Consumer complaint received 2021-10-10
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
While abroad in XXXX, on XX/XX/2021, I received a text message from XXXX at Wells Fargo Bank Alarm Fraud Detection. I returned the call on XX/XX/2021 due to the time difference and was told that there was suspicious activity on my business accounts that needed to be verified. 
I was informed that someone had accessed my online banking accounts, transferred {$59000.00} from my various accounts into my Accounts Payable account, created online Payees and then paid themselves all the funds from my accounts. I confirmed that these transfers were not made by me, explained that I was in XXXX and that I had not done any on-line banking transfers. I also explained that I was alone and that no one had access to my device or my passwords. I was told that Wells Fargo had put a hard hold on my accounts due to " suspected fraudulent activity inconsistent with my usual business banking ''. Because of this, I had no access to see what had happened or who did it. 
The Wells Fargo Rep gave me the names of the Payees and I verified that I did not know these people, or have invoices or contracts with any of them. The amounts total {$59000.00}. 
I filed a Fraud Claim with Wells Fargo on XX/XX/2021 and was told to wait 10 days while it was investigated. 
On XX/XX/2021, I called Wells Fargo Claim department to find the status of the report and when I might expect the return of my funds and have the Hold taken off the access to my accounts. I was told that my claim was denied because they said the transactions happened from my device on my secure online access. I explained that I was alone and I had my device with me. There is no one who has my passwords. I stated clearly that I did not make these transfers and I do not know the people who were paid. I asked them to review my accounts to see that in my long-time banking with Well Fargo, I have never paid anyone the kinds of amounts that were paid out the days the fraudulent payments were made. These payments are in fact, " suspected fraudulent activity inconsistent with my usual business banking ''. I faxed a rebuttal to the fraud claim department for the " denied claim '' to explain that I was a victim of theft by some kind of online hacker or internet fraud. I spoke with both customer service and someone at customer advocacy. I was told that there was nothing they could do. They said they were sorry for my loss and any inconvenience, but it happens all the time. The Consumer Advocate suggested that if I was unhappy with Wells Fargos decision that implied that I committed the fraudulent transfers myself, I could file a police report and submit further documents. I did. I faxed the details, ( which included proving that I was actually in XXXX because it was suggested that I should offer proof ) to the Fraud Dept. and I also reported the theft of {$59000.00}, transferred by online banking to people I do not know in a Crime Report to the XXXX XXXX XXXX, in California. 
These transfers are criminal and I am victim of these events. It is hard to imagine that Wells Fargo would contact me to say fraud was happening on my accounts and then blame me for the fraudulent activity. I want to be very clear : I DID NOT TRANSFER ALL MY FUNDS TO UNKNOWN PAYEES. A crime has been committed, and Wells Fargo has shifted the blame to me.

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