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    Steps To Take When The Credit Card Is Lost Or Stolen

    Any person that uses a credit card is prone to be at the risk of losing his/her card no matter how diligent the individual might be. Be it due to misplacement or theft, losing a credit card can have huge repercussions. Given that the number of credit card users in the country has increased considerably, losing a credit card can lead to the card being misused by fraudsters. In this article, we take a look at what an individual needs to do if he/she loses the credit card that they possess.

    The First Steps That A Credit Card Holder Needs To Take Are As Follows:

    • If the credit card is stolen or lost, the first thing that the cardholder needs to do is to inform the bank or financial institutions from where the credit card was availed and ask the officials to block the card. Doing so, minimizes the chances of the credit card being misused by any miscreant. Apart from that, it also enables the individuals to shed liability of any transactions carried out on the card after it was lost or stolen.
    • After the card is blocked by the bank officials, the individual needs to lodge a First Information Report (FIR) and get an acknowledgement for the complaint filed. This helps the individual to refute the charges if any unauthorized transaction is carried out on the credit card after it was lost.
    • Even though the loss of credit card is reported to the credit card issuer and a complaint being registered with police, an individual needs to monitor his/her credit card statements carefully for a couple of months after the original card is lost. This is needed to be done as it enables to identify unauthorized transactions that might be carried out fraudulently.

    Doing the above mentioned things immediately or within a quick span of time after losing a credit card can help the credit cardholder in keeping at bay many grievances in future. It needs to be mentioned that whenever there is any dispute regarding credit card transactions, it is the cardholder who needs to make sure that he/she did not carry out the transaction. Given that only swift action taken by the cardholder can help him/her evade some unforeseen circumstances that can ultimately lead to the individual’s credit score being impacted negatively.

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