• Fri. Dec 8th, 2023

Wells Fargo Business Account Under Threat from Account Takeover Fraudsters


Nov 20, 2023

Robert Branagh, a long-time Wells Fargo business account holder, has become the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. The first breach took place on Aug. 17, but was not noticed until Aug. 29 after a total of $149,296.48 was taken in a series of withdrawals. A representative from the U.S. Secret Service Orlando office suggests that the account may have been tested by a potential buyer of stolen accounts, as the small withdrawals suggested a test to see if the account was active. This escalated to a flurry of larger withdrawals totaling just under $150,000.

Branagh expressed his frustration and confusion after recovering about $24,000 that was illegally transferred from his Volusia County business account to a personal account. He filed a fraudulent claim immediately hoping it would be resolved but no one at Wells Fargo could answer his question about who authorized the transfers. Under Nacha rules, a fraudulent Automated Clearing House (ACH) or business transfer must be reported to the bank within two business days.

If you are concerned about your checking or savings account being compromised, you should check your accounts every day and report any suspicious activity to local law enforcement or the U.S. Secret Service immediately. It is important to be vigilant and take action quickly if you suspect any fraudulent activity in your financial accounts.

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