Lost your Credit Card

• Compensation is offered to every cardholder in case of a loss and misuse of your credit card by the bank that has issued your card. They will also set up your insurance arrangement.
• To claim the loss and for it to be valid for the credit card issuing bank, you have to ensure that every procedure to establish this as a genuine loss is in place.
• You should notify the bank regarding the loss of your credit card and also block the card to ensure that it cannot be misused.
• The loss of your credit card needs to reported to a police station and you can file an FIR as this will ensure that the recovery from the miscreant is now possible for the bank.
• Compensation to every cardholder is given independent of your recovery of money from the miscreant due to the insurance cover.

How to Prevent and Avoid Credit Card Fraud

• Do not let your card get out of your sight when you are paying at any outlet as the merchant can use credit card skimmers and misuse your card.
• Do not give out personal information or any login details (PIN or passwords) to anyone.
• Be extremely careful if someone contacts you and asks for credit card details.
• Keep your computer and mobile phone softwares up-to-date.
• Cut old credit cards through the chip and magnetic strip and throw them.
• Always double check that the companies you are dealing with are legitimate before you make any payments.
• Always use a strong password and do not use the same password for many accounts.
• Do not use public Wi-Fi for any kind of transactions.
• Make sure to log out of your bank account and website accounts.
• Always use secure websites as you can spot the more secure sites by looking at the web address.
• Make sure you redirect your post when you move, else, the letters will not reach you.