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Stolen Credit Cards

How To Report Stolen Credit Cards

Stolen credit cards should be reported promptly!

If your purse or wallet has been stolen, you have probably lost your cash, family photos, and driver's license, but you have likely lost something that is even more valuable:

Your credit cards!

Nowadays, the theft of credit cards is a crime that has become all too common. If you become a victim of credit card theft, do you know what to do? You should. All card companies maintain a standard policy that protects your liability against loss or theft. You need to know the details of that policy BEFORE your card is stolen.

How To Report Stolen Credit Cards

The first thing you should do is contact the credit card company and notify them that your card is missing. Do this even if you only "suspect" it's been stolen. The sooner you report the theft of your card, the less chance the thief will have to use it and run up charges.

Most card companies provide a 24-hour, toll-free number for reporting missing credit cards. You can find this number on the back of back of the monthly statements sent to you by the company.

Also, when you receive a new credit card, it usually comes with a wallet-sized card or brochure outlining the company's calling procedures and a list of the toll-free numbers for the company's customer lines.

For travelers, there is usually a special phone number to call collect if your card is ever lost or stolen while traveling outside the country. Be sure to keep this number safely with your passport should you ever need to use it. There is a huge market for stolen credit cards, so report a theft quickly.

Most card companies will also let you report a stolen credit card online at their website. If you don't know the company's website address (URL), you can quickly locate it through a Google Web search for the name of your credit card.

Information You Need To Report

You will need to give the credit card company as many details as possible about the theft of your card. Also, you may need to supply the following information, so keep it handy:

The name of your credit card issuer (e.g., your bank)

The type of credit card (e.g., classic, gold, or platinum)

Your credit card number and its expiration date

Your 3 or 4 digit "Card Verification Number"

Whether you are the primary or secondary cardholder

The mailing address where you receive your monthly statements

Your full name as it appears on the credit card

Your home telephone number

How and when the credit card went missing

Other personal details for an identification check

Whether you have notified the police of the theft

Your Responsibility For Fraudulent Charges

There's one big question all cardholders ask when they've had their credit cards stolen: "How much of the fraudulent charges can I be held liable for?"

Depending on the type of credit card you have and where you live, you may not be liable for more than the first $50 worth of fraudulent charges. It all depends on the card company's policy and your country's laws.

If you realize your card has been stolen and you report the theft quickly before the thief has a chance to use it, you will not be reliable for any unauthorized charges.

However, the policies of each card company are different. To find out about your card policies if theft occurs, check the fine print on your credit card agreement or phone the card company and ask the customer service representative.

The top credit cards companies often have zero liability policies when certain conditions are met. If such a policy applies to your stolen credit cards, you won't have to pay for any wrong charges.

If the thief only stole your credit card number and you still have possession of the card itself, it's unlikely you'll be held liable for unauthorized transactions once the company is notified of the credit card identity theft.

Always Check Your Monthly Statement

When you receive your next credit card statement, make sure you examine every transaction carefully. If you notice a charge that isn't yours, it's YOUR responsibility to notify the credit card company immediately.

Most companies require you to notify them of any errors by telephone within 30 days of your statement period end date. A toll-free number is listed on the statement for this purpose.

Don't fail to report the wrong charges or you may end up paying for them. The written policy of most card companies is that after 30 days "their records" will be considered correct.

Some companies may require you to give them written notification. In your letter, tell them the date when you reported your card stolen, and carefully list the transactions that are not yours.

Send the letter to the address for billing errors; it may be listed somewhere on the statement. Do NOT include the letter with your monthly payment or it will likely get misplaced; it will certainly get delayed in reaching the proper department.

Prevent Stolen Credit Cards

Do all you can to keep your cards safe. Keep them securely on your person in a pass-case or wallet. Never leave them lying carelessly around your house and never leave them sitting in your car.

Always keep your credit cards in a front pocket while traveling and never leave them unattended in a hotel room or by a swimming pool. Also be careful of pickpockets in crowded hotel lobbies and tourist attractions.

Pickpockets are very skilled at what they do, and they can be very resourceful. Once while touring Jerusalem, our guide drew our attention to some little printed signs in a crowded market area. He explained that the "Pickpocket Warning -- Check Your Wallet" signs had been posted by the pickpockets themselves, as they got the tourist to pat their pockets or purse thereby showing the watching thief where valuables were located.

You can't be too careful. Don't become a victim of credit card theft. Always keep your cards safe, and limit your losses by reporting stolen credit cards to the credit card company without delay.

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