Credit Card: Lost your credit card? Know the complete process step by step, otherwise you may incur huge loss..

The biggest concern about losing a credit card is that someone might misuse it. Nowadays, the methods of fraud have become so advanced that even a small negligence can cause big losses. Therefore, first of all, you do not have to panic, but take the right steps immediately.

The first step is to immediately inform your bank or the institution that issued the card. The good thing is that almost all banks provide 24/7 customer support. That is, you can block the card at any time. This will prevent any unknown person from transacting with your card. Along with getting your card blocked, also apply for a new credit card.

Take these steps immediately.

On losing the credit card, it is important to block it first. Banks and financial institutions provide many methods for this-

Block the card through net banking.

Take immediate action from the mobile banking app.

Call the customer care number.

Send an email and tell the card details.

Along with this, filing a complaint at the nearest police station is also the right step. This will help in catching fraud, and you will be safe from any misuse in the future.

Take care of the transaction and the credit report.
Even after the card is blocked, you should keep an eye on your transaction history. If you see any unknown transaction, inform the bank immediately. Also, it is important to put a fraud alert in the credit bureau. This will prevent anyone from opening a new account in your name. Keep checking your credit report regularly so that any discrepancies can be caught quickly.

How to avoid fraud in the future
Keep a separate and strong password for all financial accounts
Always keep transaction alerts (SMS/Email) on
Do not transact from public Wi-Fi or unknown computers
Never share information like CVV, OTP, PIN with anyone
Do not leave the card unattended in a public place
Make payments only on HTTPS websites

Use new technology
Nowadays, banks and card companies provide security through many layers. Such as chip-based cards, virtual wallets, and tokenization feature. By using these, you can increase your security further. So, ask for these features to be included in the new card you apply for. If for some reason the bank is not helping you, then remember that regulatory bodies like RBI also protect your rights.

As much as losing a credit card is disturbing, it is equally important to take immediate action on it. Blocking the card at the right time, filing a police report, and keeping an eye on the transactions can prevent your financial loss to a great extent. Also, by taking precautions in the future, you can protect yourself from fraud and keep your hard-earned money safe.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.