Are Credit One Bank accounts protected from fraud?

If you have a dispute with Credit One, you’re not alone. Tell us what happened.

Online hackers and cyber-attacks are increasing in frequency leaving more people’s personal information susceptible. So what happens if you have seen fraudulent Credit One bank accounts opened in your name or seen a litany of unauthorized transactions?

Perhaps you reported it, but Credit One Bank still won’t do anything. What next?

Tired of talking in circles with customer service? File an official claim instead:

Submit a Claim

Are checking accounts protected from fraud?

Checking accounts are protected from fraud, and guaranteed reimbursements if you report fraud immediately thanks to Federal Reserve Regulation E. Once you see fraudulent charges on your account it’s up to you to reach out immediately and let your bank know. Once they have the report, they are required to give you a refund for certain losses if they were unauthorized.

Do banks reimburse stolen money?

It is up to you to report fraud immediately. The sooner you report it, the sooner banks will typically reimburse the stolen money. Assuming that you report it within a couple of days, and they proved it wasn’t your fault, banks will reimburse you. Credit One Bank says that the sooner you contact them to close your account, the better your chances of getting reimbursed are. Credit One Bank offers a $0 fraud liability which means you don’t have to pay for any fraudulent charges from your checking account. However, if the fraudulent activity took place with the debit card or ATM card associated with your account then your liability might be higher depending on when you report it. 

Lost funds to scammers? Get Credit One Bank to act:

Submit a Claim

Contact Credit One Bank

You need to make sure you report the unauthorized charges immediately. 

Call Credit One at 1-877-825-3242.

Follow up with your report by sending any additional details which might be helpful in the investigation. As long as you reported in a timely fashion, the Fair Credit billing Act said you were only responsible for up to $50.

The federal government not only urges you to report fraud to your bank but also urges you to report any fraud to the Federal Trade Commission.

Do banks really investigate fraud?

Yes, banks actually investigate fraud. It is in their best interest to do so because it protects them from additional financial loss and protects all of their customers down the line. It can take up to 45 days for them to complete their investigation but most banks have a pretty streamlined process for temporarily returning the funds in question within 10 days.

However, the outcome might not always be what you want. According to the Better Business Bureau, Credit One bank has over a thousand complaints against them that have to do with how frustrating the Credit One bank process is for reporting and being reimbursed for fraudulent activity. Many people have difficulty getting an actual investigation under way. “I called Credit one Bank on March 13, 2021 to inform them someone fraudulent charge on my credit one **** total $430. Case not resolved still bill me. Case number XXXXXXXXXXC. Never went to ******** in the ***** store number XXXXXXX. They did asked what did I purchased. I have 3 years with credit one. I am not responsible for this fraudulent. It was purchased on 3/14/2021. Online services. This should be investigated further. I am not going to pay $430 for something I did not purchased.”

Some customers have the opposite problem where the investigation works a little too well. As one customer put it, “On 1/27/21, I discovered that a total of $607.18 had been fraudulently charged to my account ending in ********** this took place from 1/24/21 to 1/27/21. I immediately contacted customer service and they issued a replacement card. They stated they will conduct an investigation. Please be advised I never lost my card and had possession of my card the whole time. On February 02, 2021, the charges were reversed and I was told the investigation was closed. I was informed that the transactions were chipped transactions and there was nothing left to investigate. I requested proof of signature even if the transaction was a chipped transaction. I do not understand how they could close the investigation so fast when I currently have possession of the card. Furthermore, I was denied a supervisor after multiple requests. The customer representative was adamant that my case was closed and nothing can be done. I am requesting proof that I was in the store and my card was used in a terminal.”

Related: How to Spot and Report Illegal and Unfair Banking

What can a scammer do with my Credit One bank account number?

Once a scammer gets a hold of your bank account number, they can send money to and from your account which can be very tricky when the federal government wants to know why you are laundering money.

Scammers can also order checks and write themselves checks to drain all the money from your checking account or just buy a lot of stuff over a weekend before you are even aware that they have ordered extra checks. They can open a lot of new accounts in your name and use them for fraud. 

That is why you need to regularly check your account and as soon as you see something is wrong, report it.

What to Do If They Won’t Help

Tried all that but to no avail? Reach out to FairShake to learn more about consumer arbitration and what other options you have when banks just won’t listen. 

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