Consumer complaint received 2021-11-08
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Card was charged for something you did not purchase with the card

Complaint:
I have two accounts with Wells Fargo Bank, a savings account and a credit card account. On XX/XX/2021, I was notified by Wells Fargo via email that my account had been locked due to suspicious activity on my credit and savings accounts. Later in the evening on XX/XX/2021, I discovered that a cyber fraudster had taken a {$3500.00} cash advance accompanied with an additional {$200.00} in fees from my credit card, placed it in my savings account, and transferred {$2000.00} out to a unknown third party. I attempted to report these fraudulent purchases to Wells Fargo, but, because I was unable to fully verify my identity over the phone that evening, I was told to go into a branch to verify my identity. 

The next day, on XX/XX/2021, I went to a Wells Fargo branch to verify my identity and report the fraudulent activity. After spending about an hour and a half at the bank, I believed that a claim had been made and that the bank would provisionally credit the account in 2-10 business days. Regrettably, this was the beginning of Wells Fargo 's stonewalling tactics when it comes to handling cyber fraud claims. 

Two weeks later on XX/XX/2021, the bank reached a determination that I either personally made the transactions in question or that I authorized the transactions in question, denying my claim. This determination is not grounded in truth and is a sad reflection of Wells Fargo 's lack of interest in investigating these claims in good faith. According to my understanding of the banks investigation, the bank concluded that someone had been accessing the account consistently for a period of time and this individual 's behavior was consistent with my activity as a Wells Fargo customer. Therefore, Wells Fargo concluded that I was to person who engaged in these cash advances and online transfer. At no point was I interviewed concerning my online banking activity at other banks, my location within the United States, the devices I've used in the past, the IP addresses I use, or my overall financial position. Furthermore, it is highly illogical that Wells Fargo would freeze my account on XX/XX/2021 because it suspected suspicious activity then on the other hand deny my claim because it was 100 % my doing. 

After getting the denial letter, I escalated the claim to Wells Fargo 's " Line of Business Executive Office. '' A few days later, based on the same incomplete analysis as the bank used to make its initial determination. Wells Fargo decided to stick by its original, flawed, and embarrassingly incomplete investigation. 

Statutorily, Wells Fargo and other credit card issuers are required to limit the liability of customers who are victims of fraud on credit accounts. Wells Fargo 's only way to get around this obligation is to accuse their own long term customers ( I've been a customer for 20 years, my family has been customers for 50 years, and my grandfather worked at the bank ) of lying to them. 

Sadly, based on an incomplete image of my sign-on activity in my online banking portal the bank has deemed me to indeed be, not a victim of fraud, but a friendly fraudster. I find Wells Fargo 's determination personally offensive but unsurprising.

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