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A First for Major Banks - Helping Customers Identify Potentially Unwanted Charges

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SOURCE Capital One

Capital One Second Look(SM) to Flag Recurring, Renewing and Duplicate Charges

MCLEAN, Va., June 11, 2014 /PRNewswire/ -- A first of its kind for major banks, Capital One is piloting a new free service that helps its customers identify unnoticed or potentially unwanted charges. Capital One Second Look(SM) goes beyond traditional fraud detection for Capital One card customers, flagging potentially duplicate charges, auto-renewing subscriptions and increases in recurring charges that are commonly overlooked. A service that is currently available to some card customers, Second Look will soon be available to all Capital One branded credit card customers with no need to sign up.

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Millions of potentially duplicate charges occur each year (where a customer is charged the same amount on the same day by the same merchant). While many of these charges can be easily explained, in others instances, customers may find that they have been charged twice for the same purchase. Data shows that two out of three customers overlook potentially duplicative charges. Second Look highlights potentially duplicative charges making it easier for customers to notice potential errors. Second Look emails include instructions to help guide customers in the event they decide to question a charge to their account – either by contacting the merchant directly or Capital One. Current pilot test data shows that customers were three times more likely to question a charge after having received a Second Look alert. 

Second Look also monitors recurring charges, such as monthly utility bills, and sends an alert when there is an unexpected and potentially unwanted increase in the monthly bill. The pilot has so far resulted in more than 25% of customers contacting the provider to ask about the increase after receiving the alert.

Auto-renewing subscriptions and memberships, including those known as "free-to-pay" services which begin charging after a free introductory trial period, are also flagged by Second Look.

"With Capital One's Second Look, our customers can feel confident that we've got their backs," said Amy Lenander, Vice President for Card at Capital One. "When we see certain activity, like potential duplicate charges, or where we see that some memberships have auto-renewed, we're going to let cardholders know. Capital One Second Look is just another way we're looking out for our customers' best interest and giving our card holders a heads-up, so they can stay on top of their spending."

Capital One customers can visit www.capitalone.com/credit-cards/benefits/second-look/ to learn more about the program and offer their feedback on ways to enhance it.

About Capital One 
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $208.3 billion in deposits and $290.5 billion in total assets as of March 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Contact: Chris O'Neill
804.284.5443
Chris.ONeill@capitalone.com

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