Monex Inc. CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
02/28/2022 Yes
  • Money transfer, virtual currency, or money service
  • International money transfer
  • Other transaction problem
  • IL
  • 60191
Web Servicemember
My name is XXXX XXXX and I am the business owner of XXXX XXXX XXXX XXXX XXXX, a small business located near XXXXXXXX XXXX. We have been a customer of a company called Monex/Tempus since XXXX. Their website is XXXX XXXX XXXXXXXX XXXX XX/XX/XXXX, Monex/Tempus wired {$34000.00} out of our business checking account. This was followed by another transfer on XX/XX/XXXX for {$43000.00}. These were fraudulent transfers as they were not authorized by me. The events started on XX/XX/XXXX, when a fraudster accessed my XXXX XXXX account and sent an email to our contact at Monex. The fraudster requested for Monex to change our vendor beneficiarys bank information and to wire XXXX XXXX to this new beneficiary account. On XX/XX/XXXX, the fraudster sent another email to Monex requesting another wire transfer to another vendor in the amount of XXXX XXXX. Monex then replied to the fraudster and stated that Monex needed to confirm beneficiary account changes over the phone. The Monex rep then asked the fraudster if he was available to speak. The fraudster replied that he would call the Monex rep back during his work breaktime. Monex then sent another email to the fraudster shortly after stating that Monex was trying to call him to verify the beneficiary change but that no one was answering the phone. The Monex rep then asked the fraudster to call him back. This was a big oversight on the part of the Monex rep. He should have never requested the fraudster to call him. Monex should have called me on my office or cell phone to make sure I was the one who requested the transfer. Instead, the Monex rep allowed the fraudster to call him back. The Monex rep then assumed it was me and completed the transactions. My bank was able to retract the second {$43000.00} wire because I called them within a 24 hour period. However, the other unauthorized wire of {$34000.00} has not been returned to my account. Monex is offering to return to me only {$10000.00} out of the {$34000.00}. This is unacceptable to me as this transaction was never authorized by me and Monex is responsible for sending the wire. It seems very obvious to me that this loss could have easily been prevented by Monex if they had taken the proper steps to verify the identity of the caller. I am writing to ask for your assistance with helping me recover from Monex the {$34000.00} that was taken from XXXXXXXX XXXX XXXX XXXX business checking account. I believe returning the funds to my account is the right and fair thing to do. I would sincerely appreciate any assistance you can offer me. Thanks, XXXX