What to Do if your Card is Stolen
Something is missing… it’s your credit card and you have no idea where it has gone. If this happens to you take action straight away to inform your provider, cancel the card and minimise your risk.
More from Credit Fraud and Protecting Your Credit Cards
7 January 2009
What to Do If Your Card Is Stolen
Report the theft to all of your card providers immediately. The thief will already be trying to use your cards before you notice.”
Links
Finders, keepers…
Imagine this. You are just about to pay for your groceries on a busy Saturday afternoon. Last job done then home for a nice cup of tea, soak in the bath or a swift half in the local and a relaxing evening ahead.
After ten frantic minutes of searching handbag, jacket and shopping trolley you realise with a heart pounding thud that your wallet has gone and along with it all your means of paying for your immediate goods as well as your cards.
Nightmare.
First things first
It is awful to be in this situation but it is imperative that you report the theft to all of your card providers immediately. If your wallet has been stolen it is likely that the thief is already trying to use your cards before you notice. The cards need to be cancelled so they cannot be used anymore
Emergency numbers are on the cards themselves (no longer with you), on your statements or online through your card provider’s website. The introduction of chip and PIN makes it more difficult for the thief to use your card in stores but they could be using your cards on the phone or the Internet where the PIN is not required.
Stressful as it is, when you call your provider make sure give them as much detail as possible, including when you last had your wallet and when you last paid for something with the card.
Report it to the police
It is important to report the theft to the police and this may help with covering the losses on your card. You may need to give your provider a crime number, which the police will give you. Call your local police station to report the fraud.
Your cards will be replaced
As soon as you have informed all the relevant parties your cards will be stopped and you will have to wait for replacement cards to be sent to you. Make sure that you know when they are due to be delivered as fraudsters have also been known to intercept cards by post – a double whammy you could do without.
Who pays?
Under the terms of the Consumer Credit Act and the Banking Code you are liable for damages only up to a maximum of £50. If the thief has run up a large bill on your card but you inform your provider as soon as you realise it has gone, you will be covered.
However if you are shown to have acted without reasonable care, such as keeping your PIN with your cards, you may have to meet all the losses.
If your wallet is stolen and the PIN is with the card then the thief is going to have a field day so never, ever, keep your PIN with it or even write it down.
Identity theft
The long-term problem with a stolen credit card is that you may also become the victim of identity theft. Click here to learn more.
Contact the credit reference agencies
If you are a victim, contact the three main credit reference agencies, Experian, Equifax and Callcredit immediately. If someone is trying to apply for credit in your name or impersonate your identity, they will place an alert on your record and talk you through how to get your credit record up to date.
See also Credit Card Protection and how to check your credit rating.
