Know These Simple Steps to Take if Your Credit Card is Lost

credit card lost

With the addition of 10.1 million credit cards from the last year in 2019, there were 50.3 million credit cards present in the market. However, credit card fraud cases have experienced a rise of 42% with almost 24,000 filed cases in 2017, according to the Mint after analysing Reserve Bank of India information. 

Other than an inconvenience, if you have lost credit card, it can cause severe financial damage. Losing your card increases the chance of frauds or financial crimes. Hence, it is important for you to know what all you should do if you ever lose your credit card.

Here are a few steps to take when you lose your credit card –

  • Inform the card issuer organisation

The moment you realise that you have lost your credit card, report the financial organisation from which you have availed it. You can find the toll-free number or the helpline number in credit card statements or on the internet. Also, using the organisation’s online portal, you can block your card to avoid any unauthorised uses. Once you block the card, an automated message with confirmation will come to your registered mobile number. 

With products like Bajaj Finserv RBL Bank SuperCard, you remain safe with security measures like Zero fraud liability cover and In-hand security to keep you safe from unauthorised transactions.

Bajaj Finserv also brings pre-approved that makes availing financing less time-consuming. Pre-approved offers are also available on other financial products like personal loans, home loans, business loans, etc. You can check your pre-approved offer by providing your name and phone number.

  • Report to the police

One of the essential steps to take after your credit card is lost or stolen is to report this event at your police station. You need to file an FIR and submit it to your card issuer to avoid any unauthorised credit card charges levied due to such loss. Moreover, you can just report this incident as a general diary for future references. 

  • Provide relevant information

While blocking your credit card, the financial institution may ask your details such as your name, address, security question and answers, security number to validate your identity. They can also ask you about your last transaction, such as the date or amount of that transaction to authenticate the usage of your lost credit card. 

  • Keep track and follow up

If you report fraud, they will also issue you a ticket number. It will be helpful for you to track the progress with this number. Moreover, it is advisable to make a note with all the details of this event starting from the date of happening to the new account number.  This will help you while conversing with the organisation about this event.

  • Keep checking the statement of your credit card

Even if you have already blocked your card, you need to check your credit card statement. This keeps you informed of any unauthorised transaction after you lose your credit card. 

Once the verification and other required procedures are done, you can apply for a duplicate credit card. Your account number and the card number will be the same as the old one. 

However, in this case, the CVV number will be different from the previous card. Also, some nominal credit card charges can be levied to issue a new card, which depends on the financial institution. 

Make sure you know how to use your new credit card wisely. Doing so will help you to improve your CIBIL score.

About Ashish Singh

I am a blogger and writer too. I love to write on business, finance, lifestyle, digital marketing, and technology.

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