Consumer complaint received 2023-01-25
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:
Starting on XX/XX/2022, I received a call from Wellsfargo customer service number as it showed up on my caller ID, I spoke with the representative who informed me of a suspicious EFT that was initiated and wanted to confirm if it was me and if I knew the person it was going to. I said that I Do Not authorize that transfer and have no idea who that person is. 
They informed me that they would start an investigation on it and verified me through the Wellsfargo text message ( as usual ). They went on to say they would call me with an update the next day. They called me on the XX/XX/XXXX and advices that one of my XXXX  devices ( phone or laptop ) appears to have been hacked and that I should NOT log into my online bank account while there investigation is continuing. 
Monday XX/XX/XXXX, they call me back with another update. After verifying me they inform me that a few more EFTs were initiated and asked if I had authorized them. I said absolutely NOT. They suggested I should schedule an appt to go into the branch to close out my account and open a new one. They offered to help coordinate the appt for the next day Tuesday afternoon at XXXX. 
Tuesday XX/XX/XXXX, I receive a call in the morning from them again, after they verify me, they inform me that the banker who was scheduled to meet with me called out sick and we would need to reschedule to the following day. So we scheduled it again. 
Wednesday XX/XX/XXXX at XXXX, I arrive to my local branch for my appt to find out that nothing was on the calendar. Once I was informed of this information I immediately contact the Wellsfargo fraud department to verify if they have any notes on my account. They did Not. 
This whole time I was speaking with scammers impersonating Wellsfargo, while at the same time calling Wellsfargo and impersonating me. The whole time I was being asked to verify myself it was the scammers who were having WF sending me the verification code so they could repeat it back to WF. At no point did I authorize any of the 4 EFTs that were taken out of my bank account, totaling in the amount of {$75000.00}. 
According to research, this should fall under the category of a Regulation E claim, but Wellsfargo is claiming because it was a domestic transfer that it would not qualify. 

So far, out of the {$75000.00} loss Wellsfargo was able to retrieve {$16000.00}. They claim {$23000.00} is for sure gone and the remaining missing balance might only result in a partial payment. 
Given the sophistication of this scam of impersonation and lack there of on the part of Wellsfargo for properly authenticating me. I believe that I should be refunded in full on all my losses within the specific timeframe. As a consumer I would think there would be liability protection for any fraudulent activity in which I did not initiate nor did I give any verbal authorization for.

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