Don’t panic! Your card is stolen, who knows how many charges have been placed on it and you know you need to protect yourself. But how?
According to the US Federal Trade Commission credit card fraud rose 21 % accounting for 35% of fraud complaints and cost the United Kingdom an estimated £535 million, (US$750–830 million) in 2006.
What do you do if your credit card or wallet is stolen?
There is no need to panic. Most credit cards offer protection from fraudulent charges made by unscrupulous thieves. Check your credit card statement and find the contact number provided for lost or stolen credit cards.
However, lets simplify a few easy steps to lessen the trauma:
What to Do Now
Credit card security starts with the present- before there is a problem. Keep a record of all your credit cards, licenses, ID’s and Tax File numbers in a secure location. Also keep a copy of the credit card companies contact detailsso you can quickly ring in an emergency. Some suggest you photocopy both sides of your cards so there are no errors in transcribing the details.
You may want to revisit How To Protect yourself from Credit Card Fraud for a few helpful tips.
You may also consider joining a credit card registration service for an annual fee you can register all your cards. This way you only need to ring one company if you lose multiple card. Many registration services will also request replacement credit cards in your behalf. However these services can be costly, and the benefits vary between services. You must also ensure that the fee is always kept up to date.
Contact the Company Immediately
Contact the credit card company immediately. Most companies have a 24 hour toll free number to report lost cards. Record the name of each company representative you speak with along with the date and time of the call.
It is recommended you write a follow up letter explaining the incident and confirming the telephone contact. This doubly ensures there is a record of your communication on file. Include in the letter a summary of the telephone conversation, including your name, the name of the person you spoke too, account number, when you noticed that your card was missing, and the date and time you first reported the missing card.
Although many credit card companies allow a 60-day grace period for reporting lost or stolen cards, the quicker you act the easier it is to gain control of the situation. As soon as you are sure the card is not sitting in your suit pocket call immediately.
The credit card company will prevent further charges being made on the card. However, if you have online bills or monthly utility charges linked to the account you may be able to have them continue if you notify the company in the first month while you wait for a new credit card. It is best you discuss this with the company and not assume your utilities will be paid.
If it is important to have the new cards as soon as possible, some companies may expedite delivery via courier at no charge. Reports suggest that some companies like Citibank and American Express may even contact you if suspicious charges are being made on your card to confirm if they were made by you.
The credit card company will probably contact you and review what recent charges were made by you. Many companies will require you to sign an affidavit stating that the charges were not made by you.
Contact Credit Reporting Agencies
Contact your national credit-reporting agencies to report the theft, and ask them to attach a ‘fraud alert’ to all your credit cards.
In the United States there are three agencies to contact:
Equifax: 1-800-525-6285
Experian (formerly TRW): 1-888-397-3742
Trans Union: 1-800-680-7289
For a list of international Credit Reporting Agencies click here.
Contact other ID card providers
If your social security card, drivers license or other ID’s are missing contact the card providers to ensure your identity is not being used fraudulently.
Contact the Police
Finally, report the police in the jurisdiction or district where the credit card was stolen to report the theft.
The ease at which a purchase can be swiped has made credit cards a major part of daily life. It is that ease which makes then a target for thieves.
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