Credit card theft can be traumatic. Trying to figure out what to do, who to call, and what your options are is nerve-racking. As a leader in the e-commerce industry, we’ve outlined a few tips you should consider if you personally experience theft.
Contact your bank. It is critical to let the right people know your card was stolen immediately. Contact your bank and report it to your card issuer. They will be able to freeze your accounts to prevent any more fraudulent transactions. One of the most important tasks to complete is filing a report within 60 days of finding out your card was stolen. If this is not done, you will be held liable for the full amount stolen from your account.
Change your passwords. Whether you have lost your credit card or have experienced fraudulent transactions online, you must change your passwords. Consider using a tool such as LastPass which will generate a secure password for you to use and store that password in a vault. After you call the bank to report the theft, ask them to change your pin on all accounts affected.
File a police report. Credit card theft is a form of identity theft. Because someone has assumed your identity to use your credit card (either online or in person), you must file a police report. It is important that you have a record of the incident to ensure the police and bank will pursue the perpetrator. By having a police report on file, the party responsible will be held responsible and potentially face criminal charges.
Contact Credit Bureaus. Contact each of the credit bureaus to place a “fraud alert” on your credit reports. There are three national credit bureaus that can help with this, Equifax, Experian and TransUnion. Then, file a complaint with the Federal Trade Commission (FTC).
Experiencing credit card theft is a terrible situation to go through. However, each of these steps will help eliminate your exposure and liability in the situation.
Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment or financial advice. For specific advice about your unique circumstances, you may wish to consult a qualified professional.