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You should never lose your wallet. If your wallet houses all your credit cards, then credit card fraud is highly probable and you could be a sorry victim. This is why it is never wise leave the house with all your credit cards, because losing just one of them can cause enough damage to your credit. Can you imagine losing all your cards and having them maxed out by a thief? Credit cards are convenient, both to you and anyone else who gets his or her hands on it. It’s an unfortunate incident if that card falls into the hands of identity thieves. That’s because, for thieves, a lost credit card is like a gold mine. Identity thieves consider a stolen credit card the best way to get more out of the victim. How Your Lost Card Ruins Your Finances How can you lose one or all of your credit cards? In many ways, really! You’re extremely unfortunate if you transact with an establishment that’s rigged with credit card fraud equipment. You’re equally unfortunate if you happen to entrust your card to certain employees who steal credit card info during their shifts, such as waiters or shop assistants and cashiers. Once your credit card is lost or stolen, there is always a danger of identity theft. The fraudulent use of your personal and financial information is a lucrative routine for identity thieves. If they are successful in obtaining what they need, they will be able to open a new credit card, apply for a loan, and shop without a care in the world. If they’re lucky, they will be able to close transactions in your name and you will get to pay for everything. Chances are, you will not be able to know about the crime until it’s too late. Your credit report will be damaged and your credit score will be cut down. An undetected or ignored lost credit card will definitely lead to devastated finances. The victim will have a very hard time getting approvals for loan or credit card applications. At the same time, payments for the credit card purchases will continue to be charged to their account. The cardholder will then be forced to resort to bad credit loans that mandate higher interest payments and stricter conditions. What to Do When Your Credit Card is Lost or Stolen A lost or stolen credit card is a big deal, and also, a big pain. You have to take action as soon as you notice discrepancies in your credit report. Here’s what you should immediately, if you want to prevent further damage to your credit.
- Report the incident to the authorities
File a police report as soon as your credit card is lost. The sooner you do this, the faster the crime could be stopped. - Report what happened to your credit card company
Call your credit card issuer and cancel your account. It would be better to get a new credit card number. - Freeze the account
Freezing the account will help until the errors have been set straight with the lost card.
It will always be a scare to lose a credit card. However, as long as you are vigilant, you can help keep credit thieves at bay. If you’re a credit card fraud victim, take these preventive measures to heart.Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on online credit card fraud prevention and credit card fraud detection that can help people prevent credit theft and scams.
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