Consumer complaint received 2023-06-03 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
Wells Fargo fraud department contacted the consumer at approximately XXXX XXXX on XX/XX/2023 and notified him/her of a transfer of money from his/her checking account to his/her savings account and an electronic wire transfer in the amount of {$25000.00} from his/her savings account. The consumer confirmed with the representative that this activity was fraudulent and not initiated by him/her. He/she was instructed to login into his/her Wells Fargo account and walked through a series of steps that was supposed to cancel the pending wire transfer. At this time, the representative stated a fraud claim was being initiated and the username and password to his/her online banking was changed. During the course of this conversation, the consumer confirmed the phone number was the Wells Fargo XXXXraud department number. The representatives stated that the money would be returned to the consumer 's account by the next day, Saturday XX/XX/2023. 

Later that afternoon, the consumer attempted to login to his/her online banking account but was locked out. He/she then contacted the Wells Fargo fraud department at approximately XXXXXXXX XXXX. At this time, the representative did not have any history of a fraud claim being initiated earlier in the day. A new fraud claim was begun for the online money transfer and wire transfer which had been posted. His/her username and password to his/her online banking were once again changed, his/her checking and savings accounts shut down, and two credit cards were turned off as it was obvious his/her online account had been hacked. New accounts were opened and new cards issued. He/she was told at this time that the fraud department would be investigating the fraudulent activity. 

As of Tuesday XX/XX/2023, after speaking with an Executive Case Manager assigned to this fraud claim, the consumer was informed that the initial phone call was from a spoofed phone number posing as the Wells Fargo fraud department. The initial phone call was actually made by scammers and during the phone call they had actually instructed the consumer in completing the wire transfer. 

On XX/XX/2023, the consumer received a letter in the mail from Wells Fargo post marked XX/XX/2023 stating that the fraud claim had been closed and the investigation determined that the wire transfer was not fraudulent because it was initiated from the consumer 's online account. The letter claimed that the consumer must have either initiated the transfer him/herself or shared his/her login, and therefore the fraud was essentially the consumer 's fault. 

Wells Fargo is refusing to consider the wire transfer fraudulent despite admitting that this is a scam. The consumer has now had {$25000.00} stolen from their account that Wells Fargo is refusing to reimburse. Well 's Fargo online banking system is insecure and allowed this to occur, yet is not being held responsible and instead the consumer is being held responsible for the fraudulent activity that occurred.

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