While a credit card is convenient and more convenient to use than cash, it is incredibly challenging to keep the same safe. Just like you may quickly lose out on a bit of money, you might even lose out on your credit card at the drop of a hat. Hence, you must know how you can efficiently stay away from losing out on your credit card and what you must do if your card is lost.
Here’s a guide for you.
If you lose your card, what will happen?
A credit card provides access to your info and has considerable monetary value in the form of a credit card limit. Suppose you hold an Axis bank my zone credit card. On your card, you will notice besides mentioning the card details like your name, the credit card number, and CVV. Also, when you get the Axis credit card, you are allotted a credit card limit on the card, which denotes the monetary value. Hence, losing this credit card or any other credit card provided by other issuers like HDFC, IndusInd, Bank of Baroda, or Standard Chartered would be risking your details and financial stability.
Moreover, there are even quite a lot of different frauds involved with cards owing to the various economic benefits they hold. Considering all this, you might require witnessing such issues if you lose out on your credit card. Here is a small tip:
Besides staying financially consistent with your Axis bank credit card bill or bill payment of any other credit card, ensure to remain alert in your daily life when carrying your card in the outer world.
The fraudster or thief might use the credit card that you have lost to make buys, which deducts your credit card limit. Read on to understand different ways how your credit card may be misused and remain alert.
- Hackers might use the information on your credit card to steal your information.
- Your details might be accessed easily by criminals for different fraudulent reasons like phishing scams, which may take place via emails, phones, or social media platforms.
- Fraudsters might copy all your important credit card details like pin codes and passcodes or skim your card’s data using card readers.
- The fraudster might use your existing loan or credit accounts, who can change your passcodes and email addresses, and take charge of all your prevailing arrangements.
Steps you must take in case your credit card is stolen or lost.
Losing your credit card is a significant deal, and whenever you realize that you do not have your card with you, you must take the required steps immediately. You must accept the necessary steps to avoid massive trouble. Read on to know the different steps that you must take instantly if your card is stolen or lost –
Inform your financial institution
Once you get all the required details, ensure to get in direct touch with the customer service team of your financial institution to inform them immediately about this. Alongside getting on a telephone conversation, you must even write and email the financial institution about your lost credit card with all the necessary details. Instantly reporting your misplaced credit card will allow your financial institution to act now, deactivate your credit card, and re-process the same card immediately. If any transaction happens after you report to the financial institution about losing your credit card, it will be upon the bank to meet, not you.
Block your credit card as soon as possible
The initial thing that you must do after you realize that you have lost your card is that you must get the same blocked as soon as possible. It is because of the reason that if you leave it activated, the initial thing any fraudster or thief will do is take all your money out of your card. As a result, you must immediately respond by banning your credit card.
Accumulate all the info linked with your credit card
The next important thing you must do is accumulate all the info linked with your card. This info must include details connected with your bank’s branch, credit card details like number, expiry number, CVV, and net banking account details. Alongside, you will even require providing particulars linked with the time and date when you noticed your credit card went missing, when the last time you used your card, and how and when you informed the financial institution about the lost credit card.
Monitor your credit card’s billing statement
Right after you lose your credit card, you must begin keeping a thorough check on your card statements to check if your card is monetarily misused. There also can be cases when you may lose your card, and a genuine individual finds the card and may contact you to return the same back. Therefore, keeping an eye on your card’s billing statement is essential for determining if it has been stolen or dropped. If you see any suspicious activity on your card that happened just before you blocked your card, ensure to report the same to the financial institution.
File an FIR (first information report)
Having lost your credit card, you must file an FIR since various frauds may occur. Fulfilling an FIR would benefit you if your card is misused or any fraudulent party mentions your details on the card. Many financial institutions may even require a copy of the FIR. To be safe, file an FIR as soon as possible.
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