Consumer complaint received 2021-12-12 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
On XX/XX/21 I received a phone call from the Wells Fargo XXXX number from someone claiming to be a banking representative asking if I authorized several charges on my checking account. At the time my debit card had been misplaced so I believed someone had my card and was using it to make charges. The so-called banking representative said he would take care of it by having me accept the XXXX transfer he initiated, and those funds would then be put back into my account. At the same time, I received text messages asking if I had authorized those charges to which I replied no. He asked me to open my Wells Fargo app to approve the {$2000.00} XXXX transfer and when I questioned it, he said he was with the Wells Fargo office in XXXX XXXX and read off a badge number and reiterated that he called me from the XXXX Wells Fargo phone number. I've been banking with them for almost 30 years and know that is the phone number so that is why I trusted the legitimacy of the phone call and because my card at the time was missing. I approved the transfer and then immediately hung up because my friend entered my car at the time and told me it was a scam because the same thing happened to her a few weeks prior with XXXX XXXX XXXX. After I hung up, I called Wells Fargo back to ask if they had placed the call and talked to 2 different bankers that would not answer my question. At this point I thought my phone number had been flagged and did not trust the legitimacy of who I was speaking with, so I called Wells Fargo again from my friends phone number and was able to file a complaint. This all took place on XX/XX/XXXX and my complaint was filed within 1 hour of this happening. Since then, Wells Fargo has said they researched my complaint and there was nothing they can do to refund the {$2000.00} because I authorized the charges. I have gone into a branch to discuss the circumstances around what happened and was told it was escalated only to receive another letter telling me they were closing the case. I have called several times since and been told that they were turning the case over to management and someone would call me within 24 hours never to receive a phone call. Their stance is that I authorized the charges and I have no protection since it was a XXXX transaction. My friend who had the same thing happen was able to receive her funds back from XXXX XXXX XXXX within a few weeks. I don't see how it is possible that I have no protection from Wells Fargo. I have researched this scam online as well and know it has happened to other consumers in other cities and they have also been refunded their money. 

I work in media and have reached out to several media outlets to get help advocating for consumers about this scam and ultimately, get a refund from my financial partner who I have trusted with my bank accounts and mortgage for nearly 30 years. I have learned that XXXX XXXX XXXX XXXX XXXX is owned by Wells Fargo XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX The XXXX app is linked to a persons bank account. While its true that the fine print says XXXX offers no protection, how is it reasonable that the banks who own XXXX take no responsibility when their app is repeatedly used to scam their own customers? In fact, despite knowing this is a widespread problem, they continue to encourage their customers via email and TV marketing to use XXXX, thereby perpetuating harm to customers who should be able to trust them. Just because something is legal doesnt make it ethical. If these banks had to stand behind the company they own, this app would have been either fixed or recalled long ago.

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