Wells Fargo warns customers about bank imposter scams: 5 steps to protect yourself
FILE - A sign is posted outside of a Wells Fargo bank on July 14, 2021 in Mill Valley, California.
NEW YORK - Wells Fargo is warning customers about a growing scam in which fraudsters pretend to be bank employees in an attempt to steal money or sensitive account information.
How the scam works
According to Wells Fargo, scammers may call, text or email victims claiming there is "suspicious activity" on their account.
The call may appear legitimate because criminals can use spoofing technology to make it look like the call is coming from the bank.
Scammers may then ask victims to:
- Provide personal information such as PINs or passwords
- Share one-time access codes
- Send money to "reverse a transfer" or "protect" their account
- Mail a debit card or give it to a courier
Wells Fargo says these requests are red flags.
5 steps to avoid bank imposter scams
1. Don’t rely on caller ID
Caller ID can be spoofed, meaning the number displayed may not actually be from your bank.
2. Don’t share private account information
Wells Fargo says its employees will not call customers to ask for PINs, passwords or one-time access codes.
3. Ignore requests to send money
The bank says it will never ask customers to send money to fix a problem, reverse a transfer or protect funds.
4. Don’t approve transactions you didn’t initiate
If you receive a one-time access code for a transaction you didn’t start, do not share or use the code.
5. Hang up and contact the bank directly
If something feels suspicious, hang up and contact your bank using the number on the back of your card or the official website or mobile app.
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How to report a scam
Customers who believe they may have shared sensitive information or sent money to someone posing as Wells Fargo should contact the bank immediately at 1-800-869-3557.
Why you should care:
Bank imposter scams are part of a broader rise in phishing and spoofing schemes targeting consumers nationwide. Financial institutions and law enforcement agencies continue to urge customers to verify communications directly before sharing any personal information.
The Source: This article was written using consumer security guidance from Wells Fargo.