What To Do If A Credit Card Is Stolen Or Lost

Credit cards have made life quite convenient. With its help we can do transactions not only anytime, anywhere. In fact, you can also avail facilities like reward, cashback on purchase. But as credit card usage has increased, so has the risk of credit card fraud and card theft, which is a matter of concern among card users. Often people do not know what to do if a credit card is lost or stolen. Therefore, in today’s article we are going to tell you what steps you should take if your credit card is lost or stolen.

Get your credit card blocked

If your credit card is lost or stolen, the first and most important step is to get your card blocked. Call credit card customer care and get your credit card blocked immediately. Along with this, you can also block the card through online banking app or net banking. If there is a possibility that you will get your credit card back, then you can temporarily block your credit card and there is no possibility of getting the card, then it would be better to get the card blocked forever.

Register FIR

In case of loss or theft of your credit card, inform the police and lodge an FIR. This will ensure that if the card is used for any kind of fraud then you will not be held guilty and you will not get into any trouble.

Check credit card statement

Once you report the loss of your credit card, the bank blocks your card so that no transactions can take place. However, it is a good idea to check the credit card bill or credit card statement, because while checking the statement, if you see any transaction which you have not done, then inform the card issuer as soon as possible. By doing this you can avail the benefit of Zero Lost Card Liability.

As per RBI guidelines, if any transaction takes place after immediately reporting the loss to the bank, it will be the responsibility of the bank/card issuer and not the cardholder and they will also compensate it. The sooner you report a loss, the sooner your card will be blocked, the chances of a fraudulent transaction will reduce and your chances of getting complete security from the bank will increase. However, if there is a delay in reporting the loss on your part, your bank will decide your liability based on the existing RBI guidelines.

Conclusion

If credit cards are not taken care of, they may be lost or stolen. Steps to deal with such a situation, such as reporting lost cards and hotlisting your credit card, are important to minimize any further financial losses. By adopting the suggestions mentioned in today’s article, you can protect yourself from any fraud. Keep in mind, you can protect both your money and credit health by being alert and taking the right steps on time.

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