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

XX/XX/2022 : An individual posing to be Wells Fargo from the Wells Fargo number contacted me, claiming that {$3500.00} was taken out of my account. They then proceeded to have me send " myself '' four payments ( {$1000.00}, {$950.00}, {$800.00}, {$750.00} ) through XXXX. They also tried to have me wire transfer myself {$17000.00} before I realized it was a scam. At which point, I immediately contacted Wells Fargo that evening to file a claim. 

Since then, I have been in regular contact with the bank in an attempt to retrieve my money. I had to submit two different claims processes, which is why the timeline is so long. Each claim needs 10-15 business days to be investigated. On XX/XX/2022, I received provisional credit from the bank, which was reversed on XX/XX/2022, an entire month and a half after the credit was added to my account. It has been an extremely difficult process, and, as a longtime customer of Wells Fargo, I am very upset. They have also had me close my checking account and open a new one when all I want is to retrieve the funds that were unfairly taken from me in an UNAUTHORIZED TRANSFER. 

I communicated to them that I am protected under Regulation E, to which they have responded that they have no knowledge. For reference, I have included the excerpt from the CFPB website below.

" 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? 

Yes. As discussed in Electronic Fund Transfers Error Resolution : Unauthorized Fund Transfers Question 1, 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 1005.2 ( m ). Comment 1005.2 ( 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 from 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. ''