Consumer complaint received 2022-07-07 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
On XX/XX/XXXX, I called XXXX customer service as I was having difficulty setting up my account with my Wells Fargo checking account. The phone line ( unbeknownst to me ) was intercepted by a scammer who was posing as a XXXX representative who could assist with my request for help. I had no reason to question anything at the time as I had called the published XXXX customer service phone number. The scammer proceeded to advise me that he could help me link my my Wells Fargo account with my XXXX account so that I could send and receive XXXX payments via my Wells Fargo account. He instructed me to open my Wells Fargo account on my phone to help facilitate the linking of the two accounts ( XXXX and Wells Fargo ). He asked that I transfer money from my Wells Fargo account to my XXXX account in the amount of {$490.00}. It appeared that the money would be transferred correctly. However, the scammer was able to manipulate my screen without my knowledge and send the money to his XXXX account. Because there is a {$500.00} limit on transfers, I wanted to process one more transfer into my XXXX account, also in the amount of {$490.00}. Of course, he manipulated my screen again and transfered the money into his account. I was not aware of what happened until we finished the phone call and it was too late. I called Wells Fargo immediately to report the scam. They filed a claim for me and said they would be in touch within 7-10 days. The result was a denial of my claim because they said I authorized the transfers. Technically, I did authorize the transfers but not to the account in which they went to. I authorized the funds to be transfered to my XXXX account. Once the scammer had control of my screen, he manipulated the information so that the money would transfer to his account. All the while, I could not see or detect what was happening. I have requested and been granted three claim escalations ( or appeals ) with Wells Fargo, with the last being reviewed by the Enterprise Complaints Management Office at Wells Fargo. For over a month now, I have talked with countless claims representatives and I have devoted upwards of 10-12 hours of my time fighting this battle, all to be denied in the end. They keep hanging their hat on the " authorized transfers '' reason for denial. Based on research that I have completed, there is a federal law that was passed in XXXX, called the Electronic Funds Transfer Act. It provides vital protections to consumers when they transfer funds electronically, whether it be debit card transactions, electronic withdrawals, transfers, or deposits, to name a few. This Act dictates that even when consumers are unwittingly duped or tricked into authorizing a transfer, they are still protected. I have read several articles online about how rampant these scams have become. So rampant that banking institutions, in some cases, have caved under public and governmental pressure, to reimburse victims, even though they have been denying thousands of claims. This has been a major cause of stress and anguish in my life as those lost funds have caused me to miss my last rent payment. And Im not sure when and if I will catch up. I sure hope you can help me. Please contact me if you need any further information. Thank you for your assistance and consideration with my dire situation.

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