Stolen Debit Card
Contacting your bank is the best way to report a stolen debit card. Banks may have different support options, so it’s important to contact them to find out. Online forms are also available, but they may not be as user-friendly or as comprehensive as contacting your bank. ..
If you have your debit card stolen, it is important to know how to report it. This information could help you if your friend or family had their debit card stolen. Knowing how to report a stolen debit card can help you avoid being scammed or having your money taken.
How To Report A Stolen Debit Card?
- Make a copy of your card and keep it with you.
- Make sure to keep your account information and card numbers safe.
- Use a security code to access your account online.
Contact your bank:
This method is one of the most reliable ways to cancel your card and replace it quickly. You can speak with your bank on its website or call them directly. However, it may be challenging to reach them during certain times, such as regional holidays. However, their support team should be available 24/7 to help you out.
Through online banking:
-If you use digital banking services to lock your card, you will not be able to use it until the line is open again. -You will need to provide your bank account number and expiration date in order for the service to work. -If you have a Mastercard or Visa card, you can also use this service to temporarily lock your card.
This method is more suitable if you have lost your card. As a result, you can continue looking for your card before declaring it misplaced or stolen.
If you have been the victim of a card theft, you can still report it on the digital platform. Your bank will mail a new card to you and may request that you complete and submit a brief questionnaire. ..
Using your bank’s Mobile App:
Most banks encourage their customers to download the latest versions of their bank’s mobile app. Here’s how it goes for most mobile applications:
- Customers can access the latest versions of their bank’s mobile app by going to the app store and downloading the latest version.
- The latest version of the bank’s mobile app includes bug fixes and new features.
If you have not done so already, please take the following steps to protect your account: -Change your password -Enable two-factor authentication -Update your security settings ..
If you have a card with American Express, go to your account manager/optionsCheck for card settings/manage cardThen, report your card stolen and follow the next steps.Your bank will give you a helpline to call and a form to fill out and submit.
Why You Should Report A Stolen Debit Card?
-Your bank may have been hacked. -Your account may have been frozen by your bank or the government. -You may have been the victim of a scam, in which someone stole your money without your knowledge. -Your computer may have been hacked and your account information stolen. ..
Avoid slipping into debt:
If your debit card is linked to a lot of your bill payments, these charges could still keep coming and sink you into debt. Your bank statements would need to be regularised, and you could lose much more and incur many extra charges and losses.
Losing card protection:
If you don’t regularly monitor your account, you could lose the liability protection from your bank. For example, if you fail to notify your bank for more than two months, you would have no chance of regaining any lost funds. In fact, just delaying for two days can increase your maximum risk to $500.
Avoid extra charges:
If you don’t contact your bank immediately, they may not know that your debit card has been compromised. Hence, if your account is drained, you could still be paying penalties, late charges, and any other fees without even knowing it.
In the event that your debit card is stolen, banks typically advise customers to follow these steps:
- Contact their bank as soon as possible and report the theft.
- Change all of your passwords and security questions for all of your accounts.
- Monitor their account activity and report any suspicious transactions to their bank immediately.
- Cancel any pending transactions and protect any remaining funds by placing them in a secure account or using a secure debit card reader app. ..
If your bank won’t block your debit card, you may need to get creative. You may be able to use a prepaid debit card or a credit card that doesn’t require a signature.
Your bank is responsible for protecting your funds in whatever way they can; hence, no reputable bank will refuse your request to block a stolen debit card. But, remember it is your duty to inform your bank as quickly as possible and follow the instructions.
Debit cards are more secure than credit cards.
Credit cards are still vulnerable to risks of theft. However, compared to most debit cards, which don’t offer any liability coverage for fraud, most credit cards can’t lose more than $50 to fraud and can cover up to $300 for each stolen item.
If you’re not in the country where your bank is, you may be able to access your funds through a foreign exchange service. ..
Contacting a bank helpline may be more difficult if you have travelled out of your country. But, this is why banks have live online chats and online banking methods. It is also not impossible to contact your bank’s helpline from your country. There are many methods to use, and you should try as many as possible to secure your funds.
