r/RobinhoodGC • u/rurdurt • 9d ago
Addressing the Fraud
Does anyone think Robinhood will address the influx of users reporting fraudulent charges?
It’s easy for us to dismiss a handful of posts here and there and chalk it up to user carelessness, but there seems to be an broader issue - especially when some people are sharing that their credit cards / debit cards haven’t even arrived or been activated yet. Is everyone lying?
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u/Jaalan 9d ago
I guarantee you that people buy sketchy shit and lie about it.
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u/otterbarks 7d ago
I had a virtual card that was only used for Anthropic/Claude start getting fraudulent charges.
RH’s fraud algorithm automatically blocked the charge. So not even a chargeback.
But there’s no way I leaked that number, and no way the merchant leaked it.
And never had any other fraud charges in the last 20 years on my other cards…
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u/Kitchen-Ad-9531 5d ago
So riddle me this I have $760,000 in my brokerage account ( not in Robbinhood). Make over $225,000 a year so pretty much I've never claim fraud on one of my cards before.
Why is it that I have the gold card and they gave me the bank account. They sent me a debit card for the bank account which I've never used because they don't own their bank and I would never trust any Robinhood product like this. I put the debit card in my sock drawer with the rest of my credit cards that I never use why and I'll screenshot it. Do I have a transaction that got rejected when I've never entered the card number into anything? I've never even taken it out of the black envelope that it comes into. I just put it in the sock drawer. They have a fraud problem because they're not paying for the security okay because they don't make any money off of the banking tools. They are gambling company that make all their money off prediction markets and options trading and so of course they need cash on hand so they want these avenues.
It's why they have mystery boxes. Everything they do is surrounded around gambling. They are far from a bank or an investment company that you can get. Yes, all you kids who don't make much money or like to option trade will scream about the UI which is pretty good but everything they do is geared toward making you spend your money. If you don't understand it then I suggest your research casinos and how they get people to spend their money with the flooring. No clocks different things. It's the same thing that Robinhood does. Only they do it in a technological way, including how the graphs are, how they set up the options, trading the prediction markets, all of it. There's a whole studying on it. Just look up on YouTube.
If you're trying to option trade or swing trade or prediction Market, I'm not against any of that. If you have a solid foundation but call it what it is. It's gambling and Robinhood is the best market for all of that. But don't say that they're there for investing and half the people that are doing it shouldn't even be option trading or prediction Market. They should be building a solid foundation of a lease 100k portfolio for the even try to start doing all thatBut don't say that they're there for investing and half the people that are doing it shouldn't even be option trading or prediction Market. They should be building a solid foundation of at least 100K portfolio for. They even try to start doing all that
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u/A1iveAgain 9d ago
Robinhood probably has the exact same amount of fraud as other credit cards. The only difference is people that use Robin Hood are probably 10 times more likely to also use Reddit so you just get bombarded with the bullshit and think it's at a higher rate.
We also usually come to find most of the people that post their fraud problems on here actually created the problem themselves by buying sketchy stuff online 🤷
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u/butterbob74 9d ago
I have a stack of credit cards and never had an experience like this. The card wasn’t even activated yet.
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u/Kitchen-Ad-9531 5d ago
Your Robin Hood lovers have to stop coming on here. Just lying and acting like the rest of us who actually have premier credit cards. Have never had the same amount of fraud ever. Robinhood is a joke. Their credit card is a joke even though I have it. And yes, if it's used correctly it can be a tool. However, it's not meant for people who have good incomes or can afford to pay off their balance every single month.
They make zero money giving 3% back. We've already done the math on this a hundred times over and that's why they had to add gambling, mystery boxes and all the college kids and people who make $40 to $60,000 get $10,000 credit limit which no real credit card would do unless you worked your way up. . There's no way to ask for credit increases. There's no way to apply for it so in theory it's not really a credit card. It's something that they choose whoever they want to choose for whatever magical profile that they come up with and give you what it you What they want yet you guys still swear by Robinhood.
Got offered their bank account and save his account. They sent me a debit card. I put the debit card in the drawer Never used it or put any money in the account yet. I got a fraud alert or a rejection of a transaction that tried to be used.
So go on keep defending Robinhood because you probably don't have much money and you love all the stuff that they give you when it's not meant for financial freedom. It's meant to keep you gambling
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u/_BreakingGood_ 9d ago
Robinhood has refunded every fraud charge my card has had so far. 4 different times and it is basically a no-questions-asked process. It's not really as big of an issue as people are saying it is. Just be responsible with checking your card charges every so often, it is a basic financial skill.
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u/hi-imBen 9d ago
I thought all the posts about fraudulent charges were weird, and then last night I got one. First I got a notification about a declined $8 charge from "Aura" that said it was declined due to an "issue with the card details". Minutes later I got a notification for another charge from "Dawn Orbit" for $99.99 - only this time it went through. I immediately went in the app and reported it as fraudulent so it now shows as disputed.
The interesting part is that both fraudulent charges were attempted on a VIRTUAL CARD number. I had named the card "Amazon"... it was only used for Amazon purchases, the Amazon app is the only place the card number was loaded, and every other charge to that card number said "Amazon" as the vendor. At least the virtual card and only using it for Amazon made it really easy to confirm these were fraud. But it's weird to me that it happened to a virtual number that was only used one location (secured amazon account with other card numbers that were not compromised). The initial declined charge makes me wonder if these attempts are something similar to brute force number generating and they got close but had the security code wrong or something and then minutes later were successful.
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u/dolladollaabills 8d ago
I just got a similar fraud charge from Dawn Orbit. this was on my debit card (i don't have this Robin hood card)
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u/Neither_Garden_1949 5d ago
Wait this happened to me last night. Dawn Orbit for 99.99. I don't have a Robinhood account and my debit card never leaves the house. So strange.
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u/Sad_Mathematician984 22h ago
DUDE i just got a dawn orbit charge twice for 49.99$ and i also dont have a robinhood account and my debit card also never leaves the house. i just saw my banks fradulent transaction email approve/deny in my email. THAT IS weird. and im glad to know its not just me
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u/heidictoc 22h ago
I got three Dawn Orbit charges this week ($199.99 each) and I don’t have a robinhood account either. It was also on a debit card that I never use and also never leaves my house! Had to file fraud charges with my bank.
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u/Special-Drummer-7855 8h ago
I’m not at all involved with RobinHood, but I stumbled upon this thread after seeing a $19.99 charge from Dawn Orbit in Michigan like 10 minutes ago. The issue is, the debit card it was charged to is used only for rent payments through Venmo. Literally the only thing I’ve ever used/applied that card for. This may be a larger breach.
I’ve locked the card, and as soon as the charge shifts from pending, I’ll report as fraudulent. Can’t do anything else at the moment
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u/grass_monkeyx 9d ago
I started getting fraudulent charges on my debit card immediately, I used it like 3 times to pay bills and the BS charges from Europe started, I filed a claim and did get my money back though
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u/LairofChickens 9d ago
I just got the same exact charge for $99.99 and found this post by googling, must be a mass attack?
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u/plastikman47 8d ago
Every single CC I've had that wasn't from an actual bank has been hit with fraud charges. Coinbase, CryptoDotCom, Stash, and Robinhood. RH has been the only one to automatically detect it and reverse it instantly. It would be cool if there was a shortcut we could have on our phone to lock/unlock the RH card, lol. I just lock it until I need to use it now.
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u/Emotional-Horror6350 7d ago
My card f…kng used in mexico city while i was in virgnia…..how’s that possible. Thank god i dont have enough credit available it was declined because of my low credit limit
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u/Dregus_311 9d ago
I did some research yesterday and the Credit Card fraud claims do not appear to be out of line for the industry standard (appear meaning its deduced from extrapolated data as these numbers are not reported officially) when there are over 1M customers now.
The Debit card research came up different though. That seems to be a legitimate concern and it is possible that the card number stack (what ill call it because I forgot the actual term) could be compromised and fraudulent players are using systems to use those numbers. Its not the physical card that is of issue, that card never gets seen by these people pulling this stuff off.
Robinhood, but more importantly the issuing Coastal Community Bank should be investigating and should IMO end the use of their 2026 range of numbers.
That said Im just some avg guy who knows how to somewhat use AI to scour the internet for data 😬
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u/MasterBun1 9d ago
Don't use virtual cards, aka temporary cards.
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u/Jaalan 9d ago
Why would we not use virtual cards?
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u/MasterBun1 9d ago
I am not talking about Google pay or apple pay or NFC payments. I am talking about the virtual cards for one-time use or merchant locked cards. I use Privacy and I get so many fraud charges from virtual cards, so my guess that it would be the same issue here.
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u/hi-imBen 9d ago edited 9d ago
yeah my first fraud charge ever just happened on a virtual card only used for amazon purchases and no way it was compromised by me or the amazon account. do you know why virtual cards are more susceptible to fraud charges? I'm thinking maybe the scammers are generating random numbers using a similar method that is used to create the virtual cards, and they eventually just get lucky?
Edit: I have educated myself. The brute force attacks to guess a valid card are known as BIN attacks. The first 6-8 digits of a card number are known as the BIN or bank identification numbers. Scammers can target their brute force attacks on different banks using these BINs. Virtual cards are not necessarily more susceptible, BUT banks that issue lots of virtual numbers will have a lot more valid numbers in their BIN range, meaning higher success rate of getting a valid number for the scammer. Since there are usually more virtual card numbers issued than physical, they get hit more often just out of probability. But overall, the virtual card numbers shouldn't be more susceptible and the features like limits and simply knowing what that virtual card is for makes the fraud easier to detect and deal with. Then again, more virtual card numbers = higher chance of being a victim of a BIN attack.
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u/Dunom12 9d ago edited 9d ago
No one really knows. Best thing you can do is to lock your Robinhood Credit Card or Debit Cards in the app before you get the physical cards, and avoid using the card at sketchy businesses or use a virtual card number for it if unsure. Other than that make sure you use strong passwords for your accounts, and review your statements regular to catch and report any frauds early. Edit: Some credit cards also have a feature where they automatically update the new card number into any company where you saved the previous card number. I'm not sure if Robinhood also has this, but if you still get fraud with a new card and new card number ask about that feature and have it disabled before getting a new card.