A Wells Fargo customer says she still can't believe she lost thousands of dollars in a bank scam that has swept across the country.
According to ABC7 News, San Francisco resident Eileen Loughran recently received a routine text message from Wells Fargo asking if she could transfer $957 through the Zelle payment network.
Loughran answered "no" and immediately received a call on her
#cell phone with the text "Wells Fargo Fraud Alert.
The caller convinced her that her account had been hacked and initiated eight Zelle transfers to protect her funds.
The caller hung up just as the transfers were completed, and Loughran realized she had been scammed.
Not only was I angry, but I was in a lot of pain.
According to Loughran, Wells Fargo did not alert him to the hectic transaction and therefore is not liable for the loss.
It is still unclear what account the money was transferred to, who it belonged to and whether an investigation is underway.
Wells Fargo said it authorized the transaction and told 7 On Your Side, " If a customer reports that they have been victimized, we will conduct a full investigation using the same rules, laws and regulatory guidelines for Zelle as we do for other banks.
Similar frauds using Zelle have affected thousands of bank accounts, resulting in the theft of about $500 million in 2022.
Zelle also claims it has a new process to help victims of identity theft fraud, but in the case of Lofrank, it is said to have had no luck.
When asked why Zelle allowed refunds in one case and not another, Zelle said it was too transparent and didn't want to "tip off" potential fraudsters who might make false refund claims.
Zelle is owned by Early Warning Services, LLC, which is co-owned by seven of the nation's largest banks, including Wells Fargo.
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