Wire Fraud? Not On My Watch! $400K Saved

How much was your best deal for?

This falls under the category of saving $400,000 against wire fraud.

My client received a legitimate-looking email from her “Realtor” telling her wire instructions changed. She followed the guidance of the “urgent” email and wired $400,000.

That evening, she advised the agent she had sent the wire per her instructions. The agent called me. Realizing the gravity of the situation, I left my dinner party.

The fraudulent wire went to Wells Fargo Bank, where I worked previously. So I knew the corporate contacts and made numerous calls up the corporate ladder three hours late into the evening, begging and pleading with them to hold the receiving account funds. They refused, repeatedly citing confidentiality.

My client got the Colorado Bureau of Investigation (CBI) involved at 7 a.m. the following morning. By the sheer grace of my numerous urgent pleading calls and the CBI call early the next morning — Wells Fargo did put a hold on the wire. It was 48 agonizing hours before we knew the outcome of the saved funds (less $300).

What made it your best deal?

Saving my client the $400,000 from wire fraud fills me with joy beyond description. My pride in answering my client calls on evenings and weekends made a lifetime of difference to my client. She’s a schoolteacher. This $400,000 was her nest egg. Had I NOT taken that call during my dinner party — and she lost her funds — well, I shudder to think of what her future may have looked like. Fortunately, all is well, by a miracle!

What else was interesting about the deal?

This situation brings to light how rampant wire fraud is. Even after the numerous notifications to be on alert of wire fraud by me, Realtor, and title, the client was busy in her workday and overlooked that the sender wasn’t really her Realtor.

I can appreciate Wells Fargo’s privacy laws. And those dozen or so calls that evening to Wells Fargo — not once did any employee relate or recognize that Wells Fargo might be on the receiving end of a fraudulent wire request. Additional calls continued to be made over the 48-hour window by the client, myself, and CBI.

Wells Fargo called me and reported that they never are alerted in enough time to save funds. This was the rare exception. Saving $400,000 for my client falls under heroic efforts. And one more reason why I always answer my phone and am available for those I serve.

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As it turns out, Wells Fargo DID take my phone calls seriously, and my swift action that June Monday evening in 2022 made the difference in Wells Fargo placing a hold. The following day would have been too late. When Wells Fargo called 48 hours later to inform us all but $300 had been saved, they explained the fraudsters gain access to a dormant account (such as an elderly person’s savings account), and when the wire goes in, they’ll pull out a small amount of funds to ensure they can access the account. Then move the full amount overseas. At that point, the money is NEVER recovered. n