Credit card fraud is a crime that poses a threat to individuals, and the loss or theft of credit cards is a method utilized by thieves to access your account without authorization. Although most credit card companies provide zero-liability fraud protection, ensuring you won’t bear financial losses due to unauthorized charges, the experience can still provoke undue stress and a sense of violation.
There are certain steps you can take if you find yourself dealing with lost or stolen credit cards.
Lock your account immediately If you can’t locate your credit card or suspect it has been taken by someone else, the primary course of action is to prevent potential fraudulent activities. With numerous credit cards, it’s possible to lock your card via your online account or using your mobile app. Among major national issuers offering this service are:
- American Express
- Barclays
- Capital One
- Chase
- Citi
- Discover
- Wells Fargo
Should you recover the card, unlocking your account enables you to resume its use as if the incident never occurred.
Notify your credit card company immediately
In the event you cannot locate your misplaced card or suspect it has been taken, promptly contact your credit card issuer to report it as lost or stolen.
This can typically be done through the bank’s online platform or mobile application, or by reaching out to their customer service team via a phone call. Notably, if you are not in the U.S., making a collect call might be necessary.
Upon requesting a replacement card, the issuance usually occurs free of charge within a week. Nevertheless, the timeframe for card replacement may vary depending on the issuing bank and your location, whether in the U.S. or abroad. Discover stands out for offering complimentary overnight delivery to any U.S. street address. A customer service representative can aid in identifying any unauthorized charges and ensure you are not held accountable for fraudulent activities, in addition to facilitating card replacement. In specific cases, you might also have the option to obtain emergency cash in the form of a cash advance using your credit card. This could prove beneficial, particularly when traveling overseas and experiencing a complete loss of your wallet or purse.
Update your payment details
In order to mitigate potential fraud risks, credit card companies generally close the existing account and open a new one with a distinct card number. Consequently, if your card is used for recurring payments such as subscriptions to Netflix or gym memberships, it becomes essential to update these accounts with the new card information.
To identify the bills that require updating, review your most recent billing statement and pinpoint recurring transactions. Subsequently, log into your online accounts or contact the respective companies to update the card number. Ensure to review less frequent recurring charges, including annual memberships, quarterly, or semi-annual insurance payments, during this process.
How to Prevent Card Loss in the Future
Even though financial losses are usually covered in cases of credit card theft, the experience can still be distressing. Here are some steps you can take to minimize the risk of losing your new credit card in the future: Store your card at home and consider using a mobile wallet such as Apple Pay or Google Pay for transactions. Only carry the cards you frequently use in your wallet or purse. After using your card for an online or phone transaction, ensure to put it back in its designated place. Refrain from allowing anyone to use your credit card unless you trust them explicitly. Whenever possible, keep your wallet or purse with you at all times. While there’s no foolproof method to entirely prevent credit card fraud, these strategies can effectively reduce your vulnerability.