Are Capital One Accounts Protected From Fraud?

Identity theft and fraudulent activity on your credit card or checking account can cripple you financially and be completely overwhelming. You might see a fraudulent Capital One account opened in your name or charges for hundreds of dollars that you didn’t authorize. After the initial moment of panic, you reach out to Capital One, thinking they will fix it, but what can you do if they don’t take action? We explain.

Are checking accounts protected from fraud?

Checking accounts have federal protection against fraud thanks to Federal Reserve Regulation E. This means banks have to legally give you back your money if the transaction was unauthorized, but it’s also up to you to report transactions as soon as they happen and let the bank know to start an investigation. Credit card companies have to reimburse you after $50. If there is fraudulent activity for $450 on your account, you might be liable for $50 of it, and the company reimburses or removes the charge for the remaining $400. But Capital One is a little different.

Tired of talking in circles with customer service?

Does Capital One reimburse stolen money?

Yes, Capital One reimburses stolen money. Capital One has a $0 fraud liability. This means you are not held liable for any fraud on your account. However, if you submit a claim for unauthorized use and try to use that fraud liability, Capital One may verify and investigate the fraud before they approve. 

Contact Capital One for Fraud

If you have a problem with an unauthorized transaction on your Capital One account, you need to resolve it quickly by contacting Capital One. 

You may report fraud by phone by contacting Capital One directly at 1-800-227-4825

If you are outside the U.S., you may call collect at 1-804-934-2001

For disputed transactions or to report lost or stolen cards, you can call 1-800-655-2265. Automated services are available 24 hours a day, seven days a week, but if you want to speak to a human, they are available Sunday-Saturday 8 a.m.-11 p.m. EST.

You can log in to your account and report suspicious activity as fraudulent directly from your account. 

If you think you have been sent a scam or other suspicious activity related to your account, you can email abuse@capitalone.com or call customer service. 

The federal government recommends that anyone who is the victim of a fraudulent Capital One account opened in their name not only contact Capital One but report any fraud to the Federal Trade Commission.

Lost funds to scammers?

Do banks really investigate fraud?

It might not seem like it, but banks and credit card companies really investigate fraud. They might follow up with the merchants to verify the transaction. Companies like Capital One will reimburse you or choose not to charge your credit card during an investigation. Still, they reserve the right to put that chargeback on your card or take back the reimbursement if they don’t find evidence of fraud during their investigation. 

Fraud is taken very seriously, but things like wanting to return a product you didn’t really like don’t qualify. Hence, companies are diligent about investigating to differentiate between the two. Unfortunately, this doesn’t always work out well for customers who have legitimate problems.

One customer was asked to verify in a way that suggested blame, stating:

“I was the victim of fraud, and they are blaming me!!! Terrible bank. I wish I never used them”

Another customer explained:

“I had a fraudulent transaction at Capital one. They have been making me run one place to another, putting me on one hold after the other for 10 DAYS now. They put me on hours of holds to call me and transfer time to another person who does the same. Go to smaller banks who treat you well. This is a shame!”

Prevention Methods

Capital One offers additional methods for protecting yourself against fraud, including:

Fraud Alerts

Capital One looks for unusual spending patterns, and if you add your phone number to your Capital One account, you will automatically be sent fraud alerts if the company notices anything suspicious. They text you from the same number every time so that you know it’s reliable. If you don’t recognize the activity, you can respond to the text with a simple “no,” after which point Capital One blocks your card, and you have to request a replacement from customer service.

Card Locks

Similarly, if your card has been lost or stolen, you can activate a lock feature that puts a lock on your card because of fraud and stops it from being used.

Virtual Card Numbers

Capital One also offers things like virtual card numbers so that you can shop online without providing basic card information. The websites you use for online shopping get a virtual card number instead of your exact card number for additional security; if there is a hacker or the information is stolen, they don’t have the correct information.

Related: How to Spot and Report Illegal and Unfair Banking

What can a scammer do with my bank account or credit card number?

Prevention methods like virtual card numbers can be instrumental if you have an account with Capital One because they can prevent scammers from getting a hold of your actual credit card numbers. This can cause a lot of problems for you. Suppose a scammer gets your bank account number or your credit card number. They can move money out of your account and keep it themselves. In that case, they can transfer it to and from your account for illegal purposes, or they can order checks off of a checking account and write unauthorized checks.

What to Do If They Won’t Help

Still not having any luck with Capital One? If you aren’t getting a response or the response you get isn’t satisfactory, you can file a complaint against Capital One. You probably can’t join Capital One lawsuits because of your user agreement but you can consider consumer arbitration.

Submit your complaint against Capital One to FairShake today.