What to Do If Your Credit Card Is Lost or Stolen
Credit card fraud is a growing concern among consumers. A survey by LocalCircles revealed that as of 2024, 47% of Indians have experienced financial fraud in recent years. UPI and credit card fraud are among the most common types.
Losing a credit card or having it fall into the wrong hands is distressing. Acting promptly helps minimise risks and protects financial security. Taking the necessary steps without delay is crucial to prevent further complications and potential losses.
Measures to Take If You Lose Your Credit Card
Losing your credit card can be stressful, but taking quick action can help protect your finances and personal information. Follow these measures to secure your account and prevent unauthorised use:
- Contact the Issuer
Contact your credit card issuer immediately. Most banks provide helplines for lost or stolen cards, available 24/7. They will suspend your account and issue a new card to prevent unauthorised transactions. Helpline numbers can be found on the official website’s ‘Contact Us’ page.
- Block Your Credit Card
Card providers offer online and offline options to block a lost card.
- Online: Log into your banking account to report or block the card
- Offline: Call customer service to block the card and prevent unauthorised transactions
- Review Your Account
After reporting your lost card, update passwords for all linked accounts, such as shopping sites and subscriptions. Use strong, unique passwords with letters, numbers, and special characters to enhance security. Regularly check your account statements for unauthorised transactions and report them immediately.
Keep receipts of any fraudulent transactions to provide as proof when reporting to the police.
- Register an FIR
File a First Information Report (FIR) at your local police station to strengthen your case. This document serves as legal proof of the loss and can assist in resolving unauthorised transactions or identity theft.
- Contact the Credit Bureau
Inform the credit bureau to set a fraud alert, warning lenders that your information might be compromised. This helps protect your credit score and prevents fraudsters from opening accounts in your name. Check your credit report for errors and report any inaccuracies to the bureau immediately.
- Apply for a New Card
Once your accounts are secure, contact your bank to apply for a new credit card. The bank will block the old card but keep your account active for the replacement. If you rarely use your credit card, consider whether you need a new one or prefer closing the account.
Tips to Keep Your Credit Card Safe
Apart from knowing how to block a credit card, here are some tips you can consider to keep your credit card safe:
- Carry Only Essential Cards
Carry only the cards you use regularly. This reduces the risk of loss or theft and helps maintain better control over your spending.
- Stay Vigilant Against Scams
Remain cautious of phishing scams that aim to steal your personal information. Always verify the source before sharing any sensitive details.
- Keep Your Card Secure
Store your card in a wallet or purse rather than in your pocket. This reduces the chances of misplacing it and protects it from accidental damage.
- Enable Extra Security
Activate two-factor authentication for online transactions. This adds an additional layer of protection, ensuring only you can authorise payments.
- Dispose off Old Cards Properly
Cut expired or cancelled cards into pieces before discarding them, ensuring the card number is completely destroyed. This prevents unauthorised use.
- Protect Sensitive Information
Keep your CVV, PIN, and other card details confidential. Never disclose them to anyone, even if they claim to represent your bank.
- Be Cautious Abroad
Use your card overseas only at reputable establishments to reduce risks. Avoid withdrawing cash from unfamiliar ATMs and inform your bank before travelling.
- Monitor Transactions Regularly
Review your credit card statements frequently to detect unauthorised transactions. Report any discrepancies immediately to prevent further misuse.
- Avoid Sharing Information Over Calls
Do not share card details over the phone unless you initiate the call. Banks will never request sensitive information such as CVV, expiry date, or PIN.
- Update Contact Information
Ensure your issuer has your current phone number, email address, and other contact details. This guarantees you receive important alerts and updates promptly.
- Avoid Public Wi-Fi for Transactions
Refrain from using public Wi-Fi for online credit card transactions. Public networks are often unsecured, increasing the risk of data breaches.
Conclusion
Losing a credit card can be stressful. Taking immediate action is crucial to protecting your finances. Contact the issuer, block the card, and report the loss to the authorities. This helps prevent unauthorised transactions and reduces further risks. Stay vigilant by regularly checking your statements.
Early detection of suspicious activity protects your credit score and financial security. Once you get your new card, adopt safer practices to lower future risks. Carry only essential cards and enable extra security features. Avoid using public Wi-Fi for transactions. These simple habits enhance your protection.
By staying alert and following these steps, you can safeguard your credit card and personal information.
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