OP, I would not give up.
Cap One has treated me very very well since my BK two years ago.
I know you are frustrated but if you have credit challenges (I assume so since you have secured card(s)), they can be quite generous as your credit gets better.
In two years, they have given me $50k in credit card limits and a car loan at 2.49% for 72 months!
Thanks so much, Shooting-For-800.
I won't give up, I will just wait it out to see what the outcome will be. Since last Oct. 2015, my scores have increased from the low to mid 500's to currently the mid 600's. I have been blessed to purchase a car, in July, the day before my birthday 
and I would really like a non-secured card. I can wait. i want to get this right!
Your encouragement is appreciated and I will stick with the secured card and "do right by it!"
@dznen1 wrote:Hello All,
Please advise. I appplied for a Cap One QS1 on 7/22. I received an email that it was denied so I called. I was told the reason was because of the fraud alert on my credit files. I was given a phone # to the fraud dept and I called. I had to leave a message, and the msg said I would get a call back in 24-48 hrs, I did not. So, I called and the Application Specialist and the specialist called, I guess the fraud dept and was given the name of someone from fraud and said that she would call me in 5-10 minutes. She called and ask questions on my reports, said she would send back so that the app would be completed, 7- 10 days.
Every call gets the same info, 7-10 days. The date I spoke with fraud was 8/3.
Yesterday I was told it can be another 2 weeks!!!
One other thing, I ask if I can go ahead, since it is taking so long, and apply for the Platinum and Quick Silver, he said that I would have to wait 6 months. I really do not think he was a supervisor.
I have the secured card at present but want an unsecured card.
Thanks for reading and for any advice.
If it were me, I would just 'lay low' and let the system work.
Since the reason for the issue is a fraud alert on your credit bureau files, any attempt to speed things up will likely only cause more issues (after all, isn't that what a fraudster would want?) If you've not heard back from them within the time frame you were given, I would then follow up, but not earlier.
In any case I wouldn't waste my time with the EO, since they will likely just have to refer the case back to the security folks anyway (again, imagine the nightmare situations that would arise if the EO were to routinely override the security folks based on a phone call).
I know sometimes it can't be avoided, but anytime you apply for credit with an active fraud flag (of any type) it will slow things down, since that's what it was designed to do. I know this isn't what you want to hear, but sometimes the best solution is patience.
Let us know how it goes!