If your credit card is lost or stolen, take action immediately instead of panic. Learn from blocking the card to registering an FIR, the 7 important steps that will protect you from any fraud.
You are shopping or take out your purse to pay a bill in a restaurant and suddenly see the credit card missing from your purse! Obviously, in such a situation, the heartbeat will intensify and only one fear will rotate in the mind - "Will anyone be framed with my card?"
In such a situation it is natural to panic, but it is more important to take immediate and correct action than to panic. If your credit card has been lost or stolen, then your delay of one second can lime thousands of rupees. Let us know the 7 steps that you should take without delay.
First step: Block the card without losing even a second
This is the first, most important and most immediate task. As soon as you know that your card is missing, get it blocked immediately.
How to block?
Mobile banking app
This is the fastest way. Login in your bank app, go to the card section and select the option to 'Temporarily Block' or 'Permanent Block'.
Phone banking
Call your bank's 24x7 helpline number and ask customer care executive to block the card. Always keep this number saved in your phone.
Net banking
You can also block the card by logging on to the bank's website.
Second Step: Check your recent transactions
Immediately after blocking the card, watch the list of all recent transactions by logging on to your mobile app or net banking. Carefully check whether there is a transaction that you have not done. If any suspected transaction is seen, then note its date, time and amount.
Third Step: Formally inform the bank
In addition to getting the card blocked on the phone, also formally inform the bank by sending an email. In this email, give a brief description of your name, card number (if remembered), and the incident of the card missing. If any fraud transaction is done, then also give information about it. This email will act as a written evidence for you.
Fourth step: lodge an FIR, it is very important
Many people avoid it as a mess, but this is a big mistake. Go to your nearest police station and file an FIR (first information report) of missing or theft.
Why is it necessary?
FIR copy is a legal document. If there is a big fraud from your card, then this copy will be the biggest evidence for your prevention in the bank and legal process.
Fifth Step: Check your linked account and auto-pay
If you set up an auto-pay or mandate with your credit card (eg-Netflix, Spotify, Electricity Bill, SIP), then it will now fail. After blocking the card, do not forget to update your new card or any other payment method on all these services, otherwise you may get a late payment penalty.
Sixth Step: Apply for new card
When you are sure that the situation is under control, request the bank for a replacement card. The bank will send a new card in 7 to 10 working days to your registered address. Note that some banks may charge a nominal fee for a new card.
Seventh Step: Keep an eye on your credit report for next few months
Once everything is calm, keep a close watch on your CIBIL report for the next 2-3 months. Check whether any other loan or credit card has been taken in your name. You can check your credit report for free once a year.
Learn your biggest right: RBI's 'Zero Liberation' Rules
This rule of RBI protects you from fraud. The aim is to protect customers from financial losses in terms of unauthorized transactions and to increase the confidence of customers by making digital banking system safe. This rule applies when there is a transaction from the account of a customer that the customer has not given permission, and this transaction is done through electronic medium.
Under this rule, if you inform the bank within 3 working days of missing or fraud, then your responsibility will be zero. That is, you will not have to pay a single rupee of fraud. If you report in 4 to 7 days, then you may have limited responsibility (it depends on the type of your card). On reporting after 7 days, the responsibility will be decided according to the bank's policy.
Frequently asked questions (FAQs)
1. How soon I should inform the bank.
As soon as possible, as soon as possible. As soon as you know that your card is missing, get it blocked the same minute.
2. If someone frauds with my card, will I have to pay that money.
If you had informed the bank on time (within 3 days), then you will not have to pay a single rupee. After the bank investigation, he will bear the money itself.
3. Does losing credit cards spoil my CIBIL score.
Just losing the card does not spoil your CIBIL score. But, if you do not block the card on time and there is a fraud on it so that the bill increases and you are unable to repay it, then your score may be spoiled.
4. What should I do if I get it back after blocking the card.
Once permanently blocked, the card cannot be activated again. Due to security reasons, you have to use the new card issued by the bank.
5. Is there any charge on taking a new credit card.
It depends on the bank. Most banks charge a nominal fee ranging from ₹ 100 to ₹ 500 for replacement cards.
You may also like
Gogglebox's Georgia Bell issues sad family announcement nine months after welcoming baby
Coronation Street star warns of 'stigma' after soap exit in 'brutally honest' truth
Ferrari's famous prancing horse logo doesn't mean what you think it does
Madras HC orders circulation of state govt order of 24x7 business operations to all police stations
Rajasthan: Police freeze property valued at Rs 2.5 crore of three drug smugglers in Barmer