Every year, there are almost 300,000 Americans who are victims of credit card fraud. In many of these instances, a stolen credit card is to blame for it.
If a credit card is stolen from you at any point, you should spring into action ASAP to try to avoid becoming the next credit card fraud victim. You should be able to take certain steps to stop a stolen or even lost credit card from having an impact on your financial situation.
This is what you need to do to steer clear of having a stolen credit card have an effect on you.
Deactivate a Credit Card as Soon as You Notice It’s Missing
If you can’t find a credit card and you suspect that it might be stolen, you should go through the process of deactivating a credit card right away. By doing this, you’ll stop anyone else from being able to use it.
The sooner that you’re able to deactivate your credit card, the better. In a perfect world, you’ll have it deactivated before anyone else can even try to use it. You can then have a new credit card sent your way so that you can begin using it again.
Check to See If a Stolen Credit Card Was Used by Whoever Took It
After you deactivate a credit card, you should check your credit card statement to see if whoever took it tried to use it. They may have already racked up a bunch of charges on your credit card without you even noticing.
If your stolen credit card wasn’t used yet, you should count your lucky stars and try to be more careful with your credit card information from now on. But if it was stolen, you’re going to have to work with your credit card company to get to the bottom of what happened with your card.
Take Part in an Investigation Into Your Stolen Credit Card
If your stolen credit card was used by the person who took it, your credit card company will launch an investigation into it. In most cases, they’ll just want to talk to you about your credit card for a few minutes to make sure that you didn’t participate in the fraud that took place.
But your credit card company could also potentially go the extra mile and take some sort of legal action against you or someone else. In the event that this happens, you might need to secure the services of a lawyer and possibly find a credit expert witness to speak on your behalf.
Fortunately, you shouldn’t have to worry too much about things getting to this level. But it’s good to be mentally prepared for almost anything when it comes to credit card fraud.
You Don’t Have to Let a Stolen or Lost Credit Card Derail All Your Financial Plans
A stolen credit card could complicate your life and wreak havoc on your finances if you aren’t careful. It’s why you should react quickly if your credit card is stolen from you.
Follow the steps that we just listed to stop a credit card from derailing all your financial plans. They should help you to get back on your feet again in a hurry.
Read more informative articles on credit card fraud by checking out the personal finance section on our blog.