Consumer complaint received 2024-01-30
Company: WELLS FARGO & COMPANY
State: AE
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
This is regarding the recent closed complaint, # XXXX, re-submit new complaint for appeal due to company responded without resolution with the consumer. 
I am writing to express my deep dissatisfaction and alarm regarding the unauthorized transaction on my account. As discussed during our recent call on XX/XX/2024 with Wells Fargo XXXX XXXX representative, the previous initial claim filed directly with Wells Fargo has gotten closed and denied ; thus, I followed up with filing a CFPB complaint and received follow-up calls ( total of XXXX calls, XXXX follow-up from the bank failed, the XXXX follow-up call as promised to escalate to executive level for further decision has also failed to notify me and closed the complaint without notification ). While I appreciate their efforts to address my concerns, it is imperative to confront the glaring security lapses that XXXX have paved the way for this breach. 
The revelation that the location log indicated a different location from where I was supposedly conducting the transaction is not just concerning but wholly unacceptable. This disclosure raises serious questions about the reliability of Wells Fargo 's security measures and its ability to detect anomalies that could signal potential fraud, which XXXX be the initiated cause of multiple unauthorized wire transfers resulting in a total loss of {$75000.00} from Wells Fargo. The representative at the time contacting to investigate indicated a lack of knowledge of the account was potentially being hacked and misconducted bypassed their security and revealing an incorrect location log that is mismatched with my information. 
It is disconcerting to discover that the bank 's system failed to recognize the disparities in location data, leaving me to question the efficacy of the security protocols touted by Wells Fargo. This breakdown suggests a significant vulnerability in your infrastructure, one that malicious actors using sophisticated techniques, such as the use of anti-counterfeiting base stations and the circumvention of fraud prevention measures, could potentially exploit. 
I insist that Wells Fargo conduct immediate and thorough investigation into the circumstances surrounding this incident and urge them to provide the log, if, they are not capable of proving the ability to detect unauthorized logins and unauthorized transactions. It is crucial to understand how such a breach occurred and, more importantly, what steps the bank plans to take to rectify these security deficiencies promptly. 
Furthermore, I demand a reevaluation of the decision per the representative of the bank claim not to reimburse the lost funds, considering the apparent security lapses that XXXX have played a pivotal role in this incident. I have always trusted Wells Fargo to uphold the highest standards of security, and this breach calls into question the bank 's commitment to protecting its customers. 
I expect an expedited and comprehensive review of Wells Fargo 's security measures, with a transparent and decisive plan of action to address identified vulnerabilities. In addition, please have the bank reach out for mediation with proper familiarity to the case instead of repeatedly questioning the incident while the claims themselves describe the incident details. Your immediate attention to this matter is not just requested ; it is highly demanded not only by me but by the rest of the client communities. 
I anticipate a swift and satisfactory resolution to this deeply troubling situation.

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