Consumer complaint received 2025-07-01 00:00:00
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
I am submitting this complaint regarding Wells Fargos denial of my fraud claim related to a deceptively induced transaction that occurred on XX/XX/year>. On that date, I was targeted by a sophisticated scam involving impersonation of Wells Fargos fraud department, including a spoofed phone number and a text message that mirrored Wells Fargos actual fraud alerts. At XXXX PM, I received a text asking whether I had authorized a {$730.00} charge at XXXX XXXX. The message used the same language Wells Fargo typically uses and instructed me to reply N if I had not authorized the charge. I replied N, and shortly after, I received a call from someone claiming to be a Wells Fargo fraud specialist. 

This individual could see my full Wells Fargo account, referenced specific details about my account, and claimed that immediate action was needed to protect my funds. The call lasted XXXX minutes and involved step-by-step instructions to transfer my funds to what I was told was a secure location. Believing I was protecting my account from fraud, I followed their instructions and transferred {$4200.00} via XXXX XXXX, funded by my Wells Fargo XXXX XXXX XXXX. I had no reason to doubt the legitimacy of the instructions, as everythingfrom the text message to the phone callsmirrored Wells Fargos actual fraud response procedures and the individual was able to verify my most recent charges, meaning they could see my Wells Fargo checking and savings accounts. 

After realizing I had been scammed, I immediately reported the fraud to Wells Fargo. Despite clearly explaining that the transfer was induced through impersonation and deception, Wells Fargo denied my claim, stating that the transaction was authorized. While I technically initiated the transfer, I did so under false pretenses, based on deliberate misrepresentation by a party pretending to be Wells Fargo. This was not a valid or informed authorizationI was manipulated into taking action that benefited a scammer, not me. 

I received absolutely no benefit from this transaction and have suffered significant financial hardship as a result. The loss of over {$4200.00} has impacted my ability to meet essential expenses. I am now financially burdened, emotionally distressed, and forced to navigate account changes and dispute processes on my own. Wells Fargos refusal to reimburse me places the full cost of their inadequate fraud safeguards and systems on me, the victim.

While Regulation E may not cover fraudulently induced authorized transactions, this situation falls squarely under UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices ) under 12 U.S.C. 5531 and 5536. The impersonation, the spoofed communications, and Wells Fargos failure to intervene or provide meaningful fraud warnings demonstrate deceptive and unfair practices. I respectfully request that the CFPB investigate this matter, review Wells Fargos denial, and assist in securing reimbursement of the {$4200.00} XXXX lost due to this fraud.

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