Consumer complaint received 2026-02-03 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: PA

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am submitting this complaint regarding Wells Fargo Banks handling of severe elder financial exploitation involving my uncle, XXXX XXXX XXXX, age XXXX, who was the victim of a romance scam resulting in approximately {$200000.00} in wire transfer losses. 

This complaint concerns XXXX XXXX failure to adequately protect an elderly customer from ongoing and highly suspicious financial exploitation despite repeated red flags, internal awareness, and multiple intervention attempts. 

Since 2025, XXXX XXXX Wells Fargo account has been used to conduct extremely unusual and high-risk wire transfers that were entirely inconsistent with his prior banking behavior and financial profile. 

These transfers were later confirmed to be connected to a romance fraud scheme targeting him as a vulnerable older adult. 

The volume, frequency, and nature of these transactions should have triggered enhanced safeguards, escalation, and mandatory reporting procedures consistent with federal suspicious activity monitoring obligations and elder exploitation protections. 

Wells Fargo has acknowledged that they attempted to contact XXXX XXXX approximately seven ( 7 ) times warning that the wire activity may be a scam. 

While these calls demonstrate that Wells Fargo identified clear indicators of fraud and exploitation, the bank nevertheless : Allowed continued outgoing wires Failed to restrict or freeze transactions Did not close or suspend the account for protection Did not provide documentation of any elder abuse report or escalation In an XXXX customer experiencing ongoing exploitation, warning calls alone are insufficient when the bank continues processing catastrophic transfers. 

Under the Bank Secrecy Act ( BSA ) and XXXX regulations, financial institutions are required to monitor and report suspicious transactions, including those involving elder exploitation. 

Elder financial exploitation is specifically recognized by XXXX as a form of suspicious activity that warrants the filing of a Suspicious Activity Report ( SAR ). 

Wells Fargos continued processing of these wires despite known red flags raises serious concerns regarding compliance with : 31 U.S.C. 5318 ( g ) ( Suspicious Activity Reporting requirements ) XXXX  guidance on elder financial exploitation and scam-related wire transfers If Wells Fargo suspected fraud strongly enough to warn XXXX XXXX repeatedly , it is reasonable to question whether SAR filings were made and whether proper escalation occurred. 

XXXX XXXX is a protected older adult under Pennsylvania law, and this activity constitutes clear elder financial exploitation. 

Pennsylvania statutes encourage and authorize financial institutions to report and intervene in suspected exploitation of older adults. Wells Fargos failure to document protective action or provide evidence of reporting is deeply troubling.

Wells Fargos Deposit Account Agreement generally reserves the banks right to : Refuse or delay transactions Restrict account activity Close accounts to prevent loss or fraud Take action when suspicious or unauthorized activity is detected Given the extraordinary circumstances here, Wells Fargos failure to use its authority to prevent further exploitation represents a breakdown in consumer protection, particularly for an elderly and vulnerable customer. 

Given the severity of this exploitation and Wells Fargos failure to implement effective protective measures, I am requesting : A full CFPB investigation into Wells Fargos handling of this matter Written confirmation of whether Wells Fargo complied with SAR and elder exploitation reporting obligations Reimbursement review and remediation for losses enabled by the banks failure to restrict suspicious wire activity Corrective action to prevent future elder victims from suffering similar harm. 

This case reflects a devastating failure to protect an XXXX customer from ongoing financial exploitation despite repeated warning signs and the banks own acknowledgment of suspected fraud. 

Elder romance scams are a well-known, foreseeable form of exploitation. Financial institutions must do more than place warning calls while continuing to process ruinous transactions. 

I expect a fully reviewed response from Wells fargo. The requested information can be sent directly to his email address and address on file. 

Thank you for your prompt attention to this urgent matter. 

XXXX XXXX and XXXX XXXX XXXX.

Company response to consumer: Closed with explanation