Business

What to do if your credit card is lost or stolen?

Image credits: Freepik

1. Block the credit card

Block it right away. You can immediately contact the bank's customer care to do so or do it yourself through the bank's app or through net banking. 

Image credits: FREEPIK

2. File an FIR

You can go to the nearest police station and file an FIR. This is beneficial because it will ensure that you will not be held accountable if a dishonest party uses it.

Image credits: FREEPIK

3. Contact the credit bureau

You should notify your credit bureau about the same. This is because the unauthorized transactions can adversely impact your credit score.

Image credits: FREEPIK

4. Continue to monitor the transactions

You should continuously monitor the stolen credit card’s transactions and statements. In case you notice unauthorized transactions, inform the bank immediately.

Image credits: Freepik

5. Understand the extent of liability

Keep in mind that in case of delay in reporting the fraudulent transaction beyond seven days, the liability for losses will be as per the bank’s policy.

Image credits: Freepik

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