Consumer complaint received 2026-01-28 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY
State: VA

Complaint narrative:
On XX/XX/year>, I was the victim of a Wells Fargo bank impersonation scam. I received a fraudulent text message claiming to be from Wells Fargo, asking whether I recognized a {$2100.00} transaction at XXXXXXXX XXXX  XXXX and instructing me to reply YES or NO. I replied NO. 
Immediately afterward, I received a phone call from an individual identifying as XXXX XXXX from the Wells Fargo Fraud/Security Department , who stated that fraudulent activity had been detected on my checking account linked to my debit/credit card. Under this pretense, I was instructed to verify recent transactions and was told that to secure my accounts, I needed to urgently transfer {$2000.00} into my XXXX XXXX account. Acting under deception and fear of losing my funds, I complied. 
The impersonator then directed me to download the XXXX XXXX XXXX XXXX XXXX, create an account, and transfer the {$2000.00} from XXXX XXXX into the app to trace the IP address of the fraudster. After completing this transfer, I was instructed to create a new virtual credit card and move the {$2000.00} to it. The transaction failed, and I was locked out of the app. When I contacted XXXX XXXX support, they informed me it would take 24 hours to unlock my account. As of now, the {$2000.00} remains in the XXXX XXXX XXXX XXXX XXXX. 
Realizing I had been scammed, I immediately reported the fraud to Wells Fargo and filed Claim # XXXX on XX/XX/year>. Wells Fargo denied the claim within five business days ( on XX/XX/year> ), stating the transactions followed their security procedures. They provided no documentation of their investigation despite my legal right to receive it. Wells Fargo asserted the denial was because a cancellation was not made or attempted prior to the expected date ( s ) of service and the services were rendered at the time of the transaction. This reasoning is incorrectthe fraudulent activity occurred on XX/XX/XXXX, was reported the same day, and posted on XX/XX/XXXX, this shows evidence that Wells Fargo did not try to cancel or stop the fraudulent transaction after I submitted the claim on XX/XX/XXXX. 
Additionally, Wells Fargo invoked overdraft protection from my credit card ending in XXXX, conducting a cash advance of {$1800.00} into my checking account. Since the claim was denied, Wells Fargo is not covering this overdraft amount. In total, this scam has caused a loss of {$3800.00}, which Wells Fargo refuses to reimburse. 
On XX/XX/year>, a Wells Fargo Claims representative stated my claim was denied because the transaction was authorized, solely because I initiated iteven though I was induced under false pretenses by someone impersonating a Wells Fargo employee. This position ignores CFPB guidance that fraudulently induced transactions can still qualify as unauthorized under the Electronic Fund Transfer Act ( EFTA ). Wells Fargos interpretation is a systemic compliance failure that misleads consumers about their rights. Under Regulation E, a consumer can not authorize a transaction when manipulated by fraud and impersonation. These are unauthorized electronic fund transfers under 12 CFR 1005.2 ( m ) and 1005.6 ( a ).

This loss has caused significant financial hardship and emotional XXXX. I respectfully request CFPB assistance to : 1 ) Order Wells Fargo to reopen my claim and properly classify this as unauthorized fraud. 2 ) Reimburse the full {$3800.00} amount ( {$2000.00} + {$1800.00} ) consisting of the stolen money and the overdraft protection amount. 3 ) Provide documentation of their investigation and decision.

Thank you for your assistance.

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