Consumer complaint received 2023-12-01 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: MD

Complaint narrative:
Dear Consumer Financial Protection Bureau, I hope this letter finds you well. I am writing to formally lodge a complaint against Wells Fargo regarding their handling of a recent fraudulent wire transfer incident that occurred on XXXX. 

I received a call from someone claiming to be from Wells Fargo ( the number was the actual WF number XXXX ), stating there was wire fraud in progress. They asked to verify my identity and instructed me to add a case manager 's name XXXX XXXX and acct number ( XXXX XXXX ) with my billing address to my recipients under the wire. They proceeded to tell me to enter the exact amount with the incorrect billing it will cancel each other out but confirm I am the real account holder. They claimed it was an outbound-only call and insisted I couldn't call back without risking the release of {$8700.00} to the alleged fraudster named XXXX XXXX XXXX Despite skepticism, I proceeded, then realized it was a scam, called Wells Fargo on a different phone. When I called Wells Fargo the fraudster was on mute and said they could see that I was calling into the call center which made me believe they were real so i hung up. Followed their instructions till I couldn't take it anymore Called WF back and kept fraudster on mute and they didn't stop the transaction. They advised me to block the WF number, filed a claim.

I immediately took the necessary steps by reporting the incident to the Federal Trade Commission, Maryland Attorney General, and the FBI. However, despite my prompt action, the fraudulent transfer to a XXXX XXXX XXXX account was not halted in a timely manner. 

During the incident, I engaged with a Wells Fargo agent named XXXX, who, regrettably, did not take the necessary steps to prevent the unauthorized transfer. Instead of advising a block on the transaction, I was instructed to report the claim, leading to a delay in stopping the transfer. 

Furthermore, my concern deepens due to the lack of cybersecurity measures in place that allowed this fraudulent activity to proceed unchecked. I am troubled by the apparent knowledge that Wells Fargo may have about such specific types of fraudulent wire transfers, raising questions about the adequacy of their efforts to protect loyal customers. 

Additionally, I am dismayed by the absence of XXXX disclosures associated with this incident. It is my understanding that such disclosures are crucial in ensuring transparency and accountability, especially in cases of financial fraud. 

I am reaching out to the Consumer Financial Protection Bureau to request a thorough investigation into this matter and to seek guidance on the steps Wells Fargo should take to prevent similar incidents in the future. I trust that your intervention will not only address my concerns but also contribute to enhancing the overall security and customer protection measures within the banking industry. 

I appreciate your attention to this matter and look forward to a prompt resolution.

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