What to Do If Your Credit Card is Stolen

Credit cards are a major convenience in our lives that many people can't do without. With convenience comes risk though. There is a chance that your credit card can be stolen. This leads to unauthorized purchases that can cost your thousands of dollars. It is important to keep you credit cards in a safe place. If your card is stolen, you should know how to act immediately to stop any purchases from being made.

Here is what you should do if you credit card is stolen:

Call the Bank

This is the most important step in protecting your credit card from being used by the thief. Immediately call the company that holds your account to let them know of the problem. They will cancel the card and issue you a new one. If charges have already been made to the card, the bank will work with you to remove those charges.

Call the Police

The police should be involved when there has been a theft of any kind. The person who stole your card can be caught if he/she tries to make purchases with it. Prosecute the person if he/she is caught. This is the only way that we can fight this type of crime. Give detailed information about where you think your card was stolen and how it might have happened. If you have an idea about who may have done it, give the police that information as well.

Disputing Unauthorized Charges

In order to get the charges removed that you didn't make, you will have to fill out a chargeback form. This will ask for very detailed information on how the purchase was not authorized. You will have to be extremely forthcoming with this information. Don't leave any details out. This will ensure that those charges are removed from your account.

Keep a Close Eye

You should keep a close eye on your mailbox for the replacement card. Make sure that you sign the back of the new card immediately. You do not want to deal with type of thing again and prevention is the best solution to that problem.

In The Future

Always keep in mind the experience that you had. Keep the card information in a safe place in your home or in a safety deposit box. This includes the card numbers and the phone numbers you will need in case of future theft. Keep a minimal number of credit cards in your possession. Treat credit cards no less than you would treat cash. In fact, your cash may be safer from theft than your credit cards. Cash, once stolen, it's gone. When credit cards or their numbers are stolen, it can destroy your credit report and end up costing you much more money.

Taking a few preventative steps can help alleviate the chances of your credit card being stolen. If it does happen, be sure to do the above steps. Following these steps will keep the unauthorized charges to a minimum and possibly stop that person from victimizing someone else along the way.