Consumer complaint received 2025-07-01 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: CA

Complaint narrative:
Response to Wells Fargos CFPB Reply Continued Dispute of Fraud Claim I appreciate that Wells Fargo has provided a response, but I am not accepting their resolution. I am requesting continued CFPB involvement to address the following critical issues : 1. Failure to Protect Consumer from Fraud Wells Fargo claims these were authorized transactions simply because they went through a person-to-person ( P2P ) payment service. This ignores the core issue : these payments were the result of social engineering fraud or an imposter scam in which I was deceived into sending funds to fraudsters. The banks own fraud team should know that scams of this type are widespread and that their customer was a victimnot a willing participant in an ordinary transaction. 

Simply saying P2P services dont carry dispute rights does not absolve Wells Fargo of its duty under Regulation E to investigate errors involving unauthorized electronic funds transfers ( EFTs ). The CFPB has issued guidance that fraud induced via XXXX XXXX can still qualify as an unauthorized EFT under the EFTA.

2. Inadequate Investigation Wells Fargo claims its investigation was completed, yet they closed my claim in just one day on multiple occasions. That is not a good-faith investigation under EFTA requirements . The bank has not provided evidence that my supposed authorization was informed and legitimate rather than coerced or fraudulent.

3. Shifting Responsibility Improperly to the Customer Wells Fargos suggestion that I pursue recovery directly with the scammer is not realistic or responsible. The entire purpose of consumer protections is to protect people from precisely this type of loss.

4. Misuse of " Compliance Guidelines '' Wells Fargo says they are restricted by regulations from refunding me, but that is false or misleading. Regulation E, 12 CFR 1005.11, requires them to investigate errors and provisionally credit accounts if they can not establish authorization. Their denial does not demonstrate they met those obligations.

5. Lack of Fraud Safeguards Wells Fargo touts Advanced Access and other security measures in their letter while failing to explain how those measures were bypassed or why they didnt prevent this loss. That suggests a systemic weakness in their security controls. 

I am therefore requesting the following : That Wells Fargo re-open my fraud claim and conduct a proper investigation in line with Regulation E.

That they provide me, via CFPB, with a full copy of their investigation documentation, including any evidence they used to claim the transactions were authorized. 
That they explain why the repeated one-day closures of my claim meet the standard of a good-faith, reasonable investigation under the law. 
That they review their P2P procedures to ensure they comply with CFPB guidance on fraud and social engineering. 
That they reconsider reimbursement of my losses in line with their obligations. 
I will continue to pursue this dispute until I receive a fair and lawful resolution. 

Thank you for your continued attention to this matter.

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