Wells Fargo issues fraud alert as fraudsters withdrew $503,910,000 from US banks in three months

Wells Fargo is warning U.S. bank customers as new figures shed light on the level of fraudulent transfers into Americans’ bank accounts.

In a new editorial, Margarita Alvarez, a fraud expert at Wells Fargo, says fraudster scams are on the rise, with losses of $2.7 billion in 2023, according to the Federal Trade Commission (FTC).

Scammers use a variety of techniques to steal cash, including fake payment app requests, fake bank alerts and phone calls, and scams using cloned voices of friends and family members.

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

Writes Alvarez in IE Community News:

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

To prevent fraud, your bank will not ask you to send a payment or hand over your physical card. If you receive a call asking you to do this, hang up and call your bank directly.”

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

At $331.61 million, this is more than fraudulent crypto transfers.

Statista compiled its data from reports from U.S. consumers to the FTC, based on people who reported losses ranging from $1 to $999,999.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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