It is imperative that you report your lost or stolen credit card to your credit card company as soon as possible. You will be able to find the issuer’s customer service number printed on your monthly credit card statement.
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Many credit card issuers provide online access to your account. Therefore, you can use this service to also report your missing or stolen credit cards. However, it is still advisable that you should follow-up with a written letter after reporting your card missing or stolen through these methods. This letter will work as additional proof to reporting the loss over telephone or online.
What information do I need to provide for lost or stolen credit card?
Whether you contact your card issuer either by phone, online or by a letter, you will need to provide the following information:
- Your name
- Credit card account number
You also will need to mention the date and time when you first noticed your credit card missing. To avoid fraudulent use of your credit card, you must also report the last transaction that you might have made with it. Besides this, knowing the last balance due or the amount that you had on the card before it went missing is also an added advantage when reporting to the card issuer.
Am I protected against any fraudulent charges made with my stolen or lost credit card?
As laid down by the Fair Credit Billing Act, you are protected against any fraudulent credit card charges that might have been made on your stolen or lost credit card. However, you need to remember that you must report your card missing as soon as possible in order to avoid any liability.
If you don’t report your card missing, then your card issuer may ask you to be responsible for a certain amount of money. It is best to discuss this matter with your card issuer prior to applying for a credit card. According to My Money, the maximum amount that you may be held liable for when you report your missing card is about $50. Many card issuers offer protection assistance to prevent credit card fraud. This benefit helps in lessening any liability you may suffer from the misuse of your card.
However, to receive this protection, you must report your lost card within a specified amount of time. When considering a new credit card, be sure to find out the issuer’s policies regarding lost or stolen cards.
Another important thing that you must remember to do is scrutinize your credit card statements immediately after your card is lost or stolen. This will help you in tracking down the charges made without your knowledge. Once you notice this type of charge, report it immediately to your credit card issuer.
What if I don’t cancel my lost or stolen credit cards?
You can be subject to many types of fraud if you don’t cancel your stolen or lost credit card. Some of the most common scams that you may face if you don’t report your card missing are:
- Unauthorized purchases
- Identity theft
- Counterfeit card fraud
Unauthorized purchases may occur when your card has been stolen or lost. To prevent yourself from lost and stolen card fraud, you should immediately report to your card company about the loss of your card. Identity theft on cards usually takes place when an imposter uses your personal details to access your credit card account.
Counterfeit credit card fraud or skimming occurs when the data and other information’s of your online credit card are hacked and used to create another card. Try to use your RFID chip or personal identification number (PIN) card whenever applicable. Also, avoid keeping your cards loose in your pockets; instead keep your cards inside your purse or wallet.
Apart from this, you should be more careful when you enter your credit card details through any website. According to Suze Orman, you should contact the credit card reporting agencies and request for them to place a fraud alert on your account in the event your credit card is lost or stolen
Additionally, it is also advisable to report your stolen card to your local police department. You can even fill out an identify fraud affidavit as suggested by the Federal Trade Commission. This will help in clearing all identify theft related credit card disputes that you may have with your credit card providers in the future.
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