Consumer complaint received 2024-11-06 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem using a debit or ATM card
Company: WELLS FARGO & COMPANY
State: NV

Complaint narrative:
I am writing to express my deep frustration with the handling of a clear account takeover incident on my Wells Fargo account and the repeated denial of my claim. The events that have transpired since XX/XX/XXXX, alongside the numerous missed opportunities for intervention, have not only left me with a significant financial loss but also highlight systemic failures in fraud prevention and customer support. 

On XX/XX/XXXX at XXXX XXXX, I received a call appearing to be from Wells Fargo ( per CallerID ). The caller, who I now know was a scammer, verified my account through an authentication code sent to my phone ( by Wells Fargo system ) and alerted me to suspicious activity. While on the call, I pulled up my account and noted four declined charges, which he assured me were part of the fraudulent activity he would secure by issuing a new card. At that time, I hadnt realized my debit card was missing, thinking Id misplaced it at home. The scammer, who used highly detailed Wells Fargo contact center scripting, collected my cards PIN, the last four of my Social Security number, and the last four of my account number under the guise of account security. He even initiated a relay to send additional codes to my phone, which I unknowingly provided, giving him full access to make unauthorized transactions. While I believed my account was secure, an associate of his proceeded to make charges totaling {$10000.00} using my card. Later that evening, suspecting something was amiss, I contacted Wells Fargo only to discover that the call had not come from the bank. That there were additional charges on my account not currently in despite, and I was distraught. Despite the Caller ID showing Wells Fargo, they had no record of this call. I immediately reported the fraud, expecting prompt action. However, the response was underwhelming. My card was only reported stolen, and no further action was taken to suspend the account or escalate the case despite assurances to the contrary. Following are key interactions that illustrate my experience and further demonstrate the gaps in your
response : XX/XX/XXXX : I called again at XXXX XXXX, only to find no complaint or case notes lodged from the previous night. I had to escalate my complaint again, insisting on a formal investigation and restitution. 

XX/XX/XXXX : I called to check on the status of my complaint, only to find no documentation on my case. Once more, I escalated the issue, expecting a response from the account takeover team. 

XX/XX/XXXX : I received a letter denying my claim, stating no suspicious activity was found. This decision was in direct contradiction to the evidence I provided. 

XX/XX/XXXX : I called to understand the denial rationale, speaking to a representative named XXXX, who gave no satisfactory explanation, so I escalated to XXXX. She mentioned the claim was denied because I had legitimate transactions between the fraudulent ones. These were unrelated, as they were online bill payments and not connected to the disputed debit card transactions. This lead to my case being reopened by a supervisor ( XXXX ). 

XX/XX/XXXX : I learned that despite multiple escalations, the account takeover investigation had only been officially initiated on XX/XX/XXXX. By this time, nearly a month had passed since the initial fraud incident. 

XX/XX/XXXX : My claim was denied again with a dismissive explanation that the charges had been verified by Fraud Detection, stating calls originated from my phone. This blanket response disregards the facts of the account takeover and the manipulation involved.

Throughout this process, I raised valid concerns : 1. Why did four charges get approved after four were declined on my account without any intervention or account suspension? Most financial institutions require you to call when declined charges occur.

2. Why wasnt I alerted immediately after the multiple declined transactions, as other banks typically require verification before further transactions?

3. How can you ensure this wasnt an internal breach given the level of detail in the scammers approach, which closely mirrored Wells Fargos scripting and procedures? 

On XX/XX/XXXX, I received a secure email stating the denial of my claim for the same reason. This response is dismissive and fails to address the core issues : a breach of security protocols, failure to protect the account despite multiple warning signs, and neglect in promptly suspending my account after declined charges. I have asked Wells Fargo to : 1. Conduct a comprehensive investigation into the internal processes and to provide evidence that my account was not accessed improperly. 2. Provide a full refund of the {$10000.00} given the banks failure to prevent this fraudulent activity despite clear red flags. 3. Reinforce account security protocols to ensure that such breaches do not happen in the future.

As I am now on my fourth denial, two original letters without a phone call explanation, and two secured emails, I have not yet received my request nor have I been protected as a consumer nor have I been assured that all preventative actions are in place for future consumers. I've not been taken seriously and need the CFPB to reconsider your stance on this matter. I am seeking immediate resolution and restitution to recover my stolen funds.

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 monetary relief