It is a regular weekend, and you are out with your friends dining at your favourite restaurant. You are about to pay the bill and the next thing you know, your wallet or purse has gone missing or worse, stolen. Panicking? Do not. Take a deep breath and plan your next steps carefully.

Do you know that most banks and credit/debit card companies have a system in place to minimise the damage due to lost or stolen card? But for that to happen, you need to let them know immediately. Therefore always keep your card details and a phone number to report such an event handy and secured. Once you’ve made sure that the card is indeed gone missing or stolen, report the same to your bank right away. Following key steps will help you take control of the situation.

  • The first step is you should calm yourself down and recall the events in past few hours. Which place did you take out your purse last time? Did you swipe your card for the fuel or was it the grocery store near your house? Call the place and confirm that you did not leave it behind. If these don’t lead you to your card, it is time to report the loss immediately.
  • Time to block your card. Look for the emergency number for your Credit Card Company or Bank. If you have one handy, that’s even better. Follow the steps, let them know the last place you remember where you used your credit or debit card. Complete the authorisation steps and get your card blocked. By now the notifications on your smart phone and emails must have informed you of unauthorised purchases if any. Ask bank’s customer care employee for more information on the same.
  • Monitor the monthly statement of your card and look for any purchases you didn’t make. If any, report the same to the Credit or Debit Card Company immediately.
  • Time for the new card. Getting a new card issued is usually a simple process. Get your bank to block your previous card and check for fraudulent activity if any.
  • Inform and Update. In case you were using your lost or stolen card for auto-payments such as your electricity, gas or internet bills, you need to update them with your new card details.

Having said this, we recommend that you keep your card in a secure place and keep an eye on the same during transactions. Rest; maintain the account details safe and handy.