What to do if you lose credit or debit card

Posted by: Girija Gadre on Jun 12, 2017, 06.30 AM IST

As financial transactions increasingly become paperless, the importance of cards in one's wallet in place of cash becomes paramount. In an unfortunate event that you lose your wallet or cards, you need to act immediately to report the lost card and get a new one reissued for
uninterrupted transactions.

There are a few steps that one must take as soon as it is discovered that a card is lost or stolen.

Report loss to police
It is advisable to report loss of a card to police if one suspects theft. An FIR must be lodged at the nearest police station and a copy of the same can be provided to the bank while reporting the loss.

Report loss to bank
A lost card can be reported to the bank through different modes. One can call on the bank helpline or toll-free number and report the loss. Alternatively, the card can be hotlisted or blocked using the Internet banking portal of the bank. Once the card is blocked, a confirmation message is sent to the customer. One can also reach out to the nearest branch of the bank and report the loss and block/hotlist the card.

Card insurance
Usually, credit cards have a zero liability clause that covers fraudulent transactions incurred on the card from the date and time of reporting loss of the card to the bank.

Issue of new card
Issue of a new duplicate card may be requested at the time of reporting loss of card. Some charges may be levied by the bank for issue of the new card.

Points to note
* Transactions incurred on the card before reporting the loss are payable by the customer.
* It is advisable to not use the lost credit card if you happen to find it later on.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta) This article appeared in Economic Times dated Jun 12, 2017, 06.30 AM IST