Consumer complaint received 2022-03-04
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY (CA)

On XX/XX/2021 I was a victim of a XXXX scam. I first received text messages from ( XXXX ) XXXX indicating, " Wells Fargo Fraud Dept : Did you attempt ... '' There were three ( 3 ) messages reading the same. Aftering replying, " NO '', I received a telephone call from an individual on my mobile telephone number. The individual presented themself as a Wells Fargo Representative from the Fraud Department. They then had me login to my Wells Fargo banking account and walked me through several steps to transfer money using XXXX. They explained that I needed to transfer the money to cover the overage from the attempted charges in the text messages. 

1 ). Wells Fargo does not consider my case/claim to be fraud and insist it is because, I " authorized '' the transfer. 

2 ). Wells Fargo is violating my rights as a consumer afforded me under Regulation E and the Electronic Fund Transfer Act. 

3 ). Wells Fargo is not adhering to the Consumer Financial Protection Bureau 's own determination and definition for an " unauthorized electronic fund transfer '' which can be found on page 12 of the CFPB Electronic Fund Transfers FAQs dated XX/XX/2021 ; and reads as follows : QUESTION 5 : A third party fraudulently induces a consumer into sharing account access information that is used to initiate an EFT from the consumers account. Does the transfer meet Regulation Es definition of an unauthorized EFT? 

ANSWER ( XXXX XX/XX/2021 ) : Yes. As discussed in Electronic Fund Transfers Error Resolution : Unauthorized Fund Transfers Question XXXX, Regulation E defines an unauthorized EFT as an EFT from a consumers account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit. 12 CFR XXXX ( m ). Comment XXXX ( m ) -3 explains further that an unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery. Similarly, when a consumer is fraudulently induced into sharing account access information with a third party, and a third party uses that information to make an EFT from the consumers account, the transfer is an unauthorized EFT under Regulation E. 
For example, the Bureau is aware of the following situations where a third party has fraudulently obtained a consumers account access information, and thus, are considered unauthorized EFTs under Regulation E : ( 1 ) a third-party calling the consumer and pretending to be a representative f rom the consumers financial institution and then tricking the consumer into providing their account login information, texted account confirmation code, debit card number, or other information that could be used to initiate an EFT out of the consumers account, and ( 2 ) a third party using phishing or other methods to gain access to a consumers computer and observe the consumer entering account login information. 

EFTs stemming from these situations meet the Regulation E definition of unauthorized EFTs. 


THIS IS EXACTLY WHAT HAPPENED TO ME AND WELLS FARGO WILL NOT ACKNOWLEDGE THIS INFORMATION. THE WILL NOT ADDRESS OR RESPOND TO MY REQUESTS FOR WELLS FARGO TO FOLLOW THE CONSUMER FINANCIAL PROTECTION BUREAU 'S POSITION.