A credit card can prove to be an efficient and effective financial tool in the users’ hands but once it is lost or stolen, handling the situation can be a bit of a hassle to the user. Therefore, the loss of credit card should be reported as soon as it is noticed by the user. If the user fails to do so and the credit card is used for a fraudulent purchase, your credit score can take a dip in the negative direction. The user or owner of the credit card may also be charged with fraudulent activities and may suffer legal liabilities too. Therefore, the best case scenario for the loss of credit card would be to get the card blocked and once this is done, settings like auto payments need to be canceled because they will get declined and any services used will be suspended.
Steps to Take After the Loss of Credit Card
In the panic of the loss of credit card, it might be difficult to take steps in a coherent order. To ease it out for the users, these are the steps that any credit card owner should take after they lose their credit card.
- Inform the credit card issuer and block the card.
After the user or owner realizes that their credit card is missing or lost, the first step they should take is contacting the credit card issuer or bank and informing them of the loss of credit card. This ensures that the bank or issuer blocks the lost or missing credit card, thus preventing anyone else from using it. Many banks, to prevent the card users from going through the process of calling and talking to a customer care executive, provide the option of blocking the credit card once the users login to their net banking portal. After having blocked the card, the user can apply for a duplicate credit card which may take from around one or two weeks to be delivered. In addition to this, ensure that you get a complaint number and any such evidence on the complaint raised with the bank regarding the lost or misplaced card.
- Check the credit statement of the credit card
Even after having reported the loss of the credit card to the credit card issuer or bank, filing an FIR and informing the credit bureau, it is still imperative that the user or owner of the credit card keep an eye on the credit card statement. If the statement indicates any wrong or suspicious transactions, you can immediately contact your card issuer and raise a complaint against the transaction.
- Apply for a replacement credit card
Having completed the above steps, the last step would be to initiate the application process for the replacement credit card to replace the old one. This can be done by contacting the bank and requesting for a duplicate credit card as a replacement.
What To Do After Fraudulent Transactions On Your Card?
If the credit card user finds an unfamiliar transaction or purchase on their credit card bill statement or faces issues regarding their orders, they can dispute the transaction and raise the issue with their credit card issuer.
This can be done in the form of a chargeback, which happens to be a tool that protects consumers and assists them in getting a refund for fraudulent transactions by raising a dispute with their credit card issuer or bank.
How to prevent the loss of credit card?
There are some precautionary measures that can be taken to prevent the loss or at least control the damage after the loss of credit card.
- Carry only those credit cards or card that you put into regular use.
- Ensure that you place your credit card in a wallet or a purse and not without any cover in your pockets. This prevents the card from being lost without you knowing about it.
- Keep the credit card number, PIN and CVV to yourself and do not share your CVV and credit card PIN with anyone. Do not write your credit card PIN on your credit card or anywhere to prevent misuse.
- Be aware of and memorize your credit card number instead of noting it down, which makes it susceptible to being read by strangers.
- Check your credit card statement on a regular basis so that any discrepancies or fraudulent transaction can be noticed by you and reported to the card issuer immediately.
- Do not share your personal credit card details with anyone claiming to be from the bank over a phone call or in person. The bank never enquires about any personal credit card details from the user