So if you get a call or fraud alert that seems to be from your bank, do not respond. Scammers also can easily send phony text messages. Don't believe the caller ID, even if it seems to be your bank. Many victims say they had no idea a caller ID could be fake - but scammers do it all the time. VIDEO: San Francisco man loses half his savings in bank transfer scam "Whether I have $1 in there, or I have a million dollars in there, I should be protected," Marin agreed. "They truly, truly did nothing," Reynolds said. Since Zelle is an immediate form of payment, recovering funds for scam victims typically isn't possible." "It's disheartening that scammers are actively pursuing and defrauding victims, and we understand the frustration and anger expressed by victims. When ABC7 pointed that out, Bank of America did refund some customers. The Federal Electronic Fund Transfer Act requires banks to refund consumers for fraudulent money transfers. Wells Fargo said their Zelle payments were "processed as requested" and so they would not be receiving any refund.īank of America has also rejected claims by victims of the Zelle scam, saying they "authorized the transactions" and Zelle offers "no fraud protections." "'Well you authorized this.' Well yeah, why would I purposely lose my money?"Įach filed a claim. "It was like, 'Oh well you lost the money,'" Reynold said. "I thought I would be completely protected, especially through a scam," Marin echoed. VIDEO: Bank of America gives refunds to some victims of growing Zelle scam Marin and Reynolds both say Wells Fargo did little to protect their funds. "I've been a customer for over 15 years, they'll do something for me, they'll figure this out. "As soon as I gave him the code, the phone conversation disconnected," she said. So she followed his instructions, transferred her funds, and read him the transaction code. However, the man on the phone wasn't really the bank employee. She also Googled the name the man gave her when he'd called, and it was a real Wells Fargo bank officer. RELATED: Scammer sends death threats, gruesome photos to San Jose teen, steals $10K It showed the real Wells Fargo phone number.īut it was fake. The man told her to check the caller ID on her phone. "I said 'How do I know you're from Wells Fargo? You could be anybody.'" And I had to remove my phone number," she said. "He said I had to go into the Zelle button on my Wells Fargo app. The man said she'd better quickly reverse the fraudulent transactions. "It was complete panic, all my money for my bills are in my account," Reynolds said. And then, almost instantaneously, I received a call that said, 'Wells Fargo Fraud Protection,'" she said.Ī man on the phone said someone was draining her account.
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