What Should You Do If You Lose Your Credit or Debit Card?

 What Should You Do If You Lose Your Credit or Debit Card?




Did you know that card fraud is the most common type of identity theft?

In 2020, credit card issuers, merchants, and acquirers lost more than $28.58 billion globally in card fraud. It is a spreading ailment, and you must protect yourself from it to avoid immense monetary losses.

As a precautionary alternative, you should stick to digital payments and online money transfers rather than card swipes. However, if you have still faced a card loss or robbery, follow this guide to know how to react.


5 Immediate steps to take after the loss

A wise thing to do is swing into action when you lose your credit or debit card. If you do not take immediate action, the fraudster can rob you of your wealth. Here are a few steps to take if your debit or credit card is stolen or lost.


  1. Report the loss to the bank or credit card union

 Immediately contact the card provider when you notice your missing cards. Call the credit card issuer and report the loss or theft. Their contact number is usually mentioned on the back of the card. You can also get the number from your credit card statements or online. In case none of these options is available, report the loss on the issuer’s website or visit the bank branch physically.

You won’t face any heavy monetary penalty if you report the loss on time.


  1. Get prepped with your account details. 

The credit card union will verify your identity before taking action. You will have to supply information such as your name, address, and social security number.


The credit card union will also collect information regarding theft or loss. Be prepared to tell them when and how the card got lost. They might also inquire about your last purchase and review the recent transactions to see if any of them seem fraudulent.


The credit card union will cancel your account so the thieves cannot use it for transactions. They will send you a new credit card and account number through the mail.

You must also update your mobile wallet if it includes the lost card as a means of payment and online money transfers.


Your credit report or credit score will not be affected by the replacement of the lost card. Make sure to update your new card number if you were using the lost card to make automatic payments. You might also have to shift to making manual payments for some time.


  1. The follow-up process

It is highly advised to follow up after reporting your loss. Send the credit card union an email including the following.

  • Your old account number.

  • Date and time when you noticed your card went missing.

  • When and how you informed the loss of the issuer.


  1. Checking the card statements

A mandatory step is to closely review your credit card statement after you have reported the loss of your card. If you notice any fraudulent or unfamiliar charges, immediately call your credit card company and file a complaint.


  1. Check to see if you have insurance coverage.

Few homeowner’s and renter’s insurance policies can cover a credit card theft liability. You can also request your insurance company to add this protection to your policy for added safety.


How to protect your credit and debit cards from getting lost?

There are many common ways to lose a credit card. You might lose your wallet, leave the card at the checkout counter, or have it slip out of your purse. Precaution is always a better option. You should take the following steps to help prevent the loss or theft of a credit card in the future.


Carry only the needed cards

Secure your cards in a protected place. Take only the necessary cards while going out. It will minimise the chances of your cards getting lost.


Keep the cards in one place.

Keep all your cards securely in your wallet or a fixed pocket while going out. Do not break the routine and slip your cards somewhere new.


Cut up old credit and debit cards prior to discarding them

Properly cut your old credit cards before discarding them. Make sure you cut thoroughly through the account number for safety purposes.


Protect your credit card information in a safe location

Account numbers, expiration dates, and telephone numbers of each issuer should be kept in a safe location. This way, you wouldn’t have to hustle and waste time finding important information when reporting a lost or stolen credit card.


Protect your account number at all costs

Fraudsters and identity thieves do not always require your credit card to commit identity fraud. The account number is enough in some cases. Avoid writing your account number down on paper, or anywhere someone might find it.


Use ACE Money Transfer for safe international transactions.

Utilise a safer third-party app to send money abroad. ACE Money Transfer is a safe and reputable remittance-sending service. It offers market-competitive exchange rates and the lowest transfer fee. The system is transparent and free of fraud. You can rely on ACE’s top-notch digital security to safeguard your funds and transfer them from one country to another.


Final thoughts

It is better to know beforehand what to do when you lose a credit card. You can protect yourself from credit card fraud by following this guide. 

ACE is a safer alternative for online money transfers. It comes with zero possibility of getting your card stolen or lost. Sign up on ACE Money Transfer for free today to enjoy unlimited international transactions.


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