Product: Money transfer, virtual currency, or money service

On Thursday, XX/XX/year>, I received a text message from what I believed to be Wells Fargo, alerting me that someone was attempting to wire money from my account. I replied, " No, this wasn't me. '' Immediately, I received a call with the caller ID displaying " WELLS FARGO. '' The caller, posing as a representative from Wells Fargos Fraud Department, informed me that someone in XXXX XXXX, Texas, had attempted to use my ID and wire funds from my account. 

The imposters stated they needed to secure my account and verify my identity. They asked me to provide the codes I was receiving, and, believing I was speaking with Wells Fargo, I complied. Instead, the imposters used these codes to sign me up for digital wires and initiated two wire transfers from my account. The callers were professional, believable, and convincing, instructing me to wire money to the bank 's fraud department for safekeeping. Fearing for the safety of my funds, I followed their instructions. 

After realizing I had been scammed, I immediately called Wells Fargo using the number on the back of my bank card. I spent two hours on the phone, being transferred multiple times, pleading with Wells Fargo to freeze the funds and prevent the wire transfers. Despite my urgency, I did not receive immediate assistance. I continued to call Wells Fargo repeatedly over the next several days, including XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX, without receiving a resolution or sufficient updates on my case. 

I received a letter from Wells Fargo dated XX/XX/XXXX, stating that the fraudulent wire transfer was considered an " authorized transaction. '' The letter requested my signature to release Wells Fargo and the third-party bank, XXXX, from all liability, without confirming whether the funds had been restrained. When I attempted to contact the assigned XXXX XXXX, I was told they work offline and that it would take 1-2 business days for a response. For days, weeks and months Ive been trying to get my money back endless phone calls, in person appearances at branch offices, and was told that unless I admitted in writing by signing a hold harmless and indemnification agreement that the fraudulent wire transfers were authorized, Wells Fargo would not assist me in getting my money back. This is clearly an attempt by Wells Fargo to shift liability and take no responsibility for allowing a transaction of that amount to go through as a wire transfer when I have never initiated a wire transfer before! I immediately reported this as fraud within minutes of the transaction, and this is the best they can do to protect me is to return {$120.00}. 

As a small business owner, the security of my accounts is of paramount importance. Despite flagging the transaction as fraud immediately within minutes, Wells Fargo allowed the transaction to proceed. Each interaction with Wells Fargo staff has been unhelpful, and the lack of communication between their branch offices and fraud department exacerbates the issue. 

Banks like Wells Fargo must be held accountable for safeguarding and protecting account holders. I was deceived into initiating a fraudulent wire transfer, yet no effective safety protocols or safeguards were in place. Critical questions remain unanswered : Why wasnt there an alert when my account, which had never used wire transfers before, suddenly initiated one?

Why doesnt Wells Fargo have internal protection plans and cross-checking mechanisms to alert relevant parties of potential fraud? 
I have contacted the XXXX of Wells Fargo, their board of directors, and their leadership team. Additionally, I have filed reports with the police, the Federal Bureau of Investigation XXXX XXXX XXXX XXXX ( XXXX ), and the Federal Trade Commission ( FTC ). Despite these efforts, I am still seeking restitution. 

I received a letter from Wells Fargo dated XX/XX/year>. The letter states that they are pleased to let me know that they issued me back a partial refund of {$120.00} out of the {$19000.00} fraudulent wire transfer and that my claim is now considered closed. However, the letter does not provide an accounting of how the partial refund amount was determined. 

I urge you to address Wells Fargos inadequate response to fraudulent activity and consider why there isnt stricter security protocols for banks. It is crucial to ensure that account holders have rights and protections to minimize the risk of fraud. Fraud is at a crisis level and banks should be doing a better job at spotting and preventing suspicious wire transfers. No one else should have to endure what I have experienced.