People are becoming digital in every stream nowadays. Even the payment options have become advanced now. Many people are switching to credit cards, debit cards, mobile banking, and mobile wallets. With this increase in digitization, cybercrime is also increasing rapidly. Thefts like skimming, scams, and phishing are losing count. There are chances that your cards are stolen or lost as well. Let us see what are steps you should take immediately after your credit card is stolen.
What is a credit card?
Credit cards are issued by the bank or any financial institution on the request (in form of an application) made by the customer. Credit cards allow users to borrow money from financial institutions to buy things of interest. If you don’t pay back the money on time, you will be bound to pay the required interest which will be decided by the bank. This credit card if lost or stolen can prove to be dangerous. Someone else can make payment for his stuff through your credit card.
There are possibilities that credit card is not stolen directly. A person who had intentions of stealing your purse and gets the credit card inside it as a bonus. You can drop it anywhere by mistake and it can end up being in the wrong hands. Or even a person can attack your credit card with the sole purpose. The ways of conducting this fraud are many but in the end, the one who suffers is only you. While handing any type of card, you need to be careful but sometimes the fate might not be in favor. Even after taking all the precautions, you can end up being a victim of this crime.
Some things to do immediately after your credit card is stolen:
- Report to the financial institution or bank from where you got the credit card issued – After reporting note down this report number, time and date as well. This will also be required in future investigations. Ask them to block the card as soon as possible and apply for a replacement card as well.
- Prepare all the information from before – Collect all the information which is required, before you file any complaint. You don’t know which information can be asked when so being prepared is always a good idea. Essential information includes
- Credit card number (if you have one)
- Any linked account number
- Date of issue of the credit card
- Name of the financial institution or bank which was the issuer
- The statement of credit card payment.
- The date and time when the card was stolen (if any particular or suspected)
- The location where this took place (any particular or suspected)
- Any doubtful person involved
- Report the police – After you gather all this required information, contact the police without any delay. Don’t forget to note down the complaint number, time, and date. This all will be required in further inquiry.
- Contact your insurance company – There are chances that you have an insurance claim. Do not delay and contact the company to claim your insurance. This will help you revive the loss if any monetary fraud occurs. They will ask for the policy complain number and issuer complain number, so keep all that handy.
- Be alert – Many companies have SMS and email service for every expenditure alert. If you have the same advantage then be alert and keep track of the SMS and emails related to credit cards before your card is blocked by the issuer.
- Keep tracking your credit card expenditure statement – If your issuer does not provide an SMS or email service, then you can properly keep a track of your online credit card statement of expenditure. This can also help you in many ways.
With the people trying to become digital, the crimes have also become advantaged. That rate of cybercrime has now become more than actual physical crimes such as theft or murder. These kinds of thefts and cyber-crimes can bring down your credit score and create future problems as well.
Please ensure safety and take as many protective measures as you can. When you get your credit card, remember to first write the credit card number in a safe notebook or your phone and click a photo of the credit card from both sides. This can be helpful in case of any theft, skimming, phishing, or fraud. Many times tracking a credit card with the help of its number makes the task way easier for the police.
These small things if taken care of properly can be very beneficial for the owner as well as an issuer.
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