Most of the citizens of India are going cashless. Instead of carrying cash in their wallets, they carry their debit and credit cards. Unfortunately, if you lose your card, you must report the loss of the card. These are some of the steps you need to take, as soon as you lose your credit card or debit card.
If you lose your card or it gets stolen, the first thing you must do is report to the bank and get it blocked. If you are a victim of card fraud including theft or loss, it is the responsibility of the bank to provide protection against this fraud. Once you get your card blocked, you will not be responsible for the transactions which take place on this card.
Reporting to the bank can be done through different modes. One can call the bank helpline number and report the loss. You can also block your card using the internet banking portal of the bank, or you can directly contact the nearest bank branch.
If you have lost your credit card and suspect that someone has stolen it, you need to report it to the nearest police station and lodge an FIR. You must submit a written application which contains your debit or credit card number, account number and date of loss. The copy of the FIR should be given to the bank while reporting the loss.
Almost all the banks have a zero liability clause to protect cardholders, if the loss is reported within a specified time. This clause covers the fraudulent transactions made using the card, from the date of reporting a loss of the card to the bank.
You have to request the bank to issue a new duplicate card, at the time of reporting the loss of your card. Bank charges you some money for issuing a new duplicate card.
You should take proper steps in case you lose your card. If there is any dispute regarding the loss of the card, it is your responsibility to prove it is not your fault. The disputed transaction will be refunded by the bank if you prove it is not your fault.
You will be liable for the transactions incurred on your card, before reporting the loss of the card.
If you find someone is transacting using your lost card, you should report it to the bank immediately.