An equestrian coach reportedly lost thousands after falling victim to a spoofing scam that offered to protect her bank account from fraud.

NBC 7 in San Diego reports that in June, Alixe Garcia received a text asking her if she authorized a large purchase at Best Buy.

Garcia received a call after texting back “no”.  She says she trusted the call the moment she answered the phone because the caller ID showed it was from a Wells Fargo customer service number.

Garcia says that during the 41-minute call, it sounded as if she was talking with someone who was able to view her accounts. She ended up transferring $5,700 to Apple Cash, believing that the money would be deposited into her new Wells Fargo account that the caller supposedly helped her create.

Thirty minutes later, when she logged in, the money was not there.

“I waited another 30 minutes. I’m, like, ‘Maybe it’s a little slow.’ No money. Then I was just, like, sick thinking about it.” 

She called the bank the next morning, but the agent told her that the person she was talking to was not from the bank.

Her money is also gone. Wells Fargo says that its security controls were functioning as intended, and Garcia ultimately authorized the transfers.

The bank warns consumers that if they get a similar call asking them to send a payment, transfer funds or send their physical cards to stop fraud in their account, they should immediately hang up and call their bank directly.

“Safeguarding our customers’ assets is our top priority, and we are actively working to raise awareness of common scams through various resources and ongoing education. We have robust security measures in place and conduct thorough investigations of fraud and scam reports before making claim decisions.”

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China’s foreign ministry has reportedly confirmed that a visiting Atlanta-based banker who works for the financial service behemoth Wells Fargo has been prohibited from leaving the country.

CNN reports that the Chinese Ministry of Foreign Affairs spokesperson Guo Jiakun said on Monday that the exit ban placed on Chenyue Mao is due to her involvement in a criminal case.

Mao serves as managing director at Wells Fargo Bank N.A.

“According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country and is obligated to cooperate with the investigation. During the investigation, the authorities will ensure that her legal rights are protected.”

The bank, which operates overseas branches in Shanghai and Beijing, decided to suspend all travel to China following the exit restrictions.

“We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible.”

It is not clear how Mao is linked to the criminal case. Just last month, she was elected the new chair of FCI, a global association of companies formerly known as the Factors Chain International.

In a statement to the BBC, the US embassy in Shanghai says that the Chinese government has long imposed exit bans on US citizens and other foreign nationals, often without a clear and transparent judicial process.

“We track these cases closely, and have raised our concern with Chinese authorities about the impact these arbitrary exit bans have on our bilateral relations and urged them to immediately allow impacted US citizens to return home.”

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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.

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JPMorgan Chase, Citi and Wells Fargo say they’ve lost $5.361 billion from customers who can no longer pay their debt.

In their Q2 2025 earnings reports, the three major banks disclosed billions of dollars in losses from “net charge-offs” — loans written off as uncollectible after all efforts to recover payments proved unsuccessful.

Among the trio, JPMorgan Chase reported the highest level of charge-offs at $2.4 billion, predominantly driven by bad credit card debt.

Meanwhile, Citi wiped $2.234 billion in bad loans off its books, including $1.889 billion tied to its retail credit card portfolio.

And Wells Fargo recorded $977 million in net charge-offs, fueled by $818 million in sour loans from its consumer banking and lending segment.

The figures come as fresh data from the Federal Reserve Bank of New York shows that US credit card balances reached $1.18 trillion by the end of March 2025.

Despite the losses, Citi reported a $225 million decline in net credit losses quarter-over-quarter, and Wells Fargo saw a $12 million decrease in net charge-offs over the same period. However, JPMorgan witnessed an increase of at $179 million in net charge-offs over the three-month period.

Additionally, the three banks reported strong earnings in Q2, with JPMorgan, Citi and Wells Fargo generating $15 billion, $4 billion and $5.5 billion in net income, respectively.

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Customers at JPMorgan Chase, Bank of America and Wells Fargo say the banks have refused to reimburse after bad actors ripped cash from their accounts.

A Wells Fargo customer for nearly four decades says the lender refused to make him whole after scammers drained $20,000 from his account.

Scott Merovitch says he received a call from someone claiming to work at the bank, warning his account was flashing suspicious activity, reports FOX 26 Houston.

According to Merovitch, the caller was able to provide information about his recent transactions.

After the call, a woman pretending to work at Wells Fargo showed up at Merovitch’s front door, asked for his card and cut it into pieces.

Two hours later, Merovitch says $20,000 exited his account at ATM locations just a few miles from his residence.

When he filed for a reimbursement claim, Merovitch says the lender issued a letter telling him that the transactions were made by him or someone who had his permission.

Meanwhile, JPMorgan Chase is refusing to reimburse a man scammed by a fake Apple support text, reports the CBS-affiliated news station KOLD.

The phishing text, posing as Apple’s billing department, claimed unauthorized activity was underway.

The victim says he quickly called the number, and the scammer likely installed malware on his iPhone to tap into his bank account.

Chase says reimbursement is not happening.

“After further review, our claim denial stands as we found these transactions were authorized by the customer with no evidence of fraudulent account takeover or of a compromised device.”

Lastly, Bank of America refused to reimburse a customer who lost $450 to a taxi scam in Panama.

Keith Lee says he was charged $450 for a $10 cab ride, according to the Elliott Report.

The driver claimed Lee’s card didn’t process, so he paid cash.

Bank of America denied his dispute, saying a chip-verified “card-present” transaction was executed.

Consumer advocate Christopher Elliott then stepped in, contacting BofA on Lee’s behalf.

After hearing from Elliott, Bank of America finally reversed the charge. Elliott says the bank acknowledged such taxi scams are well-known.

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The banking giant Wells Fargo is reportedly refusing to reimburse a disabled customer who lost thousands of dollars to scammers who impersonated bank employees.

52-year-old Paul Schendel, a diabetic man who was disabled due to a back injury, lost $6,805 to scammers posing as Wells Fargo employees, reports the local news station FOX 26.

Schendel received a phone call one day from a number that showed up as Wells Fargo on the caller ID. The caller, who had specific knowledge of his banking details, told him that fraudulent activity had been detected on his Wells Fargo account.

Later that day, a woman came to his door, cut up his bank card and took the pieces with her, including the chip. The woman even told Schendel that he should go to the bank the next day to get a new card.

But when Schendel went to Wells Fargo, he was informed that the bank would never conduct such activities or ever call customers, and that the funds in his account would likely never be recovered.

Schendel eventually got a letter from Wells Fargo confirming that the bank would not reimburse his losses.

Says Wells Fargo,

“We have completed our research of your inquiry about the charges of $6,805 on your account… Based on the information available to us, and because the transactions were made using your card and Personal Identification Number (PIN), we found it was made by you or someone who had your permission. Please consider your claim closed.”

FOX26 says it reached out to Wells Fargo to learn about Schendel’s case, but has not yet received any word from the banking giant.

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Legendary investor Steve Eisman is warning the public about the possible emergence of a “cartel” of major banks in the US, which he says could impact the cost of financial services.

The Wall Street veteran notes in a new interview with The Compound that there hasn’t been a wave of mergers and acquisitions (M&A) in the banking sector since the 1990s.

“It’s been very much discouraged post Dodd-Frank, so you’ve had very, very little M&A. But I actually think as a country we need [a wave of M&A]. And the reason why I say that is here’s an interesting statistic: in 2007, JPMorgan’s share of deposits in the United States was 7%, today it’s close to 14%. 

Now, there are a couple of reasons for that: number one is the cost of regulation is very, very high, and they can bear that more easily, and number two, which is probably even more important, is the cost of technology has exploded, and you need to be really big so you can pay for it.

So if we do nothing and we keep the current policies and there’s no M&A wave, what’s going to happen is JPMorgan, Wells Fargo and a handful of others will continue to take market share, the other regional banks are going to wither on the vine, and what you’ll have left is a couple of very, very large banks and some community banks.”

Eisman, whose bet against the housing market was famously profiled in parts of Michael Lewis’ book “The Big Short,” says financial institutions like US Bank and Comerica should merge to compete with the giant firms.

“I don’t want to be Canada, where it’s basically a cartel, and so therefore those banks get to charge a lot more to customers.”

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Scammers posing as Wells Fargo’s fraud representatives reportedly stole thousands of dollars from a Texas couple’s bank account.

Joan Leon, of Kingwood, Texas, says she received a call that looked like it was coming from her local Wells Fargo branch, making her trust the caller, reports Fox26 Houston.

Leon says she was told to cut her bank card in half, and that someone with the Wells Fargo fraud department would come by and pick it up. Leon says she did as directed, only to learn later that the scammer used the card at a nearby Kroger to drain the account of $8,000.

Initially, Leon says Wells Fargo refused to reimburse the stolen funds and that the bank even accused her of being complicit in the theft.

However, the bank later reversed its decision and reimbursed the stolen money.

Her husband, Michael Leon, says the bank reversed its decision only after he told them that “if we don’t get our money back, we are going to make it our goal to get our money back.”

He says that’s why they reached out to the media to discuss the situation and filed a report with the Houston Police Department.

Wells Fargo had not responded to the media’s inquiry about the matter at time of writing.

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Banking giant Wells Fargo reportedly expects to see a massive price drop in the electric carmaker Tesla’s (TSLA) stock.

CNBC reports that in a note to clients, Wells Fargo automotive and mobility analyst Colin Langan says that Tesla’s core auto business continues to weaken, which could weigh down on the company’s stock.

“While ‘order’ pricing on the website appears stable over the [last 12 months], aggressive financing promotions continue to act as price cuts. Risk to Q2 margin remains given lower leverage.”

The bank is giving Tesla an underweight rating and a $120 price target, which means that the company’s shares could drop by 61% from Monday’s closing price of $308.58.

The bank’s bearish forecast comes even as investors anticipate the company’s robotaxi launch in Austin today. The vehicles are set to provide on-demand transportation without human drivers.

Lanang says that potential tailwinds, including Tesla’s work on autonomous driving, are not enough to offset weak automotive numbers.

“Most investor attention is directed at the June 12th Austin Robotaxi deployment. We doubt the likely limited debut will be enough to overshadow the poor fundamentals.”

Tesla’s global deliveries are down 23% year over year amid steeper competition in China. TSLA has already dropped by more than 22% in 2025. In June alone, the stock slumped by nearly 10%.

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A former Wells Fargo employee in California is reportedly facing charges over allegations he stole $947,000 from the bank’s ATM machines during a span of nearly two years.

In a new report in the San Francisco Chronicle, Tamim Ghulam Haidar, the former Wells Fargo Union City branch operations associate manager, is accused of putting less money into the bank’s ATMs than he reported and pocketing the difference for his own use.

Haidar allegedly deposited the ill-gotten gains he is accused of “knowingly and intentionally” embezzling into his own bank accounts or those he controlled and used the funds to cover losses that “he incurred while trading in the foreign currency markets,” according to legal documents filed in the U.S. District Court Northern District of California.

Haidar allegedly committed the crimes from February 2021 to October 2022.

Prosecutors accuse Haidar of sometimes using other bank employees’ credentials to deposit cash in the ATM to “conceal the fact he was inputting false and inflated dollar amounts.”

Haidar is charged with embezzlement by a bank employee and engaging in monetary transactions in property derived from specified unlawful activity. He faces up to 30 years in federal prison.

Prosecutors are also seeking to force Haidar to forfeit the money he allegedly stole.

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A Wells Fargo customer in North Carolina has lost $61,000 after falling for a scam originating with a fake virus warning on her computer.

The deceptive pop-up message claimed the 73 year-old woman’s device was infected, including a fake Apple Care phone number for her to call, reports Columbus County News.

When she dialed the number, scammers posing as Apple Care representatives said her computer and bank accounts were compromised.

They then pretended to transfer her to Wells Fargo’s fraud department.

Over several days, the criminals convinced the victim that fraudulent transactions were pending on her accounts.

Following their instructions, she withdrew $61,000 in four transactions and converted it to Bitcoin, enabling the scammers to con her out of the funds.

When the scammers claimed they had identified a suspect in Texas and instructed her to meet at a local police department to sign paperwork and recover her funds, the victim became suspicious and report the incident to the local sheriff’s office, which is investigating the case and issued a statement.

“Citizens are reminded to remain vigilant when receiving unsolicited messages or calls requesting financial transactions and to verify any such claims directly with official service providers.”

To avoid falling prey to impostor scams, the FTC advises people to avoid sharing personal or financial information in response to unsolicited requests and be cautious of urgent demands or unusual payment methods like gift cards or crypto.

The FTC also has a portal where anyone can report suspicious activity at ReportFraud.ftc.gov.

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