Consumer complaint received 2025-01-13 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
Incident Report : Fraudulent Activity and Misrepresentation Wells Fargo bank Claim # XXXX : XXXX XXXX XXXX XXXX XXXX XXXX XXXX On XX/XX/2024, I received a text message from Wells Fargo requesting validation for two transactions : a {$700.00} something I can't remember the exact amount for apurchase at XXXX XXXX XXXX XXXX XXXX, and a {$390.00} purchase at XXXX XXXX. I immediately replied via text that these transactions were invalid by replying NO. Shortly after within a minute, I received a call from a man named XXXX XXXX ( imposter ), claiming to be a representative of the Wells Fargo Fraud Division. He informed me that he was investigating fraudulent activity allegedly committed by a Wells Fargo employee with access to my account who was selling my information. Interaction with " XXXX XXXX '' appeared credible, as he reviewed my Wells Fargo account credentials and transaction history, which I verified as accurate. He mentioned that someone had attempted to access my account using an XXXX XXXX which he suspected could have been assisted by a Wells Fargo employee. I instructed him to deactivate the device, and he confirmed it was done. When I received a fraud alert notification from Wells Fargo, XXXX reassured me that he had been assigned to handle the issue. He advised me not to respond to any other calls from Wells Fargo, claiming they could jeopardize the investigation. To avoid disruptions during our call, he temporarily disabled the notifications. He further claimed to have frozen my accounts and proposed transferring the funds into a " new secure account '' via XXXX XXXX or XXXX XXXX. Setting Up a New Account in XXXX XXXX instructed me to open XXXX XXXX. Though I had never used it for financial transactions, I set up a PIN as prompted. Strangely, I noticed two unfamiliar Visa card numbers within the app that I was unable to delete. XXXX dismissed my concerns, stating we would address it later. Bank Visit and Cash TransactionsHe directed me to the Wells Fargo branch at XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, CA XXXX, instructing me not to speak to staff or the manager, as they could be " involved. '' He advised me to withdraw {$16000.00} from my business checking account and redeposit the cash into the ATM. Upon requesting the withdrawal, the teller informed me that only {$10000.00} could be disbursed, with the remaining {$6000.00} offered as a cashiers check. XXXX instructed me not to accept the check. I withdrew {$10000.00} in cash, exited the branch, and redeposited it into the ATM located outside the same branch. He also guided me through addingnewaccount details he provided into XXXX XXXX. Second Branch VisitXXXX directed me to another Wells Fargo branch at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX to withdraw the remaining {$6000.00}. I withdrew the amount and redeposited {$5800.00} into the ATM, keeping the {$200.00} that the machine rejected due to the condition of the bills. Anomalies and Final InstructionsDuring these transactions, I noticed discrepancies in the last four digits of the new account numbers displayed in XXXX XXXX compared to the original numbers I had seen earlier. Despite my concerns, XXXX assured me that these changes were normal. He also attempted to assist me in deleting the unfamiliar Visa cards from XXXX XXXX, but the deletion process was unsuccessful. Then all of a sudden, all account numbers in my XXXX wallet disappeared, when I asked XXXX what had happened, he said this was normal and would take XXXX minutes to reappearagain.At the end of the interaction, XXXX assured me that Wells Fargo would send new cards, business checks, and personal checks overnight. I provided him with XXXX numbers for pending vendor and employee payments, which he claimed would be covered by the new account. After returning to my office, I discovered multiple fraud alert emails from Wells Fargo, clearly indicating that something was wrong. To make matters worse, Wells Fargo processed these fraudulent transactions and is now requesting that I make payments on them. How the hacker accessed my personal and financial information without my knowledge, and why Wells Fargo was unable to prevent it, is beyond belief. Even more troubling is how the imposter, XXXX, was able to freeze and unfreeze my accounts during our interactions -actions that should be restricted to authorized Wells Fargo employees. This suggests a serious breach of security within Wells Fargo 's network, coupled with a failure to safeguard consumer information.It has now been fivedays since this incident occurred, and I have yet to receive any communication from a Wells Fargo fraud investigator, despite being informed that it would take 7 to 10 business days for an investigator to contact me for a review. This delayed response demonstrates negligence and highlights a significant failure in the banks systems to protect its customers. Such lapses are unacceptable and demand immediate attention and 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 monetary relief