Bank of America fraud claim denied after account takeover / unauthorized transfer. Has anyone had a similar experience?
Hi everyone,
I would like to hear from people who had a similar experience with Bank of America fraud claims.
My situation is generally this: my phone number was taken over through what appears to be an unauthorized port-out or SIM swap. After that, a new Bank of America account was opened under my name, money was transferred from my existing account into that new account, and purchases were made from that new account. All of these happened in the midnight.
In the morning, I immediately went to the bank and reported the activity as fraud, but a few months later, they denied the claim and later denied the claim I appealed. I actually had two claims related to the same fraud situation. This is one of the two. The other claim was related to my existing account and it was approved, while this one was not.
The explanation I received basically said the activity was authorized by me or by someone with my authorization. My concern is that I have not been given the specific records or facts that support that conclusion. I am starting to lose patience because the claim denial and appeal denial do not explain the specific basis for Bank of America’s decision, so I have no idea what is happening on their side.
For anyone who has gone through something like this, what steps helped? Did you file complaints with the CFPB, OCC, FTC, police, your phone carrier, or anyone else?