Credit card theft – What you need to do when you are a victim?

Credit card theft is a very common crime today. Even so, most people do not know what to do to minimize their losses.  Here is what you should do when you find your credit card is lost or stolen:

1.Call the bank immediately to report the loss. This is very important as most banks will block the credit card from further use within minutes of the reported loss.  This limits your liability to the minimum.

2.Inform the police. The police have ways to track the movement of the card which enables the recovery of the card and of the suspect. For example, they can ask the vendor to delay the payment on the card until they (the police) can arrive and arrest the person who tries to use the credit card unauthorized.

3.Request a replacement of the card. The sooner you do this, the sooner you will get back to normal.

Source: Credit card theft – What you need to do when you are a victim?

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