Wells Fargo Issues Fraud Warning As Scammers Drain $503,910,000 From US Banks in Three Months

Wells Fargo is issuing a warning to US bank customers as new numbers shed light on the amount of fraudulent transfers hitting Americans’ bank accounts.

In a new op-ed, Wells Fargo fraud expert Margarita Alvarez says imposter scams are on the rise, with $2.7 billion lost in 2023, according to the Federal Trade Commission (FTC).

Imposter scams utilize a wide variety of techniques to steal cash, including fake payment app requests, phony bank alerts and phone calls, and scams involving the cloned voices of friends and family members.

To avoid becoming a victim, Alvarez recommends customers use two-factor authentication and official bank app alerts, while remaining extremely vigilant and cautious about unsolicited requests for money or sensitive details.

Writes Alvarez in IE Community News,

“Providing personal information such as one-time passcodes, passwords, or PINs can give scammers access to your account and funds.

Your bank won’t ask you to send a payment or hand over your physical card to prevent fraud. If you get a call asking for that, hang up and call your bank directly.”

The warning comes as new data from Statista shows US bank customers lost $503.91 million to fraudulent transfers and payments in the third quarter of this year alone.

That’s ahead of fraudulent crypto transfers, at $331.61 million.

Statista compiled its data using reports from US consumers to the FTC, based on people who reported losing anything from $1 to $999,999.

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