Credit cards are a necessary component of our lives due to the growing demand for suitable payment options. They are compact, convenient for payments, and boost purchasing power with a ready-to-use credit line. However, they also execute the risk of being stolen and lost. It’s important to take immediate action if you discover that you’ve lost your credit card or it is been stolen then you need to protect the card’s sensitive data and notify the card’s issuer of the incident. Here are some of the important actions you need to take if your credit card is stolen or lost.
Steps to take When Lost Your Credit Card?
Registering an FIR:
This step is avoided by many people because they believe it will take a lot of time.
However, it is important to submit a First Information Report (FIR) at the closest police station after the credit card has been blocked. By doing this, you will be protected from any possible fraud and misuse. The FIR copy serves as evidence of theft, which the card issuer may demand if a transaction occurs.
Immediately inform the Credit Bureau:
It would be beneficial if you notified your credit bureau about the stolen or loss of your credit card after filing an FIR. The credit bureau will place a fraud alert and make sure that the unauthorized transactions do not have an impact on your credit score. After some time, you must check your credit score and let the credit bureau know if there are any major differences in the data.
Inform the Credit Card Issuer:
You should contact your credit card issuer as soon as you become aware that your credit card has been lost or stolen to report the incident. Depending on your request, the customer service representative will either temporarily block your credit card or permanently do so. By reporting and blocking the card, you will ensure that you are not responsible for any upcoming unauthorized transactions. On the back of a credit card, the issuers typically list the customer service number. Therefore, if you have a picture of your card, you can quickly find the appropriate phone number to report the loss of your credit card.
Change the Credit Card account’s password:
Your lost or stolen credit card should be immediately blocked, thus, there is no need to change the PIN. However, if your card is lost and you believe it must be somewhere in your house but you are unable to locate it and you have temporarily blocked your card, it is advised to change the internet banking or credit card account password in both scenarios.
Check the insurance on your credit card:
A credit card protection plan is one of several insurance options available to safeguard you from any unauthorized credit card transactions. Moreover, some credit cards offer complimentary credit card insurance. As soon as you become aware that your credit card has been stolen or lost, you must immediately notify the credit card issuer to ensure that you receive the benefits of credit card insurance.
Read More: Do Credit Cards Cause A Debt Trap Or Not
Conclusion
If you immediately report the loss, you won’t be responsible for paying back suspicious transactions after your credit card is lost. By reporting or blocking the credit card, future fraud liability is removed. If your card does not come with built-in insurance, it is advisable to purchase a credit card protection plan because it offers financial security against all suspicious transactions. Make sure you take the necessary security measures to prevent scams. However, if your credit card has already been lost or stolen, don’t panic. Instead, take the steps highlighted above to prevent the card from being used fraudulently and forcing you to pay for the unauthorized charges.
