With augment of technology, debits cards are being taken into use largely as it is the most convenient method of doing transaction. Banks are also promoting their services by issuing debit cards with their bank accounts. As time is taking a turn, people are more prone towards using debit cards instead of credit cards so that they can keep themselves save from long credit bills and interests, which are attached to it. Anyhow, it your responsibility to take good care of your debit cards because once they are stolen or lost, it can leave you with severe financial losses.
If you think that a person who has found your lost debit card will not be able to use it, then you are highly mistaken. Even if lost debits cards cannot be used in ATMs and for online shopping, as it will require a PIN, the debit card can be swapped in stores for making purchases. As fraudsters know this aspect of debit cards, they are more tend towards using the debit cards for shopping at stores because every store today is equipped with a card swap machine. Dealing with these issues can be hectic if you have lost your debit card.
What to do if you have lost your debit card
It is important to know and follow some essential steps if you have lost your debit card because this way you will be able to save yourself from heavy financial losses. Below mentioned are some steps, which can be followed in case of lost debit card.
Make the report: It is important that you immediately report your lost debit card. You can contact the customer service number of your particular band and report the loss of your debit card. This way you will be able to block your debit card and the user who has found it cannot take use of it in any form. Along with this, you can even launch a complaint with the local police authority. You must give the report of your lost debit in writing to your bank so that proper action can be taken against it in stopping your potential losses.
Give an immediate check on your account: When you have lost your debit card, then you must check your bank account statement at an instance for any illegal transaction. In the meanwhile, you can get your debit card blocked and apply for a new one. This is one of the effective measures for dealing with lost debit card.
Do not wait: Do not waste your time in reporting a lost debit card as you will be liable for the charges. Even if you are not able to locate your debit card at home or in your wallet, you must contact the service desk of your bank to get your card blocked. Passage of time would be harmful for you. One can always retrieve the blocked debit card if they found it safe and secure.
Check the records: If you have written the PIN on your debit card and have lost it, then it is a mistake on your part. Anyhow, if you find that a transaction has been done through an ATM, then you can immediately contact your bank officials to see the face of the person who is doing the transaction. If that person is known to you then you can have them captured at an instance, if not, then you have to seek the help of police officials in tracking down the fraudster.
Process of reporting a stolen or lost debit card
Knowing the process of reporting a lost or stolen debit card would come in handy if you are facing this sort of a situation. Below mentioned are the steps, which you can take into use for reporting your lost debit card.
Instantaneously check your debit card statement with help of online banking or phone banking.
You can contact the service representative of your bank and request them to block your card immediately when it is lost.
The customer representative will be confirming your identity, which you have to do by telling your customer ID number, your bank account number that is different from your debit card number along with the answer to the security question.
After getting the confirmation of your identity, the customer representative of your bank will be in the position to block and cancel your debit card.
Once this is done, you will be receiving a code number, which will be a proof of your card being blocked temporarily or permanently.
Once the process of blocking the lost debit card is being finalized, you can apply for a new debit card or can get your old debit card unblocked if you have found it.
Some additional pointers to keep your debit card safe from losses when lost
For those who frequently use debit cards for making transaction, below mentioned are some methods, which can be adopted to keep your debit cards safe.
Immediately report the loss of your debit card with the bank. This is the best method, which can be adopted to deal with lost debit cards.
Do not write and keep your PIN in the wallet. In case it is stolen, the thief will surely check your wallet for the PIN and if by mistake you have written and kept it in your wallet, then you will be duped of your money from the account.
Never keep your old ATM transaction slips with you as others can misuse it by blocking the debit card and getting a new card issued on your name without you having the information about it.
Do not set a PIN, which is easy to understand and hack
Change your PIN on regular intervals
Do not disclose your PIN to anybody. Not even to your friends
Keeping a regular check on the transactions from your account will keep you active on reporting if you find something unusual.
Something Extra
Vigilance can help you in dealing with lost debit cards. Getting your debit card blocked instantly would be beneficial as you will be able to stop the financial losses, which might happen if your lost debit card goes in hand of a wrong doer.