5 Things to do Immediately if your Debit Card or Credit Card is Lost
A recently published report on frauds indicates around 1.3 million credit and debit card information being sold online. In the financial year 2018-19, Indian financial institutions had lost a total of Rs.109.75 crore in credit card frauds. These statistical data indicate a situation that is quite worrying both for individuals using plastic money as well as the whole economy.
Under such circumstances, it is important for credit card users to have complete knowledge about the protection of their cards. While on one hand this involves learning what to do if the card is stolen, it is also important for users to buy debit card or credit card insurance. These insurance policies offer financial protection in case such cards are stolen or lost and are subjected to malpractice or identity theft.
Card users can also buy a wallet care insurance policy which does not just cover the plastic money but also helps in blocking all of them with a single phone call. Any individual who does not yet have a credit/debit card cover should follow the steps mentioned below if their plastic money is stolen.
- Check the statement online: The credit card account and its statements should be checked immediately. In case of any discrepancy or unknown transaction, it is vital to note them down and inform the credit card company.
The Wallet Care insurance plan offered by reputed insurance aggregator, Bajaj Finserv, under Pocket Insurance & Subscriptions can provide substantial financial coverage in case of fraud. However, this helps in protecting the account even if the card was stolen with bad intent.
- Freeze the card: In case a credit or debit card is lost, it is important to freeze it at the fastest. This can be done easily by calling the issuing company. Any individual who already has an insurance policy like a handbag assure plan can also directly contact their insurance company to block all the credit and debit cards with a single phone call.
- File a police report: It is important to follow up with a police report. In case there is an incident of identity theft and malpractice using the lost card, settlement of a claim undercard protection plan would require proof of official police diary.
- Contact insurance company: If card users find that their card has been used with mal-intent, they should again contact the wallet insurance company. The police FIR number and details along with all other documents that are necessary should be forwarded for the processing of their claim settlement. The claim amount should also be checked by the card owners to ensure that they can get maximum compensation.
After the immediate steps mentioned above are completed, credit card users should apply for a duplicate card. While policies like wallet care plans effectively cover the cards, the application procedure for the cards must be completed by the card owners. Usually it takes a few days for the card provider to send over the new one.
Insurance policies like a purse care insurance plan offered by different financial institutions at a low premium also provide similar features that effectively cover plastic money. It is advisable to check these options since these policies can help save a lot of expenses in case of mishaps. Additionally, it is also important for users to learn what to do in these scenarios. Debit card and credit card insurance plans plus the above-mentioned steps together are effective protection against risks of identity theft. Make sure to read the terms of coverage carefully before making a purchase.