Although credit card issuers nowadays are taking all the necessary measures to ensure that their customers don’t face any fraudulent activities, we can still observe hundreds of credit card fraud cases. Credit Cardholders are also very much conscious about their credit profile and they don’t want to get their credit history impacted in a negative way. Have you ever thought about what to do when you have lost your credit card or someone has stolen it? You might have thought of it and some of you might even have come across one such situation. Whenever you suspect any fraudulent transaction on your card or you don’t know where your card is, the first thing you must do is contact your credit card issuer. It is very important to report credit card fraud to your bank or card issuer at the earliest. In this article, we will help you understand how to report credit card fraud and why is it so necessary:
Different Ways To Report Credit Card Fraud
Reporting any fraud on your credit card is very much important in order to avoid it in the future. It is advised to contact your card issuer as soon as possible when you realize that some fraudulent transactions have taken place on your credit card or if you have lost your card. The following are some of the most convenient ways to inform a loss on your credit card to the card issuer:
By Contacting Customer Care
The easiest way to report a fraudulent transaction on a credit card is to contact your credit card customer care. You can find a helpline number on the back side of your credit card and call on that as soon as possible. Even if you don’t have the physical card with you or if there is no such number mentioned, you can find the respective card issuer’s customer helpline number via their official website or in any email sent by your bank. Just call them and inform the bank officials about the fraudulent transaction that has taken place. If you have lost your card, just ask them to get your card blocked so that no one can misuse the card in your name.
Via Internet Banking
All the major card issuers offer internet banking facilities nowadays and if you manage your credit card online, lots of things become much easier and more convenient for you. You can easily find an option to report lost/stolen cards by logging in to your internet banking account. If you don’t find any such direct option, you can take some assistance from the chatbot or just find customer care numbers there. You will have to provide some details about your card and the report will be submitted just in a few seconds via internet banking. If you can’t find any option to report the loss, you can just block your card temporarily through net banking.
Mobile banking/net banking is also one of the easiest ways to generate or change your credit card PIN. So, if you feel like someone has seen you entering your PIN or someone has got your personal information, just change your net banking passwords and credit card PIN before any fraudulent transaction takes place.
By Visiting Your Nearest Branch
If none of the above-mentioned methods work for you, you can just visit the nearest branch of your bank/card issuer. However, this is the most time-consuming method to report a lost/stolen card, but when nothing works, you can definitely go for it. Just visit the branch and inform the bank officials about your loss. They will ask you for a few details and will then take the necessary actions.
Why is It Important To Report Credit Card Fraud?
Reporting credit card fraud is important because if you ignore even one fraudulent transaction, the fraudsters will tend to do it again and again. It can affect your financial health as well as your credit profile badly in the long-term. But, if you report the loss to the card issuer, they can take the necessary actions like blocking your credit card or issuing a new one to you. Other than this, you also get zero liability protection against a lost/stolen card if you report the loss of the card to the bank in a timely manner. Most of the card issuers provide zero liability on reporting the loss within 48 hours. This is why it is advised to inform your card issuer as soon as possible whenever credit card fraud happens to you.
Keeping your credit card safe is as much important as keeping the details of your savings account secure and private. Most credit card users are aware of the importance of keeping credit cards safe, but some of them become a bit irresponsible when it comes to credit cards. In order to keep your personal financial information safe, you should keep changing your credit card PINs and other passwords. Moreover, make sure to contact your card issuer as soo as you suspect any fraudulent/unauthorized transaction on your card so that you can get zero liability protection. If you have any further doubts, feel free to let us know in the comment section below!