Jan 3, 2018

I lost my Bank Card what should I do now?

Stay Alert - Series 6


Just imagine you are traveling and carrying physical bulk cash which involves fear and risk of getting robbed, wherever you are in this whole World.
On the other hand, carrying a simple plastic Card which is convenient and easy to carry. without anyone knowing it's value and bulk amount it can carry along.
You can use it for Online Purchases, Bill payments, Retail Shopping, Cash Deposits, withdrawals, and transfers, almost can do most of Your transactions to avoid physical cash dealings.
Popularity of Cards has reduced the use of papers since the transactions are carried online.
Cards have made our life so convenient that we sometimes forget if not managed diligently it may cause heavy losses, You should keep in mind the set of risks and threats as the fraudsters are tech savvy and are always one step ahead.
What are the threats and risks involved if You lost a Card?
There are 3 most common risks involved if Debit / Credit Cards are lost or theft, and with present-day technology it will not take seconds for fraudster to crack your Cards Pin / Password:
- Online shopping.
- Cash withdrawal.
- Online money transfer.
What you should do immediately, when you realize your Debit / Credit Card is lost / stolen?
You should immediately block your Card. There are 3 immediate ways to block Your Card:
By visiting nearby Bank Branch:
You can visit nearby Bank Branch if it’s in walk able distance. With increasing threats of lost / theft of Customers Cards, Bank Branches are provided access to block Your Card in order to safe guard Customers monies.
Online banking platform:
If you are accessing online banking, you can login and block your Card instantly by clicking on lost Debit / Credit Card.
Call Customer care centre:
You can call Customer care centre and on providing required identification of personal details can block all Your Cards. You can also block your Cards through online banking transactions as well.

If you are successful in blocking your card either in above 3 ways before a fraudster can do any transaction on your card, you are lucky enough and if any transaction is processed post blocking your card in that case the losses to be borne by the Bank / Financial Institution.

Conclusion:
We need to be extra cautious and respond immediately to any such type of frauds with respect to our Cards. Most importantly, never ever take Card lost / stolen for granted believe me the fraudsters are equipped with latest technology has a task of steeling your money with a lightning speed and you will be left with few seconds to respond before the theft could accomplish.

Stay Alert, Stay Safe.

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