I'm all for holding the bank accountable for what it does wrong, but in this case, I really don't think that customer stupidity should be rewarded. I'd be embarrassed to sue for something like this.
https://fox59.com/news/wells-fargo-customers-sue-over-scam-reimbursement/
The Suspicious Activity Report (SAR) topic was in Develop You too.
"Under 12 CFR 21.11, national banks are required to report known or suspected criminal offenses, at specified thresholds, or transactions over $5,000 that they suspect involve money laundering or violate the Bank Secrecy Act. Similar regulations by other regulators apply to other financial institutions."
https://www.occ.treas.gov/publications-and-resources/forms/sar-program/index-sar-program.html#:~:text=Under%2012%20CFR%2021.11%2C%20national,violate%20the%20Bank%20Secrecy%20Act.
@wci+1tsVqZay, you are right, I remember seeing in Develop You that banks are responsible for going the extra mile to protect elderly customers.
https://www.aba.com/banking-topics/risk-management/elder-financial-exploitation/federal-guidance-and-legislation
https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2011-a003
I bet it's a confirmation code to gain access to your account online. Basically, asking for your password.
Scammers often target elderly people who are naive and technically not savvy. Banks are expected to protect those elderly customers by implementing extra layers of safety measures, and many other banks have that. I think scammers target Wells Fargo because the bank has a weak security system / protocol.
WTH?
A wire transfer can be completed with just a single confirmation code?
The bank would never tell you to move your money out of their bank. If there is fraud they freeze your account, change account numbers, but never get your money out of our bank. How embarrassing to sue!!! Tell me your stupid without telling me your stupid. Their names will be public in the lawsuit and everyone will know who to scam.