What to do when credit or debit card is compromised.

What to do when credit or debit card is compromised.

6 minutes read

Author : MyLegalWork Staff

Posted on: 07th Jan, 2017

Something Shocking!

I was just surfing through a newspaper and came across a shocking story on a person who fell victim to a credit card scam by someone posing as a courier delivery guy. It made me realize that any of us could easily fall for such a fraud even if it is not unheard of.

It can happen to anyone

We come across such incidents in the newspapers and on the internet, everyday. Some even go on to tell us how to not to fall for such scams, but nobody talks about the ‘what after’ of it. Actually we never think of the redressal for such problems. It is majorly because a) we feel we’re too smart to be outsmarted in that way and b) we have the standard attitude of ‘jab hoga tab dekh lenge’.  

If we think about it with an open mind, the possibilities and situations by which we may fall prey to such scams, are endless.

What should you do if it happens to you?


So today we give you the redressal to this problem rather than telling you how to avoid it.

1. Stolen card:

In case the card has been stolen, report the loss or theft immediately to the concerned bank.

2. Card still in possession:

  • If you are still in possession of your card but somebody has stolen your card number, you only have 60 days to report any fraudulent transactions .
  • If reported in time, the bank will cover the charges of said transactions but after 60 days, you’re responsible for the charges. What can you do to avoid this?
  • Call your bank using a phone number you find on your bank’s website or via your bank’s mobile app.
  • Don’t wait until Monday if it’s the weekend. Banks have these facilities available 24/7.

 

 What else to do?

  1. Block the card : As soon as you detect unusual activity or transaction ask the bank to block it. You can do this by
    • Calling the bank
    • Writing an email to the bank
    • Visiting the nearest branch 
  2. Keep everything documented
    • Don’t forget to keep it on record in written form as well. This will serve as proof later on.
    • So, after a verbal notification to the bank,  follow it up with a email about the same.
    • This is very important to protect your rights.  Failure to do the paperwork could lead to the bank (and other official authorities) to claim that you failed to “report” the theft.
  3. Don’t fall for fake security calls

One fraud most people easily fall prey to is those of security calls. The frauds call you posing as one of customer care people from your bank saying that it is a security call. They will go on to say that your card has been stolen or hacked and then ask your security pin. We are under panic by this point and in order to avoid further damage we share our pin without thinking with a clear mind. You can easily identify this by:

  1. If the caller knows your card number, it’s a fake call. No bank will ever know your card number.
  2. No bank will ever ask your PIN number or ATM password. Don’t fall for that question.

Hope these will answer your 'what if' questions in case you ever fall victim to a debit/credit card theft or misuse. 

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