With increasing use of credit cards and debit cards, there has been an increase in credit/debit card fraud as well. Depending on the extent of the fraud, you could lose a few hundreds or even crores! Such frauds can be dangerous financial crimes and you should be aware of how to report such crimes if you have been an unfortunate victim of one. Here’s a guide on what you should do if your card has been hacked:
If you have also sent an email to your bank, you may receive a reference number that you have to save for all future communications regarding the incident. You can even ‘save’ the email and request for alerts upon receiving a response from the bank.
Once you inform the bank, they will block your card immediately preventing any future transactions. This would mean that even you can’t continue using your card.
Once the bank blocks your card, they will give you a replacement card with fresh details. The card and the features will be exactly the same as your lost/stolen card, but the details such as the number, CVV, etc. will be different. In most cases you don’t have to wait very long to get your replacement card, banks mail it immediately and you may receive it within a few days.
Now you know what you need to do to prevent your card from being hacked and in the misfortune event that it is hacked, you know how to report it and stay safe in the future. Credit and debit cards are convenient ways of making payments, if we handle them carefully.
Call/Email Your Bank
If you notice an authorized charge on your card statement, find it missing, or feel like your card details may have been compromised, immediately call your bank and report the incident. Most banks in India have 24/7 toll-free numbers available that you can contact for emergency situations just like this. Some banks even have city-wise toll-free numbers.If you have also sent an email to your bank, you may receive a reference number that you have to save for all future communications regarding the incident. You can even ‘save’ the email and request for alerts upon receiving a response from the bank.
Once you inform the bank, they will block your card immediately preventing any future transactions. This would mean that even you can’t continue using your card.
You May Need to File a Police Report
If your card was stolen, then the bank in most cases will ask you to file a police complaint and provide a copy of the same to the bank. Say, you were walking in a park and a robber steals your purse/bag that had your wallet with all your cards in them, then you will have to file a police report at the station which has jurisdiction over the area in which the park is located.Assist the Bank in Investigation
In case there was any monetary loss on account of fraudulent transactions carried out on your card before it was blocked, your bank may decide to launch an investigation. The investigation may require your inputs and assistance regarding your whereabouts when the card went missing, whom you communicated with, or any other inputs from your end that will help them get to the bottom of the investigation in the hopes of recovering the loss incurred.Check if Your Card Has Zero Liability
Many banks offer a feature on their credit cards called ‘zero liability on lost card’ (or something similar). This feature prevents you from bearing any liability on fraudulent transactions that may occur on your card after you have informed the bank of the loss/theft of your card. However, remember that any unauthorized transactions carried out before you inform the bank will still be charged to you.Wait for Replacement Card to Use Card Again
Once you have reported the incident to the bank, they will immediately block your card. However, in the event that it has not been done and you’re still in possession of the card (you reported it missing but found later, card details have been compromised), then do not continue using it. Cut the card into pieces and return it to the bank.Once the bank blocks your card, they will give you a replacement card with fresh details. The card and the features will be exactly the same as your lost/stolen card, but the details such as the number, CVV, etc. will be different. In most cases you don’t have to wait very long to get your replacement card, banks mail it immediately and you may receive it within a few days.
How to Prevent Your Card from Being Hacked
With the increasing number of debit/credit card fraud, there is also increasing awareness on how such frauds occur and what you can do to prevent them from happening to you. Here are a few tips on how to prevent your card from being hacked:- Only shop from secure online shopping websites
- Do not respond to messages/emails from unknown numbers and addresses
- Check your statements thoroughly
- Dispose physical credit/debit card statements carefully
- Keep your card close to you
Now you know what you need to do to prevent your card from being hacked and in the misfortune event that it is hacked, you know how to report it and stay safe in the future. Credit and debit cards are convenient ways of making payments, if we handle them carefully.
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