Credit Card Lost: What You Need To Keep In Mind If You Lose Your Bank Card Or Suspect It To Be Stolen

Here are the things that you need to keep in mind when you lose your credit or debit card and suspect that it has been stolen.

New Delhi: Losing your wallet is indeed a terrible experience and it's not just the money to be worried about also the plastic money i.e. bank cards such as debit and credit cards that can lead to more damages in the wrong hands. Here is what you need to follow when you face a situation where you suspect that your card is missing or stolen. 

Calm Down - Panic Is Counterproductive

First and foremost such a situation is bound to induce a sense of panic, however, it can also prove to be counterproductive. Hence, it is always better to just take a second to calm your senses and think logically. After checking your immediate surroundings, asking people around, think back as to when was the last time that you used your wallet or cards and see if you can contact someone to enquire about the same in the place. Chart your day from that point on and recollect if at all you were carrying it when you left home.

Loss Or Theft Seems Highly Likely

In case, you are certain that the card is missing and there seems to be no way of getting it back - you must be proactive so that someone is unable to make any unauthorised withdrawal or transactions.

These days, banks issue cards with wifi transaction functionality also known as contactless payment. This is convenient when buying things on the go when you just have to put the card on the Swipe machine without having to enter your pin code and the payment is made very conveniently. However, in the wrong hands, that can further complicate the situation.

Purchases of a certain amount limit for example Rs 2,000 can be made this way, going over that limit will require a card user to enter the pin. But, it is best to deactivate the card even if you do not have contactless payment enabled.

For this, you can contact your bank through a phone call on their toll-free number or visit your net banking account to initiate the blocking and re-issuing process.

Getting a new card can take at least 5 to 7 days so it is best to apply for a new card accordingly.

Unauthorised Transaction

Usually, credit cards have a zero liability clause which includes fraudulent transactions incurred by the card from the date and time of reporting the loss to the bank. Transactions carried out through the card before reporting the loss is payable by the customer. Hence, it becomes all the more important to deactivate the card as soon as possible to avoid a worse situation.