Inform Your Credit Card Provider
Up to 17% of people lose something on a daily basis, and losing your credit card isn’t something you ever want to do. The very first step that you need to take is to inform your credit card provider about this loss. Let them know that you’ve lost your card and find out if there’s anything that they can do right away. The sooner you report the loss to your credit card providers, the easier it will be for you to do away with the possibility of suffering a massive loss of funds and ending up in debt. This is because you have no idea what someone with ill intentions is going to use your card for, so it’s a good idea to try and do damage control as soon as you can.
Freeze Your Accounts
The next step that you need to take is to freeze your accounts. When you call your credit card provider, find out if they can freeze the card immediately so that no transactions can be done with it. Once they cancel it, keep in mind that this doesn’t mean that your account has been closed. They’ll send you a brand new card to use, which may take up to 10 days to process. You can also check online to see if it’s possible to cancel your card and freeze your accounts via the Internet as soon as possible. This can be faster than waiting for a representative to listen to you and start the process of closing your account.
Change Your Passwords
Remember that it’s crucial for you to change your passwords immediately. You may not know what other information the person who took your card has, so the best call is to ensure that they can’t go far. Note that keeping passwords secure is an extremely important measure, and by 2031, there will be over 200 billion IoT Devices at risk, according to Digacore. Clearly, it’s a good idea to start the practice of setting secure passwords and changing these passwords in case of a leak of information or something similar. If there are any specific accounts that you realize have been hacked, it’s a good idea for you to change the login details of these accounts as well.
Increase Online Security
Last but not least, take measures to boost your online security. This involves steps such as keeping a close watch on your credit card accounts. Sign up for alerts for transactions if you don’t have them set up. This can help you spot fraudulent activity on your card that will enable you to act fast in case of a risk. You could also sign up for credit monitoring services, of which there are free and paid options. These can spot potential fraudulent activity and alert you to take the necessary steps to secure your account. Note that researchers believe that data breaches exposed more than 4 billion records in the first half of 2019 alone. Such leaks may be a common occurrence, so it’s important to try and stay on top of activities involving your credit cards.
Take these steps when your credit card gets stolen so that you have a chance to secure it. There are far-reaching implications of losing your credit card to a thief, one of which is getting a decrease in your credit score. Make sure that you don’t end up paying for money that was stolen from you by staying vigilant of the activities that involve your credit cards. This can help you secure your finances and avoid getting into debt that you didn’t rack up yourself.
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