Lost or Stolen Credit Cards

If your credit card is lost or stolen you should immediately call the credit card company and cancel the account. When you call as soon as possible this helps to keep your liability down. Most credit card companies will only hold you liable for $50 and most will even waive that requirement. Always be aware of where your credit cards are. There have been situations where someone was not aware that there card was missing for a long period of time. They did not find out until the received a statement with charges they did not make. There is a customer service number on your statement that will allow you to call and report any problems and discrepancies.

The credit card company will be able to close your account down which stops anyone from making unauthorized charges on your account. The company is able to limit their losses when you report losses as soon as possible.

If you are out of town and your card is lost or stolen you can call the credit card company and request to have credit card sent out overnight. Some card companies will offer this service. If you are on vacation and you use your card this can really be an inconvenience especially if you are using that card to make purchases. Normally the first thing someone will do when they steal a card or find a lost card is make a purchase at a gas station.

In an effort to cut down on losses and fraud some companies have a procedure in place where they will call you if they see charges or purchases on your credit card which are inconsistent with your normal buying habits or patterns. If you normally purchase $7 to $10 per week at a coffee shop for the last 2 or 3 years and then all of a sudden you make a purchase in the amount of $7,500 for computer and stereo equipment they will give you a call to make sure these are your purchases.

Other companies will actually shut your account down if they see what they consider to be unusual activity on your credit card statement. This level of security can have a tendency to annoy customers especially if they are away on vacation but it helps to make sure no unauthorized charges are made. Sometimes customers will call a credit card company if they are going to be traveling out of state or out of the country to let them know they will be using the credit card at a different location. A representative will make a notation on the account and the customers account will not be shut down if unusual charges surface.

Once your card is reported as stolen the card company will initiate some type of investigation. The loss prevention department will try to find out all of the facts.