Consumer complaint received 2023-01-27
Company: WELLS FARGO & COMPANY
State: MN
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
This complaint is in regards to negligence on the part of Wells Fargo when {$24000.00} was fraudulently transferred from my small business account on XX/XX/2022. As I was being scammed by a fraudsters posing as the Wells Fargo Fraud department, my wife was receiving text notifications from Wells Fargo of a wire transfer recipient being set up for one of our accounts and then a a wire transfer was sent for {$24000.00}. My wife, who was at work at an elementary school, called the XXXX XXXX branch of Wells Fargo 2 minutes after the wire transfer text notification. She told the branch manger that she had received alarming texts from Wells Fargo and she read them to the branch manager. The manager told her not to worry about it and that is was probably just phishing and to monitor our accounts. She did not transfer her to the fraud department or recommend she call anyone or do anything else. She told her to delete the texts.

Once I realized that I had been scammed and the money was taken from my business account I contacted Wells Fargo immediately. They told me to come into the bank. I spoke with a banker who did not have time for me. He verified that the money was missing, but he had another appointment coming in. He also told me not to worry, the money would be replaced. I was told to go home and call the fraud department. I did not feel comfortable with this so I asked for a secure line and the banker to assist me with the call. They put me in a back room where I was interrogated by the Wells Fargo fraud department. These was no mention of a XXXX recall or any attempt to contact the bank where the funds went. In fact, it took several days for us to get any information regarding crime against me. I was made to feel that I was the criminal. On XX/XX/2022 XXXX from the fraud department called and said they made XXXX attempts to contact XXXX  XXXX XXXX but no contact had been made. Not acceptable. 

My wife and I visited the bank again XXXX XXXX as we had not received any new information on the progress of our case. We met with a branch manager and she said not to worry, our money would 100 % be replaced. She also said that they get these calls everyday and they are short staffed. No resolution.

Over the next several weeks we have placed several complaints with Wells Fargo, which have been denied. Each denial focuses on how the fraud happened and that I gave codes that authorized the wire transfer. I never denied being tricked. The complaint is how the XXXX XXXX branch of Wells Fargo reacted and advised my wife when she called in and reported the alarming notifications she received from Wells Fargo within 2 minutes of the money being wired. These notifications are what is supposed to help us stop this from happening or else what is their purpose? The bank was in the best position to stop the fraud while it was happening but they did not act in good faith and did not aid in stopping the fraud against my business. Wells Fargo simply let the scammers go and then pinned all of the blame on me. This fraud could have been stopped if Wells Fargo had proper procedures in place in the branch.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation