Credit card Theft
If your Credit card is lost
What happens if your credit card is lost or stolen? Here is a detailed guidance to help you to take immediate actions before losing your money from your account.
In India the usage of debit cards are increasing daily. The economy is getting more computerized. Credit/ Debit cards have become a very common method of payment online as well as offline.
Less risky
The convenience of carrying money has become less risky with the use of ATM cards. It is easier to carry an ATM card than carrying a cheque book. You have access to instant cash from any ATM machines in India, with your card. Also the density of ATM is spreading to villages in India. You do not have to bother about the banking timings any more to get cash from an ATM machine.
What if you have lost your ATM card or it is stolen?
You have to immediately call your bank and ask them to block the card from further unauthorized use. Almost all banks customer service will be open to block this kind of stolen cards. Do not wait to report about the stolen or lost card. Since it is your responsibility to keep it in a safe custody. Banks will not reimburse the stolen money from your account due to your lapse.
There may be a minor charge for replacement card, but the most important is to block your old card.
You wil regret, if you are not reporting your bank immediately.
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Don’t get panic when you lose your debit or credit cards. Get the cards blocked to avoid unauthorized use as soon as you come to know about the loss. To block the card, the customer care executive may ask your relationship number, registered phone number, card number, cardholders’ names, billing address, circumstances of the loss or theft, and identification verification (your birth date, your mother’s maiden name). If you are the secondary cardholder, you’ll also need to provide the primary cardholder’s identification-verification details.
In case your card gets lost for some reason, you should immediately report the same to the respective bank authorities. Once reported, you will not be liable for any transaction there after. So, reporting is very important. Most of the banks have toll-free numbers and 24 hours availability for such emergencies. One excellent thing is that banks have now started is, you will have to enter your PIN whenever you use your credit card. This way the chances of misuse becomes impossible even when your card gets lost, if and only if the PIN is not known to the other person. Still it is most advisable to be careful with your cards all the time.
Nowadays the use of credit cards for online payments and shopping is very common. It is easier to carry credit cards than money for shopping. One can shop more than the money in the account with the use of credit cards. But if the credit card is lost, then an immediate call to the bank must be made to block the card. Banks immediately block the card once reported, but they are not liable to pay any monetary loss caused to the holder till then.
It’s really exciting to know how much useful the cards are. But the negative is they can be missed or stolen. In those circumstances, the above quoted points will help the user. The post stated the most important point in a very clear way. Thanks author for the wonderful and informative post.