Consumer complaint received 2022-09-16 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: SC

Complaint narrative:
On XX/XX/2022, I was the victim of a scam involving XXXX and Wells Fargo. I received a call from the " bank '' inquiring if I had made any purchases in Florida ( I live in SC ). " No. '' The phone number on my screen for the call was the Wells Fargo customer service number, as verified when I called that number later. XXXX, the scam guy, sent me a code, which I repeated back to him. From what I've been told, when he received that code, he was able to change my password and get into my account. He told me that he also saw payments made through XXXX, drafted out of my savings account, and did I make those. " No. '' The payments were in the amounts of XXXX, XXXX and XXXX, which pretty much wiped out my savings account. 

XXXX said that if I called the recipients and asked them to transfer the money back to my account, they would not be caught up in the fraud investigation and I would have my money back. Sounded good to me, so I called each one. XXXX stayed on the line during the process and was very interested in the code that is sent to the recipient verifying the transfer. 

XXXX, who got the XXXX, wasn't familiar with the transfer process so she was only able to transfer XXXX back to " my '' account ( the money went to the scammer, not me ). After everyone had transferred the money, XXXX told me that he had ordered a replacement debit card and it would be expedited and would arrive the next day. He also said that everything was taken care of with the account and not to worry, and don't worry if I get any notifications from the bank. Okay, call ended. 

Within about a half hour, XXXX called me, saying that the " bank '' had called her, telling her that she still needed to transfer the remaining XXXX. She got suspicious, hung up on them, and called me. I knew that was trouble, so I called the bank number ( which was the same one XXXX had called me on ) and reported this fraud scam to them. They did the same thing that XXXX did, sent the code and all. They were able to see that that activity had taken place on my account and said it was very suspicious and I should report it as fraud. I filed a complaint with their loss prevention department ( case # XXXX ). They said they would get back to me after investigating the claim. I ordered a new debit card and ended the call. 

We also filed a police report with the XXXX XXXX Sheriff 's Office ( case # XXXX ) and have been informed an investigation will proceed. If you need a copy of this report, I can provide it to you. 

We received a letter from Wells Fargo denying the claim because I had authorized the transfer. I understand Wells Fargo and XXXX both have language protecting them from liability if a transfer is authorized. 

I was very upset and surprised with this news, as I have been made whole on other fraudulent activity on my account in the past. I phoned the bank again and filed an " executive complaint '' with them ( XXXX ) and they said they would do further investigation and someone would contact me within 10 days, but I have not heard from them yet. That claim was filed last week. 

I got a call from XXXX today letting me know that XXXX had been sent as a reverse payment regarding the payment she had made to me. That deposit into her account was on XX/XX/XXXX. She is concerned about her account and using it, but she wrote me a check for the XXXX to reimburse me. I called the other two recipients and they did not have any reverse payments into their account. I plan to call the bank today to inquire about this. 

I did some research online and I understand that under your guidelines there is a Regulation E, and that there is protection for a token error, or incorrect electronic fund transfer, as defined in Section 1005.11 ( a ) 1 ) ( iii ). ( hope I got that right ) when the transfer is authorized as part of a scam. 

The lady I talked to at your agency said that you would follow up with this complaint. You have my email address, so I guess that's how I will hear from you. I'd be happy to provide my phone number if you want it. 

At this point, this is all the information I have. I look forward to hearing from you to help me resolve this issue. Thanks.

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