(San Francisco, CA, Thursday, May 28, 2020) – The coronavirus has put a financial strain on many families and businesses. The government, financial institutions and other organizations are rallying to support those in need. As more support is offered to Americans and businesses that are struggling financially, the threat of fraud is increasing.

It is important for consumers and business owners to pay close attention to any communication they receive regarding COVID-19, especially as it relates to financial assistance. Recognizing scams and knowing how to avoid them will help protect you from fraud.

Wells Fargo is proactively advancing security, and the company continues to invest in account safety measures and customer education to help consumers and businesses during this time.

Here are some important tips from Wells Fargo to avoid COVID-19 related scams:

• Watch out for schemes tied to economic impact payments.
• Beware of unexpected requests and offers for financial assistance.
• Verify a company or charity before opening your wallet.
• If running a small business, reconcile accounts daily and verify any account changes.
• If you detect it, report it.

Founded in 1852, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations.