In today’s world, ATM-cum-debit cards and credit cards have made life easy. Because of wide acceptability of these cards for high volume transactions, people use them at petrol pumps, shopping merchants and online shopping. These cards provide convenience to many. Even those who are less tech-savvy can use the ATM-cum-debit cards and credit cards for purchases at physical stores and e-commerce websites.
There are more chances of theft and frauds due to high usage of these cards. Therefore, banks and non-banking financial institutions issuing ATM-cum-debit cards and credit cards have set instructions to help their customers protect these cards.
The banks advise their customers to visit the branch to block the respective credit or debit card in case it has been lost, stolen or misplaced. The same can be done through the bank representative as well. The financial loss can be minimal if the loss of card is reported to the bank at the earliest.
The consumer must file a police complaint and hand over a copy of the FIR to the bank in case of loss of the credit cards and debit cards. Some banks ask for the FIR copy before taking any step to block the lost or stolen card.
The next thing for credit card holders is to cancel all standing instructions and automatic billings linked to the card in case of its loss. There are chances that fraudsters might access personal data by tracking information on payments.
The banks also advise customers neither to hand over the personal identification number (PIN) of ATM cards to anyone nor write down it anywhere.