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What to do When Your Credit/Debit Card is Lost/Stolen?

March 20, 2018

What to do When Your Credit/Debit Card is Lost/Stolen?

One of the scariest things you can experience in your life is losing your credit card or debit card. After all, if it gets into wrong hands, you could lose all your savings.

If you have lost a credit card or debit card or if someone has stolen it from you, the first thing you must do is contact your bank can ask them to block it immediately.

Some banks offer “zero liability policy” on their plastic cards which means that you are not liable for a loss due to a fraud when you have informed the bank. However, at this point, only Standard Chartered Bank, Axis Bank, HDFC Bank, ICICI Bank are some of the card-issuers that offer this policy. Also, in most cases, it won’t cover the frauds at Automated Teller Machines (ATMs) or online transactions as these require a PIN that’s confidential and known by the user himself. You can avail the policy only when using a Point of Sale (PoS) terminal or when paying at a restaurant, mall, etc.
The following are the steps you must take when you have lost a credit or debit card:

  • Report the incident to the bank. You may also find a special toll-free number specifically offered for the blocking of credit cards and debit cards.
  • File an FIR with your nearest police station if your card is actually stolen which makes it a theft/fraud. Also, keep a copy of the FIR to share with your bank later.
  • Once the matter has been dealt with, you can apply for a duplicate card at your bank branch. You may have to pay a small fee for service which will be deducted automatically from your account.

Note: If you find your lost card later, it’s best to avoid using it.

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