As per reports, India saw a total of 911 frauds committed using lost or stolen credit/debit cards during 2017-18. The total loss resulting out of such fraudulent transactions stood at Rs. 65.26 Crore.
The Reserve Bank of India, looking to bring down such mishaps, has recommended financial institutions to incorporate the following-
- Credit/debit cards having the photograph of the cardholder.
- Signature of the cardholder laminated on the credit/debit card.
Financial companies have also been directed to maintain a reliable credit card customer care number so that card owners can have their lost/stolen credit/debit cards blocked with immediate effects. This will help the customers stay protected from different types of credit card frauds.
The various risks involved with a misplaced credit card are-
- Identity theft.
- Fraudulent transactions through ATMs.
- Misuse of your financial information.
- Illegal activities.
Things might aggravate when the cardholder does not take immediate actions to report a lost or stolen credit/debit card.
How to report a missing or stolen credit card?
Damage due to a lost or stolen credit card can be avoided if you are quick to take the necessary steps. You must report about the loss to the following authorities –
- Police.
- Your credit card provider.
Here are the important steps to follow while reporting about the loss to the issuing financial institution –
- Request to blocking the credit/debit card
Keep the credit card customer care number available with you at all times. If you are not aware of the number, you can easily find it the official website of the issuer. For instance, if you own a Bajaj Finserv RBL Bank SuperCard, you can request for the block by calling on 022-71190900. The executive will ask for certain basic details and guide you through the blocking process.
Also See: How To Deal With Credit Cards To Secure For Future
All you need to do is call the authorities from your registered mobile phone number. The card would thereafter be blocked with immediate effect.
2. Compose an email with necessary details
You may back up the conversation with the customer care executive with an email. It will help in processing your request better by escalating the issue with the issuing authorities. The email will also serve as a written record of the issue.
The details to be included in the reporting email are –
- Credit card number
- Account number
- Exact date and time when the credit card got misplaced
- The location where it got misplaced
- Details of a phone conversation with the customer care executive
3. Check credit card statements immediately
To use a credit card wisely, you must check the statements from time to time. This helps you spot any unauthorised transactions taking place from your cards.
Also Read: Get to Know More About the Bajaj Credit Card
Even when you have lost your card, you must constantly check in case there has been any fraudulent deduction from your card. If you find any such discrepancy, it has to be reported to the issuer.
4. Know about zero-liability cover
As per the guidelines of the Reserve Bank of India, a cardholder will not be held liable for any fraudulent transactions if he/she reports about it within 3 days of it taking place.
In case you are late in reporting the complaint to the credit card customer care number, a certain transaction charge will be levied on you. If the report is delayed by a week, you will be charged as per the policies of your issuer. You must enquire about the stipulated charges while applying for a credit/debit card from an issuer.
Credit cards like the RBL Bank Credit Card offer ‘zero-liability cover’ and ‘in-hand security’ features to help protect you from cybercrimes.
They also bring you pre-approved offers on credit cards to make availing financing hassle-free and swift. Pre-approved offers are available with home loans, personal loans, business loans, and an array of other financial products. You can take a look at your pre-approved offers by providing your name and mobile number.
Also Read: Here’s how to apply for the Bajaj Finserv RBL Bank Credit Card?
As a responsible credit card holder, you must know about these steps well so that you can take immediate actions when you end up losing the card. Ensure to use your credit card cautiously, especially when online shopping.
