Wells Fargo Scam Texts: How to Spot One

Michelle Wilson - March 16, 2023

Public data states 83% of US organizations have experienced phishing attacks through emails, SMS, or phone calls, with 64% leading to a data breach. Although these scams may take on a few different forms, since 2021, there has been a surge in the new Wells Fargo text scam.

The challenge with these scams is that Wells Fargo does send text alerts to its customers, making it difficult to distinguish between a legitimate alert and a scam. However, unlike other scam texts, Wells Fargo scams are often more intricate in their approach. So, how do you tell the real from the fake?

The Wells Fargo Text Scam, Definition

The Wells Fargo scam text is a type of smishing attack used by scammers to trick individuals into divulging sensitive personal information or unknowingly sending funds. This fraudulent text message is designed to appear as if it is from a reputable financial institution, typically a bank, and often takes the form of a fake fraud alert.

The scammer’s primary objective is to create a sense of urgency in the recipient by claiming their bank account is at risk, prompting them to take immediate action. To accomplish this, they often include a link or phone number in the message that directs the recipient to a fake website or prompts them to call a phone number that leads to the scammer.

Over the last year, scammers behind these attacks are becoming increasingly sophisticated, making it more challenging to identify and avoid falling victim to their fraudulent schemes.

How Does The Wells Fargo Text Scam Work

The Wells Fargo scam typically involves fraudsters sending text messages that look like they are from Wells Fargo, using spoofed phone numbers to make them look legitimate. These messages usually include a fraud alert, claiming that there has been suspicious activity on the recipient’s account and instructing them to take action to secure their account or receive a refund.

To trick victims into providing sensitive information, scammers may direct them to click on a link. By design, the link leads to a fake website set up to steal personal information such as login credentials or social security numbers. Alternatively, the scammers may ask the victim to reply to the message or call a phone number. After doing so, the scammer will direct the victim to someone impersonating a Wells Fargo Fraud department representative.

Identifying the Wells Fargo Scam Text

While Wells Fargo scam texts can be convincing, there are a few things to scan for that can help you spot a fraudulent message. Here are some of the most common, according to online data:

Requests for Personal Information

Be wary of any text message that requests personal information, such as a birthday, Social Security number, credit card number, or login credentials. Wells Fargo employees will never ask you to provide this information via text. Therefore, if you receive a text message asking for personal information, it is likely a scam.

Urgent Language and Time Pressure

Scammers often use urgent language and time pressure to create a sense of urgency and prompt you to take immediate action. If a text message claims that Wells Fargo noticed fraudulent activity on your account and asks you to act immediately, it is likely a scam. Always take the time to carefully review the message and verify its authenticity before taking action.

Suspicious Links and Attachments

Scammers often include links or attachments in their text messages, leading to fraudulent websites or downloading malicious software onto your device. If you receive a text message with a link or attachment, do not click on it unless you are certain it is legitimate.

Impersonal or Unprofessional Tone

Wells Fargo is a professional financial institution whose communications with customers are always polite, professional, and personalized. If a text message from Wells Fargo uses an impersonal or unprofessional tone or contains spelling or grammatical errors, it is likely a scam.

By being aware of these warning signs, you can avoid falling victim to a Wells Fargo scam text. Remember, if you are unsure whether a text message is legitimate, it is always better to avoid caution and contact Wells Fargo directly to verify the message’s authenticity.

Most Common Wells Fargo Text Scams

A Fake Blocking

Fraudsters can send text messages claiming that Wells Fargo blocked your account, and they provide a phone number to call. These scammers hope you respond, even if you don’t have a Wells Fargo account. Once they have you on the phone, they can try to convince you to reveal personal information or make a payment to “unblock” your account, which will end up in the hands of the scammer.

The Unknown Transaction

One common method involves sending a text message about a recent transaction on your debit or credit card, often including the “4342” number to make it appear legitimate. The scammer’s goal is to create urgency and prompt you to respond to the message. At this point, the scammer will call you and pressure you into revealing sensitive information or making unauthorized transactions. Unfortunately, any money you send will end up in the hands of the scammers.

How do you know if it’s a fake? Fake Wells Fargo text messages often only include the first four digits of a user’s card number and come from an unknown number rather than Wells Fargo’s verified shortcodes. If you’re unsure whether a message is legitimate, check your online banking or Wells Fargo app to see if there’s any transaction record.

Tips for Avoiding Wells Fargo Scam Texts

While Wells Fargo scam texts can be tricky to detect, there are several measures you can take to avoid falling victim to a scam.

Verify the Sender

Always check the sender’s phone number and email address to ensure it is legitimate. Scammers often use spoofed phone numbers and email addresses to make their messages look more convincing. If you are unsure whether a message is legitimate, contact Wells Fargo directly to verify the sender’s identity.

Never Click on Suspicious Links

Avoid clicking on any links in text messages that you are unsure about. These links can lead to fraudulent websites that look like Wells Fargo’s website and trick you into entering your personal information. To avoid this, always include the URL or use bookmarks to access Wells Fargo’s website.

Do Not Provide Personal Information

To reiterate, Wells Fargo will never ask you to provide personal information via text. Never give out this information via text message or phone call.

Use Two-Factor Authentication

Two-factor authentication adds extra security to your accounts by requiring you to provide a second verification form before logging in. Doing so can help prevent scammers from accessing your accounts even if they have your login credentials.

Report the Scam to Wells Fargo

If you receive a suspicious text message, report it to Wells Fargo immediately. You can do this by forwarding the message to 7726 (SPAM) and then deleting the message from your phone. Wells Fargo will investigate the message and take action to prevent further scams.

Conclusion

Scammers are constantly refining their tactics to appear more authentic and convincing, making it more important to take precautions to safeguard your finances and personal information.

By familiarizing yourself with the common warning signs and red flags associated with text message scams, you can quickly spot and avoid fraudulent messages.