n\nI am afraid I have had to go through so much \" bureaucracy '' thus far to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \n\nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Cash2Bitcoin never acknowledges my complaint, therefore, I have approached you XXXX and I would like to receive your assistance on this matter. \n\nPlease note the following : I have never purchased cryptocurrency before./ I have never transacted with cryptocurrency in such a manner before. \nThe pattern of the Transactions fits within well-known fraudulent schemes. \nI am an XXXX  XXXX individual. \nGeneral Obligation : Commencing on or about XX/XX/XXXX, I fell victim to XXXX multi-layered scam operations run by Scammers which involved me making deposits for a total amount of XXXX USD from my Cash2Bitcoin account to fraudulent investment firm ( XXXX ). \n\nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Cash2Bitcoin did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Cash2Bitcoins custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Cash2Bitcoin promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Cash2Bitcoin was in compliance with its own policies and procedures ; ( v ) whether Cash2Bitcoin owed duties to myself, what the scope of those duties was, and whether Cash2Bitcoin did not uphold those duties ; ( vi ) whether Cash2Bitcoins conduct was unfair ; and ( vii ) whether Cash2Bitcoin has within its power the ability to, and should, compensate me for the harm that has befallen me.\n\nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity, and properly communicate to the customer that such activity meets the relevant criteria of fraud.\n\nIn providing its services to a customer, a financial institution is legally required to exercise the care and skill of a diligent, prudent banker. In this case, the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Cash2Bitcoin must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer.\n\nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element.\n\nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Cash2Bitcoin did not foresee the fraud and disregarded even the most obvious dangers in this respect.\n\nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learned from the errors of the past.\n\nApropos of the fluidity of the concept of reasonableness, all Cash2Bitcoin has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, have maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience.","date_sent_to_company":"2024-03-18T20:23:15.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"48640","tags":"Older American","has_narrative":true,"complaint_id":"8493869","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Digital Access, LLC","date_received":"2024-03-07T15:37:54.000Z","state":"MI","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[18.20288,"8493869"]},{"_index":"complaint-public-v1","_id":"5893560","_score":17.470755,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XXXX XXXX XXXX XXXX XX/XX/XXXX To : The Consumer Financial Protection Bureau ( CFPB ) 1700 G Street NW., Washington , DC 20552 Subject : XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX \nDear Sir / Madam, I would like to draw your attention to XX/XX/XXXX - I had sent my complaint letter to Binance, in which I clearly stated how this scam has affected me personally, psychologically and financially. \n\nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \n\nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Binance never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \n\nOverview : It is well established that victims with some characteristics of vulnerability may be more likely to fall victim to scams, including misleading online financial advertisement. They may be specifically targeted through unsolicited approaches, more trusting or more likely to be persuaded to disclose personal financial details. \n\nIt is evidently proven that scam victims have relatively little freedom of reactivity, they respond immediately, instinctively, and invariably to the specific demands of the perpetrator under psychologically pressurising circumstances that the perpetrators themselves created to manipulate said victims ( myself in this instance ). Being able to consciously refrain from reacting in accordance with the scammers instructions is extremely difficult and sometimes impossible once theyve got a hold of your funds. \nLikewise, financial institutions should consider their role in society and the responsibility that falls upon them to ensure the integrity of the financial markets, both when sending and receiving money. \n\nFirms have an obligation under the Anti-Money Laundering Regulations to take appropriate measures to ensure that their employees and agents are made aware of the law relating to money laundering, and terrorist financing ( and to data protection ), and are regularly given training in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing. \n\nGeneral Obligation : Commencing on or about XX/XX/XXXX, I fell victim to a multi-layered scam operation run by Wallet Hijacking which involved me making deposits for a total amount of XXXX XXXX from my XXXX account to Binance at the instructions of the scammers. \n\nIn providing its services, financial institutions as registered and licensed XXXX XXXX Providers, are required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is scammer or is involved in potentially fraudulent activity. \n\nFATF issued International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation ( the FATF Recommendations ), aimed at setting minimum standards for action in different countries, to ensure that AML/CTF efforts are consistent internationally.\n\nThere is a long-standing obligation upon financial institutions to have necessary procedures in place to ensure the detection and prevention of money-laundering, terrorist funding and other illegal activities. \nIn this case, it is perfectly obvious that Binance could have, and should have, utilised various risk-based examination procedures and techniques, all of which are within their purview and legal obligation and could have entirely prevented this disastrous outcome. \nApplicable Anti-Money Laundering ( AML ) regulations at the time of the transactions : XXXX Anti-Money Laundering Requirements for Financial Institutions and Other Designated Businesses XXXX What financial institutions and other businesses are subject to anti-money laundering requirements? Describe which professional activities are subject to such requirements and the obligations of the financial institutions and other businesses. The following are subject to the requirement to maintain risk based AML Programs : Banks, including savings associations, trust companies, credit unions, branches and subsidiaries of foreign banks in the United States, and Edge corporations. \nBroker-dealers in securities. \nMutual funds. \nXXXX XXXX XXXX and XXXX Brokers in XXXX. \nMoney Services Businesses XXXX What are the requirements for recordkeeping or reporting large currency transactions? When must reports be filed and at what thresholds? \n\nCurrency Transaction Reporting Financial institutions ( defined as financial institutions under the BSA regulations ) must file CTRs with FinCEN on all transactions in ( physical ) currency in excess of {$10000.00} ( or the foreign equivalent ) conducted by, through, or to the financial institution, by or on behalf of the same person, on the same day. 31C.F.R. 1010.310315.\n\nIt is prohibited to structure transactions to cause a financial institution not to file a CTR or to file an inaccurate CTR by breaking down transactions into smaller amounts at one or more financial institutions over one or more days. 31 C.F.R. 1010.314. \n\nCustomer Due Diligence Pursuant to regulatory requirements, which became effective XX/XX/XXXX2018, as part of their AML Programmes, certain financial institutions ( banks, broker-dealers, mutual funds, FCMs and IB-Cs ) XXXX XXXX XXXX risk-based CDD programs that include certain minimum elements, including customer identification and verification ( under a Customer Identification Program ), obtaining information about the nature and purpose of a customers account, ongoing monitoring of customer accounts, obtaining beneficial ownership information at a 25 % threshold for legal entity customers and identifying a control person for legal entity customers ( with certain exceptions ).\n\nThere also is a specific BSA requirement to maintain CDD programs for non-U.S. persons private banking accounts and foreign correspondent accounts. The same covered financial institutions as for CDD programs ( banks, broker-dealers, mutual funds, FCMs and IB-Cs ) must maintain a CDD program for non-U.S. private banking accounts established on behalf of, or for the benefit of, a non-U.S. person and foreign correspondent customers and an enhanced due diligence ( EDD ) program for those relationships posing a higher risk. These programs must be designed to detect and report suspicious activity with certain minimum standards. These requirements are based on Section 312 of the PATRIOT Act and are often referred to as Section 312 requirements. 31 C.F.R. 1010.610 ( due diligence for foreign correspondent accounts ), 1010.620 ( due diligence for private banking for non-U.S. persons ).\n\n3.9 What is the criteria for reporting suspicious activity?\n\nFinancial institutions and other businesses subject to the AML Program requirement ( except Check Cashers, Operators of Credit Card Systems, and Dealers in Precious Metals, Precious Stones, or Jewels ) are required to file SARs with FinCEN under the BSA ( and for banks, under parallel requirements of their federal functional regulators ). SARs are required where the filer knows, suspects, or has reason to suspect a transaction conducted or attempted by, at or through the financial institution : ( XXXX ) involves money laundering ; ( XXXX ) is designed to evade any BSA regulation or requirement ; ( XXXX ) has no business or apparent lawful purpose or is not the sort in which a particular customer would engage; or ( XXXX ) involves the use of the financial institution to facilitate criminal activity or involves any known or suspected violation of federal criminal law. \n\nSee, e.g., 31 C.F.R. 1023.320 ( c ) ( SAR requirements for broker-dealers ). Generally, the reporting threshold is {$5000.00} or more. For banks, if the suspect is unknown, it is {$25000.00} or more. For MSBs, generally, it is {$2000.00} or more. \n\nConclusion Obviously, Binance attempt to avoid the inevitable, hard-to-swallow conclusion that they are liable to me in this instance by holding that the general duty of care at stake is not, and therefore should not be, extended to the circumstances described herein ; this sort of reductionist view has long been exposed as inadequate among key financial regulators worldwide. \n\nIt is increasingly imperative that deposit-takers run thorough background checks to detect high-risk transactions and continuously ensure that no payment is aiding money laundering activities and/or fraud. \nBy adequately assessing systemic risks and appropriately responding to them, market integrity is enhanced, the financial infrastructure is strengthened, and fraud is significantly minimized. \nXXXX XXXX XXXX","date_sent_to_company":"2022-08-18T14:15:52.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"34238","tags":null,"has_narrative":true,"complaint_id":"5893560","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"BAM Management US Holdings Inc.","date_received":"2022-08-18T13:56:02.000Z","state":"FL","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[17.470755,"5893560"]},{"_index":"complaint-public-v1","_id":"6656382","_score":17.463018,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XX/XX/XXXXXXXX  To : The Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX  DC XXXX, USA Subject : XXXX Fraud Claim Binance AML / CTF Dear Sir / Madam , I would like to draw your attention to XXXX XXXX - I had sent my complaint letter to Binance , in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Binance never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nOverview : It is well established that victims with some characteristics of vulnerability may be more likely to fall victim to scams, including misleading online financial advertisement. They may be specifically targeted through unsolicited approaches, more trusting or more likely to be persuaded to disclose personal financial details. \nIt is evidently proven that scam victims have relatively little freedom of reactivity, they respond immediately, instinctively, and invariably to the specific demands of the perpetrator under psychologically pressurising circumstances that the perpetrators themselves created to manipulate said victims ( myself in this instance ). Being able to consciously refrain from reacting in accordance with the scammers instructions is extremely difficult and sometimes impossible once theyve got a hold of your funds. \nLikewise, financial institutions should consider their role in society and the responsibility that falls upon them to ensure the integrity of the financial markets, both when sending and receiving money. \nFirms have an obligation under the Anti-Money Laundering Regulations to take appropriate measures to ensure that their employees and agents are made aware of the law relating to money laundering, and terrorist financing ( and to data protection ), and are regularly given training in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing. \nGeneral Obligation : Around XX/XX/XXXX, I fell victim to two multi-layered scam operations run by XXXX which involved me making deposits for a total amount of XXXX BTC from my XXXX  account to Binance at the instructions of the scammers. \nIn providing its services, financial institutions as registered and licensed Payment Service Providers, are required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is scammer or is involved in potentially fraudulent activity. \nFATF issued International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation ( the FATF Recommendations ), aimed at setting minimum standards for action in different countries, to ensure that AML/CTF efforts are consistent internationally. \nThere is a long-standing obligation upon financial institutions to have necessary procedures in place to ensure the detection and prevention of money-laundering, terrorist funding and other illegal activities. \nIn this case, it is perfectly obvious that Binance could have, and should have, utilised various risk-based examination procedures and techniques, all of which are within their purview and legal obligation, and could have entirely prevented this disastrous outcome. \nGiven that their client owner of wallet XXXX was an active participant in the movement of my money, which eventually ended up with the Company, Binance have not exercised their duties to identify this suspicions scheme in a timely manner. \nApplicable Anti-Money Laundering ( AML ) regulations at the time of the transactions : 3 Anti-Money Laundering Requirements for Financial Institutions and Other Designated Businesses 3.1 What financial institutions and other businesses are subject to anti-money laundering requirements? Describe which professional activities are subject to such requirements and the obligations of the financial institutions and other businesses. The following are subject to the requirement to maintain risk based AML Programs : Banks, including savings associations, trust companies, credit unions, branches and subsidiaries of foreign banks in the United States, and Edge corporations. \nBroker-dealers in securities. \nMutual funds. \nFutures Commission Merchants and Introducing Brokers in Commodities. \nMoney Services Businesses 3.4 What are the requirements for recordkeeping or reporting large currency transactions? When must reports be filed and at what thresholds? \nCurrency Transaction Reporting Financial institutions ( defined as financial institutions under the BSA regulations ) must file CTRs with FinCEN on all transactions in ( physical ) currency in excess of {$10000.00} ( or the foreign equivalent ) conducted by, through, or to the financial institution, by or on behalf of the same person, on the same day. 31C.F.R. 1010.310315. \nIt is prohibited to structure transactions to cause a financial institution not to file a CTR or to file an inaccurate CTR by breaking down transactions into smaller amounts at one or more financial institutions over one or more days. 31 C.F.R. 1010.314. \nCustomer Due Diligence Pursuant to regulatory requirements, which became effective XX/XX/XXXX, as part of their AML Programmes, certain financial institutions ( banks, broker-dealers, mutual funds, FCMs and IBCs ) must implement formal risk-based XXXX  programs that include certain minimum elements, including customer identification and verification ( under a Customer Identification Program ), obtaining information about the nature and purpose of a customers account, ongoing monitoring of customer accounts, obtaining beneficial ownership information at a 25 % threshold for legal entity customers and identifying a control person for legal entity customers ( with certain exceptions ).\n\nThere also is a specific BSA requirement to maintain CDD programs for non-U.S. persons private banking accounts and foreign correspondent accounts. The same covered financial institutions as for CDD programs ( banks, broker-dealers, mutual funds, FCMs and IB-Cs ) must maintain a CDD program for non-U.S. private banking accounts established on behalf of, or for the benefit of, a non-U.S. person and foreign correspondent customers and an enhanced due diligence ( EDD ) program for those relationships posing a higher risk. These programs must be designed to detect and report suspicious activity with certain minimum standards. These requirements are based on Section 312 of the PATRIOT Act and are often referred to as Section 312 requirements. \n31 C.F.R. 1010.610 ( due diligence for foreign correspondent accounts ), 1010.620 ( due diligence for private banking for non-U.S. persons ).\n\n3.9 What is the criteria for reporting suspicious activity? \nFinancial institutions and other businesses subject to the AML Program requirement ( except Check Cashers, Operators of Credit Card Systems, and Dealers in Precious Metals, Precious Stones, or Jewels ) are required to file SARs with FinCEN under the BSA ( and for banks, under parallel requirements of their federal functional regulators ). SARs are required where the filer knows, suspects, or has reason to suspect a transaction conducted or attempted by, at or through the financial institution : ( 1 ) involves money laundering ; ( 2 ) is designed to evade any BSA regulation or requirement ; ( 3 ) has no business or apparent lawful purpose or is not the sort in which a particular customer would engage; or ( 4 ) involves the use of the financial institution to facilitate criminal activity or involves any known or suspected violation of federal criminal law.\n\nSee, e.g., 31 C.F.R. 1023.320 ( c ) ( SAR requirements for broker-dealers ). Generally, the reporting threshold is {$5000.00} or more. For banks, if the suspect is unknown, it is {$25000.00} or more. \nFor MSBs, generally, it is {$2000.00} or more. \nConclusion Obviously, Binance attempt to avoid the inevitable, hard-to-swallow conclusion that they are liable to me in this instance by holding that the general duty of care at stake is not, and therefore should not be, extended to the circumstances described herein ; this sort of reductionist view has long been exposed as inadequate among key financial regulators worldwide. \nIt is increasingly imperative that deposit-takers run thorough background checks to detect highrisk transactions and continuously ensure that no payment is aiding money laundering activities and/or fraud. \nBy adequately assessing systemic risks and appropriately responding to them, market integrity is enhanced, the financial infrastructure is strengthened, and fraud is significantly minimized.","date_sent_to_company":"2023-03-06T16:13:13.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"78665","tags":null,"has_narrative":true,"complaint_id":"6656382","timely":"No","company_response":"Untimely response","submitted_via":"Web","company":"BAM Management US Holdings Inc.","date_received":"2023-03-06T15:42:20.000Z","state":"TX","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[17.463018,"6656382"]},{"_index":"complaint-public-v1","_id":"10147020","_score":17.388859,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"To : The Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  This is to complain against the Bank of America URGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX - I sent my complaint letters to Bank of America, in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Bank of America never acknowledges my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing on or about XXXX XXXX XXXX XXXX XXXX, I fell victim to a multi-layered scam operation run by XXXX  which involved me making deposits for a total amount of XXXX XXXX from my Bank of America account to fraudulent investment firm ( XXXX ). \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Bank of America did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Bank of Americas custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Bank of America promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Bank of America was in compliance with its own policies and procedures ; ( v ) whether Bank of America owed duties to myself, what the scope of those duties was, and whether Bank of America did not uphold Page 2 of 4 XX/XX/XXXX those duties ; ( vi ) whether Bank of Americas conduct was unfair ; and ( vii ) whether Bank of America has within its power the ability to, and should, compensate me for the harm that has befallen me. \nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity, and properly communicate to the customer that such activity meets the relevant criteria of fraud. \nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Bank of America must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Bank of America did not foresee the fraud and disregarded even the most obvious dangers in this respect. \nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learned from the errors of the past. \nApropos of the fluidity of the concept of reasonableness, all Bank of America has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience. \nBank of America is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected. \nThere are some recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognize customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm. \nPage 3 of 4 XX/XX/XXXX These recommendations are established as a general principle, the organization should deliver a service that : 1 ) Takes a proactive approach to minimizing risks, impact, and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organizations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorized and unauthorized payments, thereby minimizing the risk of financial harm to customers. As regards the detection of fraud and financial abuse, it says the organization : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple chequebooks; b. suddenly increased spending ; c. transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. \ng. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. \nB ) organizations should have a process in place to ensure that staff makes contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud, and discuss an appropriate plan of action. \nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by Bank of America in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. \nPage 4 of 4 XX/XX/XXXX Conclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of a number of possible endeavors undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices. \nBank of Americas non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. \nIn summary, I respectfully ask your organization to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. \nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. \nThank you. \nXXXX XXXX THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK","date_sent_to_company":"2024-09-27T14:13:16.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"91601","tags":null,"has_narrative":true,"complaint_id":"10147020","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"BANK OF AMERICA, NATIONAL ASSOCIATION","date_received":"2024-09-17T20:09:27.000Z","state":"CA","company_public_response":"Company has responded to the consumer and the CFPB and chooses not to provide a public response","sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[17.388859,"10147020"]},{"_index":"complaint-public-v1","_id":"11044956","_score":17.38588,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, NJ XXXX The Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX in XXXX, XXXX XXXX XXXX This is to complain against the Paypal. \nURGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to XX/XX/XXXX - I had sent my fourth complaint letter to Paypal, in which I clearly stated how this scam has affected me personally, psychologically and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Paypal never acknowledge my complaint, therefore, I have approached you CFPB and I would like to receive your assistance on this matter. \nGeneral Obligation : Commencing around XXXX XXXX I fell victim to a multi-layered scam operation run by a fraudulent individual which involved me making deposits for a total amount of XXXX USD from my Paypal account to fraudulent individuals. \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Paypal did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Paypals custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Paypal promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Paypal was in compliance with its own policies and procedures ; ( v ) whether Paypal owed duties to myself, what the scope of those duties was, and whether Paypal did not uphold those duties ; ( vi ) whether Paypals conduct was unfair ; and ( vii ) whether Paypal has within its power the ability to, and should, compensate me for the harm that has befallen me. \nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity and properly communicate to the customer that such activity meets the relevant criteria of fraud.\n\nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Paypal must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Paypal did not foresee the fraud and disregarded even the most obvious dangers in this respect. \nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learnt from the errors of the past.\n\nApropos of the fluidity of the concept of reasonableness, all Paypal has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience.\n\nPaypal is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected. \nThere are some recommendations to organisations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognise customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimise financial harm.\n\nThese recommendations are established as a general principle, the organisation should deliver a service that : 1 ) Takes a proactive approach to minimising risks, impact and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organisations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorised and unauthorised payments, thereby minimising the risk of financial harm to customers. As regards to the detection of fraud and financial abuse, it says the organisation : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple cheque books; b. sudden increased spending ; XXXX transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. \ng. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. \nB ) organisations should have a process in place to ensure that staff make contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud and discuss an appropriate plan of action. \nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by Paypal in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. \nConclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of a number of possible endeavours undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices.\n\nPaypals non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. \nIn summary, I respectively ask your organisation to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. \nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. \nThank you. \nXXXX XXXX THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK","date_sent_to_company":"2024-12-05T12:37:43.000Z","issue":"Fraud or scam","sub_product":"Domestic (US) money transfer","zip_code":"08723","tags":null,"has_narrative":true,"complaint_id":"11044956","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Paypal Holdings, Inc","date_received":"2024-12-05T12:33:36.000Z","state":"NJ","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[17.38588,"11044956"]},{"_index":"complaint-public-v1","_id":"8290934","_score":16.961151,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"I would like to draw your attention to XXXX, XXXX, XXXX I sent my complaint letter to Trust Wallet XXXX in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. My complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Trust Wallet never acknowledges my complaint, therefore, I have approached you XXXX and I would like to receive your assistance on this matter. \n\nGeneral Obligation : Commencing on or around XXXX XX/XX/2023, I fell victim to a multi-layered scam operation run by Rarest.vip which involved me making deposits for a total amount of XXXX USD from my Trust Wallet account to fraudulent investment firm ( XXXX ). \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Trust Wallet did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Trust Wallets custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Trust Wallet promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Trust Wallet was in compliance with its own policies and procedures ; ( v ) whether Trust Wallet owed duties to myself, what the scope of those duties was, and whether Trust Wallet did not uphold those duties ; ( vi ) whether Trust Wallets conduct was unfair ; and ( vii ) whether Trust Wallet has within its power the ability to, and should, compensate me for the harm that has befallen me. \nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity, and properly communicate to the customer that such activity meets the relevant criteria of fraud.\n\nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Trust Wallet must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. The financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \nGranted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way XXXX be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Trust Wallet did not foresee the fraud and disregarded even the most obvious dangers in this respect. \n\nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learned from the errors of the past. \nApropos of the fluidity of the concept of reasonableness, all Trust Wallet has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience. \nTrust Wallet is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected.\n\nThere are some recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognize customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm. \n\nThese recommendations are established as a general principle, the organization should deliver a service that : 1 ) Takes a proactive approach to minimizing risks, impact, and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organizations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorized and unauthorized payments, thereby minimizing the risk of financial harm to customers. As regards the detection of fraud and financial abuse, it says the organization : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple chequebooks; b. suddenly increased spending ; XXXX transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. \ng. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. \n\nB ) organizations should have a process in place to ensure that staff makes contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud, and discuss an appropriate plan of action. \nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by Trust Wallet in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. \n\nConclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of a number of possible endeavors undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices.\n\nTrust Wallets non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. \nIn summary, I respectfully ask your organization to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. \n\nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. \n\nThank you. \nXXXX XXXX XXXX","date_sent_to_company":"2024-02-06T13:18:15.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"80241","tags":null,"has_narrative":true,"complaint_id":"8290934","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"DApps Platform, Inc.","date_received":"2024-02-06T13:11:45.000Z","state":"CO","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the bank."]},"sort":[16.961151,"8290934"]},{"_index":"complaint-public-v1","_id":"8450673","_score":16.195778,"_source":{"product":"Money transfer, virtual currency, or money service","complaint_what_happened":"XXXX XXXX XXXX XXXX XXXX Tel : XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX To : Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXXXXXX XXXX XXXX DC XXXX This is to complain against the Coinbase URGENCY : HIGH IMPORTANCE : HIGH [ WITHOUT PREJUDICE ] I would like to draw your attention to XX/XX/XXXX  - I sent my complaint letter to Coinbase XXXX in which I clearly stated how this scam has affected me personally, psychologically, and financially. \nI am afraid I have had to go through so much \" bureaucracy '' thus far in order to catch their attention to my concerns. This really doesn't show their complaints department in a good light, to say the least ; and certainly, does not contribute to my overall satisfaction and peace of mind. \nMy complaint is against the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper investigation ) and not against the vulnerable customer who fell victim and lost all the savings due to the misconduct of the bank. \nI feel very distressed and cheated, all because no one took action immediately and practice their duty of care, therefore I only request what I believe to be rightfully mine, as all institutions were more than negligent in protecting my account and handling the complaints. I comprehensively provided explanations and proof to my claim, even so, Coinbase never acknowledges my complaint, therefore, I have approached you XXXX and I would like to receive your assistance on this matter. \nGeneral Obligation : Around XX/XX/2023, I fell victim to a multi-layered scam operation run by Block Fixs which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firm ( XXXX ). \nWhen determining whats reasonable and fair, we should focus on the issue of liability ; common queries include, but are not limited to, the following ( i ) whether Coinbase did not take notice of any rule, law, or regulation, and/or possibly missed any material elements of the relevant bylaws or codes of conduct, that may have prevented them from protecting my financial safety ; ( ii ) whether by virtue of Coinbases custodianship over my funds or by its control over them, they owed a fiduciary duty to the me and if so, whether that duty was breached ; ( iii ) whether Coinbase promoted the transaction ( s ) in question despite being aware of the nature of the transaction ( s ) in question ( iv ) whether Coinbase was in compliance with its own policies and procedures ; ( v ) whether Coinbase owed duties to myself, what the scope of those duties was, and whether Coinbase did not uphold those duties ; ( vi ) whether Coinbases conduct was unfair ; and ( vii ) whether Coinbase has within its power the ability to, and should, compensate me for the harm that has befallen me.\n\nUpon identification of such unusual or suspicious activity, it is crucial that the relevant staff member adequately describe the factors making an activity or transaction suspicious, thoroughly depict the extent and nature of this activity, and properly communicate to the customer that such activity meets the relevant criteria of fraud.\n\nIn providing its services to a customer, a financial institution is required by law to exercise the care and skill of a diligent, prudent banker. In this case, this means that the payment service provider should not turn a blind eye to known facts pointing to a real possibility that their customer is being scammed. In other words, Coinbase must have had special knowledge of what was occurring or been alerted to a real possibility of fraud taking place. \nThe financial institution must have known or reasonably ought to have known that I was dealing with a scammer. \nPage 2 of 3 XX/XX/2023 Granted, there is room for diversity of view insofar as reasonableness is concerned. Indeed, there is a sense in which the standard of care of the reasonable person involves in its application a subjective element. \nHowever, it must be remembered that the correct test is always reasonable care in all circumstances, not average care. The fact that most people behave in a certain way may be good evidence that the conduct is reasonable, but this is not necessarily the case. Although reasonableness is a very fluid concept, all of the evidence suggests that Coinbase did not foresee the fraud and disregarded even the most obvious dangers in this respect. \nSituations do tend to repeat themselves and it is advisable to examine previous outcomes to see how the standard of the reasonable person should be applied, and that lessons can be learned from the errors of the past. \nApropos of the fluidity of the concept of reasonableness, all Coinbase has done in this regard is set up a dichotomy of having or not having the legal obligation under consideration, however, that does not go one-inch toward explaining why various regulatory authorities, has maintained that financial institutions can, and should, protect consumers using their systems, advanced technologies, and rich experience. \nAs a response to my complaint to Better Business Bureau, Coinbase blocked my account in a very retaliatory way. \nCoinbase is obliged to take some action if it is sufficiently aware of a real possibility that a fraud may be being perpetuated. If you don't question its customers instructions or raise the possibility of a scam with the customer in these circumstances, it may be liable if the red flags indicate the customer is : particularly vulnerable, or if the possibility of fraud was serious or real, not just suspected. \nThere are some recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse ; and gives guidance on how to recognize customers who might be at risk, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm. \nThese recommendations are established as a general principle, the organization should deliver a service that : XXXX ) Takes a proactive approach to minimizing risks, impact, and incidences of financial harm and it sets out systems and tools for the prevention and detection of fraud and financial abuse. As a general point, it says organizations should ensure that all systems are developed using technologies and methodologies that are effective in the prevention of fraud and financial abuse, through authorized and unauthorized payments, thereby minimizing the risk of financial harm to customers. As regards the detection of fraud and financial abuse, it says the organization : A ) should have measures in place across all payment channels and products to detect suspicious transactions or activities that might indicate fraud or financial abuse. It then lists the following examples of suspicious activity on customer accounts : a. multiple chequebooks; b. suddenly increased spending ; XXXX transfers to other accounts ; d. multiple password attempts ; e. logins from new devices, multiple geographical locations ; f. sudden changes to the operation of the account ; Unusual transactions are transactions whose amount, characteristics and frequency bear no relation to the economic activity of the customer, exceed normal market parameters or have no apparent legal justification. \nPage 3 of 3 XX/XX/2023 g. a withdrawal or payment for a large amount ; h. a payment or series of payments to a new payee ; i. financial activity that matches a known method of fraud or financial abuse. \nB ) organizations should have a process in place to ensure that staff makes contact with the customer to verify the financial activity, challenge its authenticity, explain the nature of the suspected or detected fraud, and discuss an appropriate plan of action. \nI am deeply convinced that the disastrous results that I have previously elaborated upon will continue to ensue if no responsibility is adopted by Coinbase in relation to this matter. I have also thoroughly detailed why they can not simply dismiss this problem by strictly adhering to legal technicalities which, after careful reflection, struck me as being nothing more than self-interest. Indeed, it seems to me utterly unfair to disregard fragile, sensitive, and vulnerable consumers who are afflicted by such allegedly malevolent acts, thereby keeping an unjust status-quo that is corrupting our society at its core. \nConclusion : Based on my analysis, and as confirmed by various authorities concerned with such matters, there is abundant evidence that forward-thinking financial institutions ought to take reasonable steps to forestall fraud, or at least mitigate its risk by using an effective risk management system, demonstrating their undisputed ability to responsibly and pre-emptively respond to questionable transactions in the digital arena. The use of such systems, largely based on newly adopted technologies aimed at effectively navigating the evolving threat landscape, is only one of a number of possible endeavours undertaken in this connection, alongside the application of past knowledge and experience related to popular fraudulent practices. \nCoinbases non-observance of the fundamental principles of justice that is, to completely overlook and not even remotely try to mitigate the suffering of vulnerable consumers is inexcusable given the size of the establishment and the vast resources at its disposal as the direct result of the patronage of clients like myself. \nIn summary, I respectfully ask your organization to consider my points, given your personal and companywide obligation to provide a fair and reasonable investigation into the complaint. \nI look forward to your input and would gladly cooperate to reach a fair and reasonable outcome. \nThank you. \nXXXX XXXX XXXX XXXX","date_sent_to_company":"2024-03-01T03:19:33.000Z","issue":"Fraud or scam","sub_product":"Virtual currency","zip_code":"33544","tags":null,"has_narrative":true,"complaint_id":"8450673","timely":"Yes","company_response":"Closed with explanation","submitted_via":"Web","company":"Coinbase, Inc.","date_received":"2024-03-01T03:06:53.000Z","state":"FL","company_public_response":null,"sub_issue":null},"highlight":{"complaint_what_happened":["My complaint is <em>against</em> the bank that did not do its job properly ( could not prevent/foreseen fraud and could not conduct a proper <em>investigation</em> ) and not <em>against</em> the <em>vulnerable</em> <em>customer</em> who <em>fell</em> <em>victim</em> and <em>lost</em> all the <em>savings</em> due to the misconduct of the 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