Credit Card lost

Credit card fraud can happen to anyone and it isn’t all that uncommon. That said, having your credit card stolen or misplaced could be a valid reason to panic. It can be used to complete fraudulent purchases or more serious issues like identity theft. 

In addition, it can also lower credit scores and pose many other financial risks. To avoid any financial setbacks, here are some preventive measures to take if your credit card is lost or stolen.

In case your credit card is lost or stolen, you need to take the following steps immediately to prevent misuse of your card. 

• Step 1: Call your credit card provider's customer care number to block your credit card

• Step 2: File a First Information Report (FIR) at your local police station 

• Step 3: Send an application to credit bureaus that your credit card is lost or compromised

• Step 4: Monitor your credit card statement for any suspicious transactions

• Step 5: Apply for a new card or request the card issuer for a replacement for the lost card

• Step 6: Update the credit card to stop any auto-debit bill payments

Note that the card issuers will require your credit card number, and other details to confirm that you want to block the card. In the event that you don’t have that information on hand, you can also block your credit card directly using the bank’s net banking portal or mobile banking app.

With some precaution and care, keeping your credit card safe is easy. Here are some practices that can prevent you from losing your credit card. 

• Only carry your credit card with you if it is required 

• Keep your credit card safely in a purse or wallet rather than just carrying it around in your pockets

• If you close your credit card account or it expires, make sure to dispose of the card by cutting through it

Make sure to be present in person while making payments through a credit card swipe.