What Happens If Your Credit Card Is Stolen?
A credit card has access to all of your personal data and is worth a lot of money. As a result, losing a credit card would jeopardize both your personal and financial security.
Due to the significant financial rewards that credit cards provide, there are a significant number of frauds involving them. Given all of this, you may be forced to deal with these issues if you misplace your credit card-
Your misplaced credit card could be used by a thief or fraudster to make purchases and remove money from your credit limit.
With the help of the account number listed on the card, your lost card could be utilised to steal your personal identity.
Criminals may gain access to your personal information for a variety of fraudulent objectives, such as phishing scams conducted via the phone, email, or social media platforms.
Using card readers, fraudsters can duplicate your credit card passwords, pin numbers, or skim your stolen credit card data.
The scammers could exploit your existing credit or loan accounts as well, changing your email addresses and passwords and taking control of all your accounts.
What to Do If Your Credit Card Is Stolen
Losing a credit card is a major event, and as soon as you notice you've misplaced yours, you must take immediate action. Failure to do so will result in serious consequences.
If your credit card is lost or stolen, follow the actions below as soon as possible.
Block credit card
When you realize you've misplaced your credit card, the first thing you should do is have it blocked. This is because the first thing a thief or fraudster will do if they find your stolen credit card is withdraw all of your money, which you do not want to do. As a result, getting your credit card stopped is something you should do right away.
Collect information about your card
The next step is to gather all of the information pertaining to your credit card. Your bank's branch, your account number, your credit card number, and the name on your card should all be included in this list. You'll also have to submit information regarding the date and time you realized your card was missing, the last time you used your stolen credit card, and when and how you notified your bank about your lost card.
Notify your financial institution
Once you have all of the necessary information, contact your bank's customer service representatives and advise them of your situation. Along with having a phone chat, you should also send them an email with all of the pertinent information. This written account will assist you and your bank in keeping track of the misplacement of your card and will aid in the re-application process.
Keep an eye on your credit card's billing statement
When you lose your card, you should immediately check your credit card statement to see if the thief/fraudster has used your card to make a financial gain. It's also possible that you'll misplace your credit card and it'll be discovered by a genuine person who will try to return it to you. As a result, keeping an eye on your credit card's billing statement is critical for determining whether your credit card has been stolen or if you've misplaced it. In addition, if you see any unusual activity on your credit card, notify your bank right once.
Make a police report
Because there could be fraud involved in the loss of your credit card, it is critical to submit a police report. If the fraudulent party uses your credit card or your personal information associated with the card, this will be advantageous to you. In the event that you decide to apply for a replica of your stolen credit card, a FIR will serve as legal proof of your loss.
Take care of unlawful charges
It's crucial to remember that if you lose your credit card, you could be held accountable for any losses you incur. According to RBI guidelines, any losses or fraudulent transactions notified within three days of losing a credit card are borne by the bank, not the cardholder. As a result, it's critical to keep your bank informed from the start to avoid dealing with any illegal charges on your credit card.
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