Mobile Fraud

Protect your mobile devices

New and sophisticated ways to commit fraud are increasing at an alarming rate. The rapidly growing number of individuals using smartphones for banking has created a new target for cybercriminals to exploit.

Much like online fraud, mobile banking fraud involves fraudsters' attempts to obtain a user's confidential login information — including passwords, personal ID numbers, and token codes — to gain access to accounts and improperly transfer money or commit other fraudulent acts. Mobile banking fraud is often difficult to detect. You may be unaware information has been stolen until the money is gone from your company's accounts.

What you should do to help protect your money

• Protect your login information. Never give your password, PIN or the PIN + token code combination (passcode) to anyone who contacts you by telephone, email, or text message. Wells Fargo will never contact you out of the blue to ask for this information.
• Implement dual custody, and use it properly, for online payment and self-administrative services. Dual custody, when used properly, is one of the most effective fraud deterrents in a layered security approach. Dual custody requires payments and user changes initiated by one user be approved by a second user on a different computer or smartphone before they take effect.
• Be careful choosing apps. Before you download or install a banking app or shortcut on your smartphone, check to make sure it is a genuine, authorized app from your financial institution. The Wells Fargo CEO Mobile^® iPhone^® app, is available through the Apple App Store, and the Android^® app, is available from the Google Play^TM Store.
• Don't follow links in emails or text messages that claim to be from your financial institution, especially those expressing an urgent need for you to update your information, activate an account, or verify your identity by calling a phone number or submitting information on a website. It likely is a phish. Go directly to your bank's mobile banking service to do your banking. Forward all suspicious emails and text messages to reportphish@wellsfargo.com.
• Monitor online accounts regularly to detect suspicious activity. Immediately contact your Wells Fargo representative or customer service team and your cell phone carrier if you notice anything out of the ordinary.
• Lock your smartphone when it's not in use, and store it in a secure location. Keypad and phone lock functions password-protect your smartphone so no one else can use it or view your information.
• Delete text messages from your financial institution frequently, especially before loaning, discarding, or selling your smartphone.
• If you lose your smartphone or change your number, protect your account by calling your customer service team and your cell phone carrier and remove the old number from your mobile banking profile.

For more information on how to help protect your company from mobile banking fraud, contact your Wells Fargo representative.