03 Oct 2016

CreditCardsLast month, the world found out that employees at Wells Fargo created millions of credit cards and bank accounts in their customers’ names without their knowledge in order to get bonuses.  As a result, thousands of employees were fired, CEO John Stumpf resigned and the bank was hit with $185 million in fines.

We should all be safe now, right?  Nope.

Unwanted accounts are one of the more common complaints filed with the Consumer Financial Protection Bureau, and Wells Fargo isn’t the only place these complaints have come from.

The first bit of advice we have is to keep an eye on your accounts, but that can be trickier than you’d think.  In many cases at Wells Fargo, for example, accounts were created with fake email addresses and random PINs to make it harder to customers to find and access the accounts.

One way to discover fraudulent accounts is to check your transfers and withdrawals.  There are reports that some Wells Fargo employees transferred money from legitimate accounts.  If you don’t notice it listed in your transactions, you’ll probably notice when you’re hit with an overdraft fee.

Another big reason to be on the lookout for fake accounts is that they can affect your credit score.  Even if a card isn’t used, it could have fees associated with it.  If you don’t see those fees, you’re not going to pay them, and if you don’t pay them, your credit score’s going to take a hit.  You’ll feel that next time you take out a loan.

In the case of Wells Fargo, the company has been reaching out to people who had credit card accounts opened in their name and gave them the chance to keep or close the account.  If a customer decides to close it, the bank will  reach out to the credit bureaus and make sure any negatives from it are removed from credit reports.

So make sure you’re checking your credit reports regularly.  See if you can find any accounts that look suspicious or unfamiliar.  Get what details you can about the fraudulent activity and report it right away to the credit bureaus.

Schedule an Appointment

Schedule an Appointment

    Our clients are awesome!

    Based on 55 reviews.
    Jeremy Richards
    Jeremy Richards
    2020-03-13
    Petronella provides great advanced digital marketing and automation solutions for my business!
    Kate Swenson
    Kate Swenson
    2020-02-14
    Highly recommended for CMMC certification assistance! Excellent and affordable options for secure data hosting on local infrastructure. 5 stars!
    Tom Matzen
    Tom Matzen
    2020-01-25
    Petronella Technology Group helped us setup our sales and marketing automation, cybersecurity and compliance for our new Blockchain startup. Great to work with! Craig in particular really knows his stuff, can translate into non-tech speak, and has wisdom beyond his years. Highly recommend them.
    Justin Summers
    Justin Summers
    2020-01-14
    Craig is awesome! He is very professional and efficient with his work. I would definitely recommend Petronella Technology to anyone who needs state of the art service.
    Blake Rea
    Blake Rea
    2020-01-14
    Craig is an expert in his field. Impressed by his knowledge, A true pioneer in Cybersecurity. My business is safer thanks to Petronella Tech!
    Robert Friedman
    Robert Friedman
    2020-01-10
    For the last five years Craig has been the Contributing Editor for Cybersecurity for NC Triangle Attorney Law Magazine which I publish. His base of knowledge is always leading edge, pragmatic and early to understand for our readers who are not techies. He is patient and easy to work with.
    Tammy Everett
    Tammy Everett
    2020-01-10
    Craig Petronella, CEO of Petronella Technology Group provided the members of the Defense Alliance of North Carolina expert advice on cybersecurity and NIST compliance. Eye opening experience! Thanks so much!
    Julie Brown
    Julie Brown
    2020-01-09
    Craig and the Petronella Technology Group, Inc. team made HIPAA compliance for my small practice so simple and easy! They helped me with all of my HIPAA training, HIPAA Security Risk Assessment, Penetration Test, and HIPAA secure hosting so I can rest easy.
    Pivot Point
    Pivot Point
    2020-01-03
    Petronella Technology Group helped us with our marketing strategy for our new web startup. Awesome experience!!!!
    Richard Brunet
    Richard Brunet
    2019-12-30

    SCHEDULE AN APPOINTMENT

    Make It Happen Now

    CLIENT SUPPORT

    Don't Feel Stranded

    CONSULTATION

    Get Best Advice

    PAYMENTS

    Make A Payment

    Top