Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #4522619

Complaint Overview

Complaint ID: 4522619

Company: Robinhood Markets INC.

Product: Money transfer, virtual currency, or money service

Sub-Product: Domestic (US) money transfer

Issue: Other transaction problem

State: California

ZIP Code: 92679

Date Received: 2021-07-07T12:00:00-05:00

Date Sent to Company: 2021-07-07T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I discovered I am a victim of identity theft early on XX/XX/XXXX. I discovered via my email account that someone fraudulently opened at least one Robinhood account in my name ( possibly a brokerage account? Possibly related to crypto currency??? ), fraudulently using my SS #, email address, and identity. It seems that the fraudulent Robinhood account was set up on or before XX/XX/XXXX ( email ). I do not know more about what type of account it is and what account activities it permits. The thief/thieves then linked the fraudulent Robinhood account to my legitimate XXXX XXXX account ( email XX/XX/XXXX ) without my authorization. They had stolen my info. for access to my XXXX XXXX account. They set up a transfer of {$5000.00} from my legit XXXX XXXX account to the fraudulent Robinhood account ( email XXXX ). The Robinhood account was then " upgraded '' to a " Cash Management '' account, and the thieves then set up a transfer of {$25000.00} from my legit XXXX XXXX account to the fraudulent Robinhood account under my name ( email XXXX ). I did not authorize ANY transfers of funds from XXXX XXXX and/or to Robinhood. Transfers out of XXXX XXXX were scheduled to go through/be completed by XX/XX/XXXX. Both times, the thieves were given {$1000.00} " instant deposits '' until the rest of the transfer went through. The " Cash Management account '' ( in my name ), also allowed the thieves to use a virtual online debit card, and other services ( see email XXXX ). As soon as I saw these emails ( early morning XXXX ), along with ones from my legitimate XXXX XXXX account, I got XXXX XXXX to stop the transfers and tried to get Robinhood to freeze all activitiy and close the fraudulent account. Via email, I alerted Robinhood that the account is fraudulent and that I am a victim of identity theft. I asked for a freeze to be put on the account and for it to be closed, with no access for credit/debit/ATM card usage, no transfers or loans, etc. ( Robinhood Case Number : XXXX ) Robinhood insisted that I should send a photo of my driver 's license so that they could verify my identity prior to closing the account. I explained that I am a victim of identity theft and that my email was compromised by the identity thieves, so I can not and will not send my driver 's license. I shared my phone number and asked for a Robinhood fraud specialist to phone me so as to verify my identity. I was informed per email by XXXX that, " '' At this time, we dont have a dedicated inbound customer service number. " ... were exploring ways to expand the ability for customers to request a support call to cover more situations because we know how important getting fast support is to you. '' No one from Robinhood has ever phoned, although I requested this several times. ( e.g., Robinhood request XXXX ). It is not possible to phone Robinhood. There is a published phone number but no way to actually speak with any person at Robinhood ( XXXX ). I was constantly told ( via emails from XXXX ) that Robinhood needs my driver 's license before closing the account, e.g., " ... for us to be able to continue with our actions, we will need physical proof your identity. The quickest way to provide this is to submit color photos of the front and back of your government-issued ID submitted using our secure upload portal. However, we recognize the sensitivity of this and would only request this in order to confirm your details. Let me know if you have any other questionsIm here to help. Sincerely, XXXX, Case ID : XXXX '' It is now XXXX. Despite repeated attempts ( via email XXXX, I have not been able to get XXXX to close this account, phone me, etc. I do not know what fraudulent activities have been/are taking place in my name from the fraudulent Robinhood account. After my first email, Robinhood informed me that ( 1 ) " A deposit restriction has been placed on your brokerage account, '' A withdrawal restriction has been placed on your brokerage account '' and ( 2 ) " This means you can not transfer money from Robinhood to other accounts using any method, and any transactions using your Robinhood debit card or ACH account and routing number will be declined. '' and ( 3 ) that the account was now " restricted '' : " We wanted to let you know that your Robinhood account has been restricted to position closing orders only. This means you can sell any stocks or close options that you own, but you will not be able to make any new purchases. '' In response, I emailed again asking for it to be 100 % frozen and closed, with NO account activity allowed. I have not heard from Robinhood again. They have been non-responsive since XXXX, despite my attempts to get this fraudulent account closed which was opened using my identity ( without my knowledge and/or authorization ).

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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