India is one of the largest and fastest growing economies in the world. Our standard of living is rising, and along with it our wants. Hence the need for wealth creation. It is also reflected in the rising consumerism in the country, and the increasing number of credit and debit cards. And with that number, chances of card fraud increase as well. Since wealth protection is the other side of the coin, here we look at what measures you can take in case of theft or loss of card.
The first thing to do is to report the missing card to the bank and get it blocked. According to the Reserve Bank of India (RBI), it is the banks’ responsibility to provide protection against and fight frauds. Once you get your card blocked, you won’t be liable for any transactions that happen after this. Credit cards typically have stronger fraud protections than debit cards.
Process
You should lodge a First Information Report with the police and get an acknowledgement. You will be required to submit a written application, with details such as the card number, bank account number, and the date of loss. The bank will issue a new card in place of the stolen/lost one.
Liability
Most banks have a zero liability policy, which means that you will not have to pay anything against the expenses occurred during the period between the loss and you reporting the theft. You should be clear on the bank’s policy regarding this before you issue a card. For example, some banks give a time period of 7 days to report the loss of card.
It is important to always monitor your transactions, and if you see any suspicious activity, report it to the bank immediately.
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