Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #11252857
Complaint Overview
Complaint ID: 11252857
Company: Wells Fargo & Company
Product: Money transfer, virtual currency, or money service
Sub-Product: International money transfer
Issue: Fraud or scam
State: New Jersey
ZIP Code: 085XX
Date Received: 2024-12-22T12:00:00-05:00
Date Sent to Company: 2024-12-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
From XXXX to XXXX XXXX, a series of wire transfers were done from Wells Fargo Bank to what I was led to believe was a legitimate Crypto Currency Platform known as XXXX. I was over the age of XXXX when these transfers were done. All of the funds were personal retirement funds accumulated over my working life. The total funds wired was approximately {$150000.00}. Some of the Wells Fargo wires were done on my phone with the direct involvement of the scammer. Subsequently, the wires were done at the Wells Fargo branch. I had rarely taken any money from my retirement accounts. After several wire transfers, Wells Fargo did perform an investigation and advised that this was something called a " pig butchering '' scam. I contacted law enforcement who confirmed this. My issue is that there were not sufficient safeguards on the Wells Fargo Platform to prevent this fraudulent scam activity. Wells Fargo Bank and specifically the wire department should have discovered the fraudulent scheme sooner. By the time, the scam was discovered the damage was done. My financial loss is {$150000.00}. The wires went to Banks like XXXX XXXX XXXX XXXX. al. The receiving banks should also have alerted Wells and in turn me about the scam.
Frequently Asked Questions
What is Complaint #11252857 about?
Complaint #11252857 was filed against Wells Fargo & Company regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2024-12-22T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.