Our investigation
We could find nothing about either the purchases themselves or the phone calls with Sienna that would have alerted the bank to suspect a scam. If a bank did detect warning signs, called a red flag, it must make enquiries about the intended transaction and, if warranted, warn the customer about a possibility of a scam. However, we could find no such red flags.
Sienna had signed the disclaimer form confirming everything was legitimate. The purchases were in small amounts through legitimate cryptocurrency companies – none of which was unusual or cause for suspicion. Furthermore, nothing in what Sienna told the bank about the transactions suggested a scam.
Outcome
Sienna accepted the bank's offer of $500 for the delay in responding to her complaint.
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