What Should You Do If You Lose Your Debit/Credit Card?

Losing your credit card or debit card can be a nightmare. The push towards a cashless economy has made these cards the integral part of our lives and hence it’s essential to keep them safe. Over the years, the instances of card theft have also gone up manifold. In case you lose your card, here are some steps which you must take at the earliest.

  1. Block your card

This is the first step to take upon losing your card. Contact your card issuer and get it blocked to prevent its misuse. Today, there are many ways through which you can block your card. You can either call the toll-free number of the card issuer or send an SMS to get your card blocked. You need to send the last four digits of your card along with a code to the bank your account is linked with. The same can also be done using bank specific mobile applications or net banking.

However, for you to do this, you must have easy access to the contact details of the card issuer and therefore, it’s important to note or save them in your phone. These essential details are also available online. Any delay on your part can magnify the losses. In such scenarios, a card protection plan comes handy.

Such a plan offers you the convenience to block single or multiple cards with just one call. All you need to do is to inform the company from where you’ve availed the plan and it will contact your card issuer(s) to get your lost card(s) blocked immediately.

  1. Check for unauthorised transactions

The panic set after losing your card may result in a delay blocking it. In such a scenario, there are chances of your card being misused. Even after you’ve blocked your card, make sure to check out statements to ensure it hasn’t been used for any unauthorised transaction.

If you observe any anomaly, inform your card issuer about this too. You must inform about unauthorised transactions done through your card to financial institutions within 3 days. If informed after this, the liability of losses suffered is as per the discretion of the institution. Therefore, make sure to go through your card’s statements immediately after a loss to avoid inconvenience later.

  1. File a report with the police

This is another important thing to do on losing your card. You must immediately file an FIR with the nearest police station and keep the FIR copy safely. It comes handy when you apply for a duplicate card.

Make sure to give accurate details about the loss highlighting under what circumstances you’ve lost the card. Also, if any unauthorised transactions have been made, report it. The police department has a cyber cell which tracks fraudulent activities on debit and credit cards. Providing detailed information can help the law authorities to track and get hold of the culprits.

  1. Apply for a duplicate card

Lastly, you must apply for a duplicate card from your card issuer. All you need to do is to visit the branch of the card issuer, fill-up the form, attach the relevant documents and within a few days, you will get the duplicate card.

Now, most issuers have taken the process online. You can fill-up the form online, upload the required documents and within a few days, you will receive the card at your registered card.

With rising cases of card frauds, a debit or credit card insurance plan offers a financial cushion in case your card is stolen and misused. Such a plan not only helps you block your card immediately but also compensates for the damages suffered in monetary terms. Compare plans online and choose the one that best suits your needs.

Bajaj Finserv Pocket Insurance offers a range of insurance solutions for your daily needs at a nominal premium. Ranging from assistance to travel to health to lifestyle, these insurance offerings help you meet your day-to-day requirements with ease.

For example, Wallet Care offers complimentary fraud protection offering coverage up to Rs.2 lakh against card fraud including phishing, tele-phishing, etc. This plan also offers 24×7 card blocking service, emergency travel assistance and much more at an affordable premium. You can also get your PAN card replaced in case it’s lost.

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