What you should do if your credit card or cc number gets stolen
Many people are not sure what to do when a credit card is lost or stolen. Having a credit card lost or stolen can be very stressful and many people tend to panic. Try not to panic, you will need to keep a level head to resolve this situation. Once you notice a credit card missing, do not waste time trying to figure out who stole it or where you may have left it. You should immediately contact the credit card or debit card issuers to report the loss or theft of your credit/debit card. Many companies offer a toll free number and 24-hour service to help you deal with this type of situation. After reporting the theft or loss of your credit card, it is a good idea to follow up with a letter to the credit or debit card company. This letter should contain your account number, when you first noticed your card missing, and the date you reported the loss.
Credit Card Loss or Fraudulent Charges (FCBA). If your credit card is used without your authorization, your maximum liability under federal law is $50.00. The FCBA states the card issuer cannot hold you responsible for any unauthorized charges, if you report the loss before your credit cards are used. The maximum amount you will owe if a thief uses your credit cards before you report it missing is $50.00. Keep in mind, you are not liable for anything, if the loss involves just your credit card number, not the card itself.
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You will need to carefully examine your credit card billing statements after the loss. If you find any unauthorized charges, send a letter to the card issuer describing each charge that you did not authorize. Also include the date your card was stolen or when you first noticed your card stolen and when you reported the lost or stolen card. Do not send the letter with a payment or to the address in which you send in payments, unless you are instructed to do so. In most cases, the letter should be sent to the address provided for billing errors.
ATM or Debit Card Loss or Fraudulent Transfers (EFTA). Under federal law, the amount of liability you will have for unauthorized use of your ATM or debit card will depend on how quickly you report the loss. EFTA states the card issuer cannot hold you responsible for any unauthorized use, if you report your ATM or debit card missing before it is used without your authorization. Under federal law, your liability for unauthorized use before you report it is determined by how quickly your reported the loss.
Knowing where your debit and credit cards are at all times is one of the best ways to protect yourself against credit/debit card fraud. Using an ATM or debit card often requires a personal identification number (PIN). Keep you PIN safe by keeping it a secret. Memorize your PIN and do not use your birth date, social security or phone number as the PIN.
Tips to help protect your credit and debit card accounts:
1. Never sign a blank charge or debit slip.
2. Before disposing of old cards, be sure to cut them up, cutting through the account number.
3. Save your receipts to check against your monthly statement, tear up carbon copies.
4. Carry only the cards you regularly use or intend to use.
5. Never write your PIN on your ATM or debit card and do not carry your PIN in your wallet or handbag.
6. Do not write your PIN on the outside of a deposit slip, an envelope or anywhere else that it might be seen.
