Consumer complaint received 2022-01-11
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I received a text that my debit card was used for a {$500.00} purchase in XXXX Texas. shortly thereafter I received a call from Wells Fargo ( caller ID showed up on my phone because it is a known number to me ) asking me about the charge. I said it wasn't me, and they should not let it go through. then they said there were also several XXXX transfers going to someone named XXXX, did I do those? I said no, that wasn't me. 
After talking for several minutes, I said, this doesn't sound right, let me talk to your supervisor. He put someone else on the phone who identified himself as a Wells Fargo employee, giving me a first name and an ID number. He also said, " XXXX XXXX, I am calling you from the number on the back of your card, you can check it '' It was the number on the back of my card. He then proceeded to tell me the XXXX transfer was currently " pending '' and if I didn't do exactly as he directed, the money would be transferred. Keep in mind I was driving at the time, I had to pull over to continue my conversation. He had me add myself as a XXXX recipient, and he said if I sent myself the money, it would be put back into my account. I continued to question this whole thing, but he kept insisting if I don't do this, my money will be gone. I did it and my money was transferred out and didn't return. After I hung up I went directly to the bank and found out I had been scammed, there wasn't a fraud alert on my card, and the call was NOT from Wells Fargo, the number had been spoofed. I closed my account and opened new ones with different passwords, etc. I reported the incident to the real Wells Fargo Fraud division within two hours. While I was on hold for 35 mins I looked at my emails from Wells Fargo. During the 55 minutes I was on the phone, my phone number had been changed, the debit card had been changed, and the email had been changed in the XXXX portion of the Wells Fargo Mobile App. They switched the information while I was on the phone, so when I thought I was sending money back to myself from a fraudster, I was actually sending it to them in my name! I made them, at the insistence of someone I thought was a Wells Fargo employee, under fraudulent circumstances to someone who had hacked my account while I was on the phone. At no time did I give them any information, they already knew my debit card number, my phone number, and my email. It was a total of {$2300.00}. I reported this to the FBI online fraud division that same day, XX/XX/2021. On XX/XX/XXXX I received a response, " We have determined the transactions were made by you, or someone who had your authorization ''. I refused to accept this outcome, so I brought it to the escalation department, not once, but twice. I sent them proof of the phone number change within my account, which was not authorized by me. Since I was defrauded out of my money, this is a Regulation E matter and I should get my money returned by the bank. 
Here is a portion of their final reply " Electronic Funds Transfer Act ( Regulation E ) We are committed to protecting the security of our customers accounts and periodically need to take certain actions to detect and prevent fraud. Based on the information available in this situation, we feel our actions were appropriate and necessary to avoid potential risk. 

What you need to know XXXX Transfers process transactions based on token information provided when the transaction is initiated and it is validated after the transfer is sent to the appropriate recipient. It is vital for the intended recipient to verify the accuracy of token information to ensure they receive the funds requested. We do apologize ; however, as the transaction processed correctly, we are unable to honor your claim. '' It processed correctly because fraudsters hacked my account and changed the information while I was on the phone! 

Anything you can do to get my money back would be appreciated. I was a victim of fraud and should be covered under Regulation E.

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