Two Wells Fargo clients retrieve substantial sums of money allegedly stolen from them in a complex con
In the ever-evolving digital landscape, phone scams involving impersonators claiming to be from financial institutions like Wells Fargo have become increasingly common. These scams, often referred to as pretexting, can be particularly damaging as scammers create convincing narratives to gain trust, such as alerting victims to alleged fraudulent activity on their accounts.
Recent cases, such as those involving Wells Fargo customers Paul Schendel and Scott Merovitch, have highlighted the sophistication and evolving nature of these scams. Both Mr. Schendel and Mr. Merovitch lost substantial sums of money after receiving phone calls with caller ID that read Wells Fargo.
To help protect customers from falling victim to these scams, Wells Fargo is increasing education efforts. These efforts include alerts in online banking sessions, mobile app, customer communications, displaying warning notifications, and resources like their Online Security Center.
Here are five steps to help protect yourself against phone scams:
1. **Verify Calls Independently** - If you receive a call purportedly from your bank, do not take any action based on that call alone. Hang up and contact your bank directly using a phone number from your bank's official website or a trusted source to verify the call.
2. **Never Share Sensitive Information** - Banks will never ask you to hand over your physical card, PIN, or mail sensitive information to prevent fraud. Be cautious with sharing personal or financial details over the phone unless you are certain it is a legitimate request.
3. **Be Aware of Scam Tactics** - Scammers can spoof legitimate phone numbers, making it appear as though the call is coming from the bank. Remain skeptical of urgent requests to move money or verify information.
4. **Monitor Accounts Regularly** - Regularly check your bank statements for any suspicious transactions. Report any unauthorized activity to your bank immediately.
5. **Educate Yourself** - Stay informed about common scam tactics. The Federal Trade Commission (FTC) and other consumer protection agencies provide updates on evolving scams.
By being vigilant and taking proactive steps, customers can significantly reduce their risk of falling victim to these scams. If you receive a call asking for a payment or your physical card to prevent or stop fraud, immediately hang up and call your bank directly.
In the unfortunate case of Mr. Schendel, he lost $6,800, and the stress of the situation may have contributed to a heart attack that claimed his life the day after Wells Fargo told him he wasn't getting his money back. It's crucial to remember that Wells Fargo will never ask customers to give or mail their physical card and/or PIN number to prevent fraud or scams.
Wells Fargo has expressed appreciation for the attention brought to these matters and stated that resolutions were made following thorough investigations and receiving additional information. The bank returned the stolen money to both customers' accounts after the investigations.
In light of these incidents, it's more important than ever for customers to stay vigilant and to report any suspected scams to their bank and relevant consumer protection agencies. By doing so, we can help protect ourselves and others from falling victim to these scams.
- In light of the increasing frequency of phone scams in the banking-and-insurance industry, it is essential for consumers in Texas, and across the nation, to take proactive measures to protect their finances.
- General news outlets have reported on the sophistication of these scams, with instances like the ones involving Wells Fargo customers Paul Schendel and Scott Merovitch serving as sobering reminders of the potential damage.
- To combat these scams, Wells Fargo has increased its education efforts, providing customers with alerts in online banking sessions, mobile apps, and customer communications, as well as resources like their Online Security Center.
- In the general news domain, there have been discussions on how the education sector can play a role in preparing future generations to be more aware and vigilant against such scams, thereby reducing incidents of crime and justice related to financial fraud.
