Product: Money transfer, virtual currency, or money service

This is my second complaint to the CFPB regarding wells fargo. I have updated proof the bank needs to take into consideration before dismissing my claim. 

On XX/XX/XXXX, I activated an old XXXX and purchased a new XXXX card for the device. The XXXX employee kept my old XXXX card but instead of disposing it, the card ended up in the hands of a hacker. 

I discovered fraudulent calls on my XXXX account and multiple XXXX cards linked to devices never owned by me that were being uploaded to my XXXX XXXX. My XXXX passwords were stolen along with my Wells Fargo online banking information. All of this began 10 days after I activated the old cell phone at a local XXXXXXXX store. 

On XX/XX/2022, I was locked out of my Wells Fargo online banking app and called the customer service line to inquire why this occurred. After changing my user name and password, my account was secure or so I thought. The fraud at XXXX is being investigated but this complaint is regarding my bank account and an illegal, unauthorized wire transfer that resulted from the initial identity theft. 

Fast forward to XX/XX/XXXX, XXXXthe day my online wells fargo bank account was accessed by a hacker and a wire transfer was made in the amount of {$24000.00}. I did not do the transfer nor did I turn on the wire transfer feature. Changes were made without my consent by an unknown individual. The same person hacked into my XXXX  along with my XXXX XXXX account. A sim card swap is how the perpetrator could have avoided two factor authentication when logging into my XXXX XXXX and XXXX account. Regardless of how the hacker initially obtained my information, the end result was an illegal wire transfer from my wells fargo business savings account. The hacking of my XXXX account allowed the hacker to obtain my banking information and reset my online banking password. Upon obtaining control of my account the person called me and pretended to be from wells fargo. He said there was potential debit card fraud on my account and needed to verify purchases. The person was in my account reading recent purchases that I had made so this scam was very convincing. He told me he needed to confirm my identity so he would be sending me a text with a 6 digit code to my phone. Wells Fargo does this same exact thing so once again, I was not aware I was being scammed. The person then began asking about purchases that were unfamiliar then said you definitely have fraud we need to close your debit cards and issue you new ones. He said he needed to send me another passcode in order to confirm the cards were being closed. Meanwhile, instead of verifying my identity he was making changes in my online account without my knowledge. The person made a {$4000.00} transfer from my business checking to my business savings, turned on the wire feature, added a random recipient, then transferred most of the funds out of my business savings account. 

Before I realized what was happening, the person told me to push add call then XXXX XXXX ( a series of numbers ). I trusted this person so I followed his instructions. He told me it was a new security feature that would send me fraud alerts on my phone. The code I entered displayed a screen that said data sharing and it allowed him to gain remote access to my cell phone and forward all data, calls, and text messages. It was at that moment I knew something was not right. I hung up and immediately in order to report the incident to Wells Fargo. 

After I reported the wire to Wells Fargo, I turned my phone off until I could head into an XXXX XXXX  to get my phone fixed. During this time, one of my clients tried calling me yet her call was rerouted to the man who pretended to be from wells fargo. He told her I was being held XXXX and if she ever wanted to see me again she needed to pay him. My client ( XXXX XXXX XXXX called the XXXX police department to report the abduction. Shortly after, two officers were sent to my home to do a wellness check. 

I had to get my XXXX reset to factory settings at XXXX the same afternoon ( XX/XX/2022 ) in order to stop the data/call forwarding and phone harassment. I have police reports verifying the information in this complaint is factual. The phone reset is what allowed me to see devices I have never owned connected and erased to the XXXXXXXX XXXX associated with the XXXX card left at XXXX. I also have proof of my XXXX  and XXXX account hacked with unknown devices logged in the day the wire occurred. 

Additionally, I had to close my business email account and purchase a new phone/phone number. My business savings account was illegally accessed from a device not belonging to me so this should be provable by looking at the IP addresses or device locations. 

I NEVER gave anyone my online user name or password. I have NEVER used wire transfers the entire time I have had an account with wells fargo ( Over 7 years ). My wire transfer feature has never been activated the entire time I have had an account at Wells Fargo ( Over 7 years ). The account the funds were stolen from an account I make deposits to 95 % of the time. If I do make an occasional withdrawal, it will be an amount from my business savings going directly into my business checking so I can cover my rent payment on the 1st of the month. The activity on the day the wire was done was extremely unusual and Wells Fargo FAILED to flag the wire and verify if I was the person authorizing the transfer. This is a Regulation E violation. The transfer was done before XXXX XXXX but due to the long hold times I experienced before I could report the incident along with multiple transfers to different departments, the XXXX minute cancellation window passed and the wire recall effort was unsuccessful. Long hold times and transfers to multiple departments when calling wells fargo customer service is another form of bank negligence when someone is a victim of fraud. Time is of the essence yet Wells Fargos policies are designed to cause the customer harm instead of getting the victim help and recourse. Not all banks operate in this manner. XXXX XXXX has a live human answer the phone each time a customer calls. 

Despite all the proof I have, Wells Fargo has never asked to see any police report or piece of evidence proving I was a victim of fraud. I have receipts for everything and proof of multiple XXXX cards being added to devices I have never owned which were then linked to my XXXX account. This is a very big crime that involves multiple people and two large corporate entities with poor consumer security in place. Wells Fargo is using a disclosure loophole regarding the online access agreement, Deposit Account Agreement, and Online Wire Terms and Conditions agreement. The bank claimed I should be aware of their polices and understand if a wire is done through my account ( User name and password ) I am liable. My user name was used but a new password I did not create or authorize was used to get into my account, therefore this is not a valid argument since my phone was HACKED!! I personally did not do not violate any disclosure agreements. I personally did not use my username or password to do the wire and this CAN BE PROVEN with data only wells fargo has access to. I dont even have the account information where the money was sent. I tried calling XXXX to report the bank account and name of the recipient but they said they couldnt help me because I didnt have enough information. 

I opened my account several years ago and followed all disclosure agreements and protocols on order to keep my business account in good standing. The disclosure agreements are designed to inform a bank customer of the banks policies but hacking is not explicitly stated in the disclosures. I have never heard of a scam like this so the fact that I was tricked is not my fault. Someone lied to me and pretended to be from the bank then proceeded to STEAL my money. This is BANK ROBBERY! 

Wells Fargo is trying to avoid any liability for having low level business account security. I am not the first or last person to report a similar case of wire fraud yet the bank fails to change security measures to protect customers against this type of fraud. If the bank knows of a vulnerability point for customers but fails to change anything then the fraud is intentionally being allowed and I plan on publicly exposing this atrocious financial scam to the public via local news stations and social media accounts. Wells Fargo should do also do a better job of informing customers about current scams and problems targeting business accounts. 

My money should have been insured, safe, and secure in my own account and better protected considering Wells Fargo has been aware of this type of scam for several months. The fact that the bank allowed a password change, activation of the wire transfers feature, and such a large amount to be withdrawn in under a 9 min window without verifying I gave permission is negligent and dangerous for ALL customers banking with wells fargo. 

This has been a traumatic experience that does not seem to end. For three months, I have made endless complaints with wells fargo, FTC, FCC, XXXX, Local law enforcement, CFPB, and more. I am still locked out of most of my own accounts and have lost even more money paying for new devices combined with the loss income from taking time off work since all of this is so time consuming. 

The worst part is the financial institution I trusted is failing to take any responsibility for making this type of scam very accessible and easy for a hacker to do electronically. Wells Fargo needs to do a better job at verifying electronic transfers especially since the feature to wire money was turned on during the pandemic. This is a new feature many long term customers may not be aware of. Stop allowing customers to have their money stolen via wire transfer!!!!!!! Turn the feature off since it is being exploited by the wrong type of people!!!!!! 

One would assume with all the scams and negative press wells Fargo has had in recent years, the bank would use an opportunity like this with countless evidence to make the right choice for a customer. Especially since, I did not make the transfer! I know my rights and I know the bank has the power to reimburse me yet wells fargo is refusing. Why wont you give me my money back??? This is illegal!!! I was robbed!!!!! I will continue to complain and seek legal council until I get my money back one way or another.