Consumer complaint received 2022-12-29
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I tried to send money to a friend who was traveling overseas on XX/XX/XXXX via XXXX. That payment went through, but the intended recipient couldnt access the funds. I called XXXX to try to get the funds refunded to my account on XXXX. I got a call back from XXXX XXXX purportedly of the XXXX IT Security. XXXX worked with me for a couple of days on this XXXX issue, and my friend received the intended funds on XX/XX/XXXX. XXXX had mentioned that there were hackers on some of my financial accounts. He said he and XXXX would work to fix everything for me. I trusted XXXX and believed he was who he said he was. XXXX called me again on XX/XX/XXXX - in fact he was in pretty much daily contact with me through XX/XX/XXXX. He was sharing my smartphone using XXXX software. He used various financial services and applications, XXXX, XXXX XXXX, XXXX etc and also purchased a slew of {$150.00} gift cards from XXXX for XXXX. He said he was doing these things for testing and verification of my various financial apps. All of the money was going into a secure wallet of mine, despite apparently being sent to a long list of people I didnt know. ( These things i have opened a claim with Wells Fargo about, and I think they are being resolved. ). Then XXXX said there was a negative balance on my XXXX account ( I think ), and hackers would take the money from my Wells Fargo account or from my retirement accounts at XXXX XXXX. He said that what needed to happen was we needed to move at least some of my XXXX money into my Wells Fargo account. He put me in touch with XXXX XXXX the purported head of the Anti-Fraud Department at XXXX XXXX. He confirmed that XXXX hackers had infiltrated my XXXX XXXX accounts, and that I needed to sell all of my stocks and securities, and make a large transfer to my Wells Fargo account. They would maintain high security on this account, and by moving the money we would thwart the hackers. XXXX claimed they did this all the time, and it was nearly always successful. I sold my positions in my accounts at XXXX, and XXXX transferred {$85000.00} from XXXX XXXX Wells Fargo. Then, over the course of 4 days, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX XXXX had me make large cash withdrawals from my checking account in person at the branch banks in the amounts of {$15000.00} ( XX/XX/XXXX ), {$12000.00} ( XX/XX/XXXX ), and {$6000.00} ( XX/XX/XXXX ). XXXX directed me to go to XXXX XXXX XXXX at XXXX XXXX XXXX and buy XXXX with the cash from a XXXX XXXX ATM kiosk in the store. This was supposed to help thwart the hackers and make my money secure again. I loaded the Bitcoin I purchased onto a QR wallet provided by XXXX each time. I was to get that money back in the form of a large wire transfer directly into my checking account from XXXX. On Saturday morning, XX/XX/XXXX XXXX told me that they tried to make a large wire transfer into my checking account of {$37000.00}. This seemed like about the right number. He claimed the wire transfer failed on two occasions that morning. This time I went to the Wells Fargo branch at XXXX XXXX ( inside the XXXX store ). XXXX wanted me to withdraw {$28000.00}! The small branch bank didnt have that much cash. XXXX said to try to get {$6000.00} instead. While talking to the teller, I mentioned the wire transfer attempts. The manager told me there was no indication of any wire transfer attempts that morning. This made me highly suspicious. I bought XXXX with the {$6000.00} and transferred it to a XXXX XXXX  provided by XXXX XXXX. I thought about all of this, confronted XXXX XXXX by text, and called Wells Fargo on XX/XX/XXXX and reported in detail that Id been the victim of fraud on my debit card, on my checking account, and at two branch banks where I had made cash withdrawals in service of a massive and brazen fraud I was the victim of. 

XXXX was a smooth talker, seemed to be acting on behalf of XXXX, his explanations were artful and I trusted him, until I didnt anymore and called Wells Fargo XXXX let them know Id been the victim of an Authorized Push Payment fraud. It is not clear what if anything Wells Fargo will do to reimburse me for the various aspects of this fraud. I think the XXXX, XXXX XXXX, gift cards, XXXX etc loss was about {$7000.00}. I think the transfer of funds from XXXX to Wells Fargo and subsequent cash withdrawals from banks and conversion to XXXX placed on XXXX XXXX XXXX wallets loss was about {$33000.00}. My total loss from this 2-week fraud, and the total amount I need to be reimbursed for is about {$40000.00}. I cant afford to lose this money. I am retired and I need all of it to live on. Any help you can give me in getting my money refunded would be greatly appreciated.

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