Immediate Steps To Follow After You Lose Your Credit Card

Credit cards have become an unavoidable part of our lives as the demand for quick payment methods has grown. They are portable, convenient for payments, and improve purchasing power with a ready-to-use credit line. They do, however, run the risk of being misplaced or stolen. If you discover that your credit card has been lost or stolen, you must act quickly to protect the sensitive data on the card and notify the credit card issuer of the loss. This article will walk you through the procedures you should take if your credit card is lost or stolen.

Steps To Follow If Credit Card Is Lost

Notify the credit card company

When you realize your credit card has been lost or stolen, contact your credit card provider immediately to report the loss or theft of your missing card. The customer service representative will either temporarily or permanently block the card based on your request. Reporting and disabling the card will protect you from future liabilities if an unauthorized transaction occurs. The customer service number is frequently mentioned on the back of a credit card. So, if you have a photo of your credit card, you may simply obtain the correct contact information to report the theft of your credit card.

Register an FIR

Many people ignore this step because they believe it will take too long. Once the credit card has been blocked, however, it is critical to file a First Information Report (FIR) at the nearest police station. This will safeguard you against any misuse and fraud. The copy of the FIR serves as proof of theft, which the credit card company may require if any transaction occurs.

Change The Password

There is no need to update the PIN on a lost or stolen credit card because the card should be blocked immediately. However, if your card is lost and you believe it is somewhere in your home but are unable to locate it, and you have temporarily blocked your card, it is recommended that you reset your PIN to guarantee the card is not abused. However, in either case, it is recommended that you update your online banking or credit card account password to prevent fraudsters from accessing your credit card information.

Check Your Credit Card Insurance

Many insurance companies provide credit card protection plans that safeguard you from unauthorized credit card transactions. Furthermore, certain credit cards have complimentary credit card insurance. To ensure that you receive the benefits of credit card insurance, you must notify the credit card company as soon as you discover your credit card has been lost or stolen. If you notice any unauthorized transactions on your credit card, check with your credit card provider to see if your card is protected.

Maintain a close eye on your credit card statement.

When you lose your credit card, it is critical to monitor your credit card statement and SMS notifications to determine whether any unauthorized transactions occur. Although it is rare for a transaction to occur on a reported card, it is best to be cautious than to regret it later. In the event of a questionable transaction, notify the credit card company immediately.

Turn off Autopay

If you have enabled autopay requests on your credit card bills, you should disable them via internet banking or an online credit card account to avoid repaying for the unauthorized transaction that occurred after reporting the credit card loss.

If you report the loss of your credit card immediately, you will not have to deal with the payback of unauthorized transactions. By reporting or blocking the credit card, you avoid culpability for future fraud. Like this post? Don’t forget to check out our other short stories in our Quick Read section