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Do you know what to do if your credit card is stolen?
Key Point
- One thing no one wants to deal with is a stolen credit card, but it’s essential to know in advance how to handle the situation.
- Contacting your credit card issuer immediately, changing your account login information, checking your credit card statements, and monitoring your credit report are ways to protect yourself after your credit card is lost or stolen. .
No one wants to know their credit card has been stolen, but it can happen. In such cases, you should take appropriate action to protect yourself and your money. Read on to see his 5 steps to take if your credit card is lost or stolen.
The first step is to contact your credit card issuer as soon as possible to let them know that your card has been lost or stolen. By doing this, you let the card issuer know that you do not own the card and that it may be fraudulent.
If you know that fraudulent charges have already occurred, be sure to report them all. Your card issuer will cancel your current credit card and mail you a new credit card to prevent fraudulent charges. Credit card issuers also thoroughly investigate transactions to confirm that fraud has occurred.
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Worried about financial liability for fraudulent charges? The Fair Credit Billing Act (FCBA) gives consumers the right to dispute fraudulent credit card charges and allows consumers to pay up to 100% for such charges. It stipulates liability for $50.
However, many of the best credit cards offer a $0 fraud liability, so if your card offers this, you are not responsible for fraudulent charges. This is good news for your wallet. After reporting, the card issuer will investigate the transaction and confirm it is fraudulent.
2. Change your login information
It’s not a bad idea to change your credit card login information or the login information for the account you use to make purchases with your card. Online shopping sites can be hacked to steal customer account information, including credit card payment information, and make fraudulent purchases. Updating your login details is a great way to protect yourself from further incidents like this.
3. Check your credit card statement
We encourage you to review your account transactions over the next few weeks to avoid additional fraudulent charges. Check your current and future credit card statements to identify missing transactions and report them to your card issuer immediately.
4. Monitor your credit report
You should also monitor your credit for some time after your card is lost or stolen. If your personal information is compromised, you may become a victim of identity theft. Review your credit report regularly to make sure there are no signs of fraud. Get free credit reports every week from each of the three credit bureaus through the end of 2023.
5. Confirm automatic payment
If you’ve set up automatic bill payments using your old card, we recommend that you review them and update your payment details when you receive your new credit card. This ensures that future bill payments are successful without delays or errors. Missing payments can negatively affect your credit score and increase stress.
Whether your credit card is stolen, lost, or your card information is compromised, you should take appropriate action as soon as possible to minimize the damage and resolve your account issues immediately.
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