What to Do When Your Credit Card Is Stolen? Stolen your credit card or debit card can be frustrating. You may have also lost your wallet or your purse snatched away.
Or you may be in a situation where your information stolen online through a hacked database.
A stolen credit card can seem like a nightmare. But this situation should not be the cause of alarm until you notice the lost card and act quickly.
If your credit card used without your permission, your liability for fraudulent charges limited by law. In addition, the major credit card networks all have fraudulent liability policies of $ 0, meaning that you will not have to pay for unauthorized charges as long as you report the problem immediately.
However, In case of any event of loss of your credit card, you should take some immediate action for any delay, this will increase the chances of misuse of your credit card.
In any case, there is the ability to give the thief access to all the information in your personal account. Therefore you need to note that as soon as you notice that there is something wrong with your account.
Here are some Rules with that you can get What to Do When Your Credit Card Is Stolen.
What to Do When Your Credit Card Is Stolen
1. Contact Your Credit Card Company
The first step is that as soon as you notice that your credit card is missing.
You will have a time limit to report this information so that you are not responsible for the fee. Usually, it is within twenty-four hours of noticing that your card is missing.
Typically, you will check the back of the card for the telephone number to call. It, not an option when your card lost or stolen.
If you do not want to go through the process of calling a customer care executive to block your credit card, you can log into your net banking portal and use the option to block it.
Keep in mind that federal law limits your liability for unauthorized charges. The most you will pay is $ 50. But act fast. You want to get this matter resolved before someone starts accusing you of serious transactions and fraud on your card.
2. Register an FIR
Once you inform the bank about the loss of your credit card, it is always a good option to visit your nearest police station and file an FIR with the police regarding the loss of your credit card.
If your identity has been stolen as a result of this theft, you will have a report dating back to when it was originally stolen. This is why the police report is important.
Be sure to keep several copies of the report. If you have multiple cards stolen, you can use the same police report. Keep in mind that you will have to deposit a copy with your bank. However, it is important to keep a copy or two on file for your records.
This helps because you will not be held liable if the card misused by a fraudulent party. The FIR also serves as legal proof of losing your credit card and helps you apply for a duplicate credit card.
3. Get prepped with information
Your credit card issuer must verify your identity. You will need to provide information such as your name, address, and social security number.
Your issuer may want to know when your card was lost or stolen and when you charged your last charge. They can review recent transactions with you to see if any of them commit fraud.
Your issuer will cancel your account and send you a new credit card with a new account number. Be sure to update your mobile wallet if it also contains a lost card as a means of payment.
Replacing your lost card should not have any effect on your credit report or credit score. Just remember that if you were using a lost card to make automatic payments for you, make sure you provide your new card number to those vendors. In the short term, you may have to make manual payments. It is important to continue your payment on time.
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4. Contact Your Bank
If your checkbook or debit card has also been stolen or lost, you may need to contact your bank. If your checkbook was stolen you would follow almost the same procedure.
Be sure to continue monitoring all your accounts to ensure that you do not have any unauthorized activity on the account.
You should keep an eye on it for several weeks, as thieves may wait to access your account.
5. Change Your Automatic Payments
Another important step is to change all automatic payments you have made to that credit card.
This may include a bill or other payments, PayPal or Venmo accounts, even automatic debits to your rent or mortgage.
Updating your card information will not hold you back from paying and will be affected by late fees.
It may take time to update your payment information on all your various accounts, but this is an important step of the process.
You want to make a list of the bills that automatically debited, and the accounts you use that card to pay so that you can make changes quickly. Do not put your account numbers in this list, just give them the bank name or card information.
6. Monitor Your Credit Report
If you have your credit card number or bank information stolen, you will have to monitor your credit over the next several months.
You should check your credit report to make sure that no one has opened accounts in your name.
You can do this for free through the three major credit agencies. If you alternate between agencies, you can check every four months, which makes it easier to track your credit.
If you find an unauthorized account, you will have to report it as identity theft and contact the bank that opened the account. You may need to monitor your credit report for several months or years, but remember, it necessary if your credit card lost or stolen.
7. Reapply only if you need the credit card
Before re-applying for a credit card, you should check if you need it or not. You may have a credit card lying in your wallet several times.
You should know that despite blocking your credit card, it remains active which allows you to apply again.
If you find that you are not using a credit card, then it is definitely better to close your credit card account. This will help you save money as you will not need to pay the annual or re-charge.
Things you can do to prevent future lost or stolen credit cards
- Carry only the cards you need.
- Make sure you keep your credit card in a wallet or purse. You are more likely to lose your card if you keep it in your pocket.
- Cut up old credit cards before you throw them away. Make sure you cut through the account number.
- Keep track of your cards and store ones you don’t use in a secure place.
- Keep your credit card CVV number, PIN, etc. safe. Never share your CVV number or PIN with anyone.
- Check your credit statement regularly. If you find any transaction that you have not done, inform the bank immediately.
- It is safer to remember your credit card number than to write it on a piece of paper.
- Avoid sharing your credit card number over a phone call until you have made the call. The bank will never ask you for any personal details related to your credit card. Therefore, if someone asks for your credit card details such as CVV number, expiry date, PIN, etc., do not attach them.
Frequently Asked Questions
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