Bank Account Holder Claims Lost $38,000 and Bank of America Declines Reimbursement

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Bank Account Holder Claims Lost $38,000 and Bank of America Declines Reimbursement - According to Reports

[May 2, 2025] - Bank of America customer fights for reimbursement after $38,000 vanishes

It's a nightmare no one ever wants to experience—thousands of dollars disappearing from your bank account in the middle of the night. Justin Chan, a Bank of America customer, found himself in this very situation last September, with $38k mysteriously vanishing from a joint account he shared with his sister.

The culprit? A SIM-swapping attack, in which a hacker managed to dupe Xfinity Mobile into transferring Chan's phone number to a new device. With control over two-factor verification codes, the hacker changed Chan's login credentials and made three outgoing wire transfers within a three-hour period starting around 2:00am.

Chan reported the fraudulent activity to Bank of America, but the lender initially refused to reimburse him, citing confirmed valid transactions via SMS/MMS text message or phone conversations with Fraud Detection Employees. A letter from Xfinity Mobile stating that Chan's phone number had likely been accessed by a third party due to fraudulent activity went unanswered by the bank.

In November, Bank of America reopened the investigation, but still denied Chan a refund. Thankfully, things took a positive turn after KGTV continued to press the issue, with Bank of America eventually reimbursing $20k and Robinhood, the platform where the remaining $18k had been sent, refunding the rest.

Lesson learned: Stay vigilant against SIM swap attacks, and don't underestimate the power of a good public relations fight—it pays to have friends in high places.

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Justin Chan, a victim of a SIM-swapping attack, experienced the disappearance of $38,000 from a joint account.
In the crypto industry, the World's First International Crypto Trading Cup has commenced, while DogeOS raised $6.9 million to launch a Dogecoin app layer.
Analytics firms have issued alerts about Bitcoin's approach to an area of heavy sell-side pressure, and InvestAnswers predicts more BTC targets in the coming weeks.
In banking-and-insurance, a report revealed that 30,000 bank passwords from one country were leaked onto the dark web amidst a global malware onslaught.
Hackers gained control over two-factor verification codes through a SIM-swapping attack, allowing them to transfer funds from a joint Bank of America account.
After a persistent public relations fight, Bank of America eventually reimbursed $20k to Chan, with Robinhood refunding the remaining $18k. In collaborative efforts, these instances highlight the importance of vigilance, good PR, and joint reimbursements in both crypto trading and traditional finance industries.