Consumer complaint received 2026-01-02 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
Company : Wells Fargo Bank , N.A . 
Issue type : Fraud / Account opened and used for impersonation I am filing this complaint regarding Wells Fargos handling of a bank account that was used to commit impersonation and Business Email Compromise ( BEC ) fraud, resulting in a loss of {$14000.00}. 

Summary of the fraud : On XX/XX/XXXX, I was the victim of a Business Email Compromise involving impersonation of a known counterparty. A hacker compromised my franchisors email account and replied within an existing email thread using the same legitimate email address, signature, and quoted message history. 

The fraudster instructed me to send payment to a Wells Fargo account opened under the exact same business name as my legitimate counterparty : XXXX XXXX XXXX XXXX XXXX. 

Based on this impersonation, I sent an ACH payment to the Wells Fargo account. 

Fraudulent receiving account details ( as provided by the impersonator ) : - Bank : Wells Fargo Bank , N.A . 
- Account name : XXXX XXXX XXXX XXXX XXXX - Account number : XXXX - Routing number : XXXX Immediate action taken : - The fraud was discovered and reported the same day ( XX/XX/XXXX ). 
- My bank submitted a Letter of Indemnity ( LOI ) to Wells Fargo. 
- A police report was filed. 
- An FBI IC3 report was filed. 
- Wells Fargo responded that the LOI could not be honored due to insufficient funds in the recipient account, indicating that the funds had already been withdrawn or transferred. 

Basis of my complaint : This Wells Fargo account was opened and used to impersonate a legitimate business using the exact same legal entity name, which strongly suggests : - Identity theft, or - Inadequate XXXX  controls during account opening The account was used to receive fraud proceeds and rapidly remove funds, consistent with money-mule or impersonation activity. 

Despite being notified promptly of the fraud, Wells Fargo has not provided any information regarding : - Whether the account opening is under investigation - Whether the account holder was properly verified - Whether a Suspicious Activity Report ( SAR ) was filed - Whether any recovery or internal remediation is being pursued Requested resolution : I am requesting that Wells Fargo : - Conduct a formal XXXX  and fraud review of the account opened under XXXX XXXX XXXX XXXX XXXX- Investigate whether the account was opened using stolen or fraudulent documentation - Confirm whether appropriate SAR filings were made - Preserve records related to the account opening and transactions - Notify me if any funds are recovered through internal investigation or law enforcement action I believe Wells Fargos account opening and monitoring controls failed to prevent the use of its banking system for impersonation and fraud, and I am requesting regulatory review of this matter. 

Please find the following documents attached : - Police report - IC3 confirmation - ACH transaction confirmation

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