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. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Wells Fargo Issues Fraud Warning As Scammers Drain $503,910,000 From US Banks in Three Months appeared first on The Daily Hodl .