According to a recent report by the Reserve Bank of India, between 1st October 2019 and 31st, December 2019, fraudulent cases accounting for nearly Rs.128 crore have been registered, primarily involving credit cards, debit cards and net banking frauds. Among them, there were around 11,000 debit card cases, 6,000 credit card cases, and around 3,500 net banking cases.
Since credit card frauds have been so prevalent, it is high time for credit card users to be aware of the steps they must take if they are wondering how to get a credit card blocked in case it is stolen or misplaced.
7 steps to take in case of a credit card fraud
- Block the card
The first thing that a credit card user must do in case of a loss or unauthorised usage is to block their cards before it is misused by anyone. They can call the helpline number of their respective financial institutions and inform them about the incident. Once this request is registered, they will block it as soon as possible. For these it should always remember that you should atleast have all the details required to raise any enquiry at the time of action.
- Keep the vital information handy
Before calling the helpline number to cancel a credit card, users should keep the necessary information handy. The helpline executive will ask about the name, address, date of birth, and other essential details; thus, they must keep them handy. Moreover, they need to inform the company executive about the date and time when they lost their card or noticed any unauthorised usage.
- Draft a follow-up email
Experts suggest that users should try to draft an email to back up their conversation with the helpline number. The reason being, it serves as a written record of their complaint, and will help them in case of any future complications. This email must include necessary information like credit card number, date and place of loss, and details of the conversation with relevant information.
- Review the credit card statement
Since not every credit card transaction requires OTP, it is vital to read the credit card statement every month to ensure there are no unauthorised usages. In case there are any, inform the financial institution immediately.
- Check the insurance cover
Typically, credit cards have zero liability cover against unauthorised usage. However, according to the RBI guidelines, it is only applicable if users report such an incident within three days of its occurring. On the other hand, if the report is registered after 4-7 days, the customer is liable to carry the charges, or Rs.10,000, whichever is lower. After one week, the user is responsible for any such usage according to the financial institution’s policy.
- Update the periodic payment information
If the credit card is attached with any periodic payment facility, or it has an automated bill payment facility, then individuals must update those accounts as well after a loss or theft of card. It is one of the important steps to take immediately to reduce the chance of further monetary losses.
- Register a police complaint
Last but not least, users must register a police complaint. It will also serve as a document that they have notified the authorities. Additionally, in case of any misuse of that card, they will not be held responsible. This copy of the complaint will be helpful while applying for a duplicate credit card as well.
Ideally, it is best to opt for credit cards like SuperCard with advanced security features. They are specially designed to mitigate the chances of unauthorised usage. Along with that, it also offers benefits like accelerated reward points, 50-days interest-free ATM withdrawal, emergency loan, etc.
Apart from these, the company also provides pre-approved offers on its credit card applications. This offer streamlines the application process and saves time. It is also applicable to other financial products like personal loans, business loans, etc. Customers can quickly check their pre-approved offers by submitting their essential contact details.
With the increasing rate of cyber-crime, credit card fraud is not an uncommon phenomenon anymore. Hence, instead of wondering how to get credit cards blocked, they should also opt for preventive measures to avoid different types of credit card frauds.