As per the 2016 global consumer fraud report published by payments technology company ACI worldwide, India was ranked amongst the top 5 countries that are susceptible to credit card frauds. These frauds can be from online perils of cybercrime or through loss or theft of physical credit cards.
In any case, customers should file a complaint about stolen credit cards first to prevent potential misuse of the card. Reporting the issue will help customers avoid any further financial losses and fraudulent charges if debited through the stolen card.
Subsequently, users should stick to these steps mentioned below to report for the lost credit card.
How to report?
- Contact credit card issuer – Customers that have lost their credit card should first contact the card issuer to report about the unfortunate incident of loss or theft. This is an integral step as credit cards in the wrong hands can leave the customer in a lot of debt for credit they have not utilised.
Users can easily find the contact number of the financial company in the credit card statement or online. Apart from calling and reporting the concerned lending institution, customers may consider visiting the branch or reporting their loss via the official website. Customers should ensure that they report the incident as soon as possible to avoid being liable to pay for any unauthorised charges.
- Collect information – To report the incident of credit card fraud, they have to provide essential information as needed by the lending institution. Information to provide usually includes –
- Name of the credit card applicant.
- Permanent address.
- Social security number.
- Last transaction charge made by the customer.
- Approximate place and time when the card was stolen or lost, etc.
- Follow up via email documenting the process – It is one of the important steps to take when a credit card goes missing as the documented conversation is a valid proof that the customer has reported the issue. This will help escalate the issue quicker and make it hassle-free in case any problem arises throughout the procedure. Follow up on further communication and the necessary steps taken in favour of the application.
- Monitor credit card statement – Customers must know how to check their credit card statement correctly as they need to check the statement generated after reporting about stolen credit card. In case any unauthorised transaction not made by the customer is included, they should reach out to the lending institution reporting the issue.
Applicants facing such incidents will have to follow these steps to get their card blocked and prevent misuse. With cards like the Bajaj Finserv RBL Bank SuperCard, they will be more equipped against such threats of cybercrime as it comes with multiple industry-first robust security features in-built.
Preventive measures to take against online threats
Credit cards are susceptible to various types of credit card fraud that can be avoided. Such potential threats are carding, cyber-attack, phishing, skimming card information, pickpocketing, etc. Consequently, individuals should focus on preventive measures that can keep them away from such perils.
- Keep credit cards safely to prevent incidents of pickpocketing.
- Swipe cards only at verified merchant sites and authorised vendors.
- Keep credit card lender’s contact handy to avoid delay in reporting the incident related to the stolen credit card.
- Avoid sharing confidential information like credit card number, social security number, etc. over call or email.
- Keep tabs of all the credit cards that a customer has availed and track their usage regularly.
Since credit cards are vulnerable to such risks, taking preventive measures in addition to learning steps about reporting the lost card will help them take the necessary steps.