It can happen anywhere and it comes in many forms. Dropping your card on a pavement somewhere or having it snatched away by a no-good crook are just some of the scenarios when a credit card is lost. Don’t go fearing the unknown however, as there is a set protocol that can be carried out in the event of such a mishap. Follow these steps and keep things from escalating further:
Inform your bank immediately
Once you’ve realised that you’ve lost a credit card, contact your credit card issuer immediately. Many banks have international customer hotlines that can be reached even if you are travelling far from home. Once you’re on the line with a customer service rep, tell them that you have lost a credit card and they will take the necessary actions. This usually means cancelling the card to prevent any more charges through your account that might have occurred after the incident. In addition to cancelling the card, the bank will suspend your account to prevent any more fraudulent charges.
Inform the credit bureaus
This is a step that many might miss or not even consider. However, once your credit card has been stolen, there is of course a possibility that the perpetrator will attempt to make charges on your card. This could have happened before you noticed that the card was missing. Informing credit bureaus can provide a clearer picture on the entire card loss situation and prevent any negative effect on your credit score.
Monitor your account for any fraudulent transactions
Immediately after contacting those concerned, it is in the onus of the cardholder to closely track the activities on his or her account to check for any fraudulent transaction made. Do note that for charges made to the card before it was reported lost or stolen, you will be liable for any unauthorised charges to your card made before your report, up to a total of $100 SGD.
Monitoring your account and being sure whether transaction was fraudulent or not can help card owners add to the bank’s investigation on whether the owner was a victim of crime. The ultimate aim is to get a waiver on the $100 liability fee.
Request for a new card only after the issue is settled
The bank might offer to send you a new card as soon as you report a loss card to them. If there were no fraudulent charges on your missing card, then you can definitely request for that new card to be sent to you right away. However, if there are some disputes on the transactions and the bank has decided to launch an investigation on the charges made, it would be better to wait for a new card only after investigations have ended. This can prevent any more charges made to your account which might muddy up the investigation process and in turn create an unfavourable outcome for you.
Consider getting a card security plan
If you find that you are in an environment where credit card fraud can occur very easily and are not keen on taking chances, consider signing up for the issuer or bank’s credit card security programs. OCBC’s Card Protection Plan, UOB’s CardSecure Plan and Standard Chartered’s Credit Safe are just some of the security plans that work like an insurance against card loss and card fraud either in Singapore or overseas. These plans cost a premium of $50 per annum and provide very comprehensive coverage that can cover several family members as well.
Written by Claudia Li.
About the Writer: A 90s kid, Claudia is always on the lookout for the best credit cards to supplement her lifestyle. She isn’t afraid of credit card salesmen who approach in public for a chat, and constantly works out the best ways to save on any transaction with her arsenal of cards. Previously in the marketing industry, she now writes on various topics including personal finance, business marketing and other interests.
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