If you lose your credit card, it might be a hassle to get the charges reversed. When this happens, thieves have already charged up a lot of money on your account and even if they’re caught there is no guarantee that all these funds will be recovered. Just because someone else gets his or her hands on some type of monetary tool for fraud doesn’t mean that they always use it wisely either; sometimes people just buy expensive things without thinking about what their debt can do in the long term!
Losing something like one’s wallet with cash inside can cause panic but losing items containing personal information (credit cards) could make life difficult too as criminals may take advantage by running up high bills before getting caught. Sometimes when somebody takes over.
In 2018, people reported losing $1.48 billion to fraud according to the Federal Trade Commission! Worse than that is if someone uses your information from a lost or stolen credit card and creates an entirely new identity with it in order for themself to use all of your personal data including bank account numbers which leaves you susceptible not only financially but also at risk for needing legal assistance as well when trying figure out what’s going on.
What To Do When You Lose Your Credit Card Or It Is Stolen
The first thing you should do when realizing your credit card is lost or stolen is to call the issuer and report it missing.
We’ll get into how to do that later, but the simple thing to do is to call ASAP to report it missing. The reason being: if a thief steals an identity (credit cards, social security number) they can make fraudulent purchases with their new found “identity.” If this happens before someone reports the information as lost/stolen then there may be more than just one person who has been victimized by these individuals in addition of having charges from fraud on their accounts which will lead them dealing with even more problems.
Under federal law, if you report a credit card as missing before it’s fraudulently used, then your responsibility for unauthorized charges can be limited to $50. However; the maximum liability amount is capped at that number only when fraudulent use of the card has been reported prior to its theft or misuse and not after. Meanwhile other cards offer zero liability on unauthorized expenditures incurred by crooks who have made off with them from unsuspecting victims like yourself.
Therefore making such protection reports in advance offers peace-of-mind knowing that once an item goes missing, no one else will be able to take advantage of what’s rightfully yours without consequence.
Other Hassles of Lost Credit Cards
When you lose a credit card, there are some other things to be aware of. Thieves who steal them often start using the cards as quickly as they can so that when it is canceled by your bank or company because someone reported it missing and charges come up on purchases made with stolen funds from before the cancelation date. But if this happens without being noticed soon enough, thieves will continue charging items while you try to dispute these fraudulent transactions against your account through no fault of yours! Most good companies offer their customers alerts in case something like this happens. If not alerted immediately after losing a credit card for fraud purposes, future fraud may occur until one notices what has happened due to lack of notification.
Fraudulent charges could be detrimental to your credit score. When you find out about the fraudulent charge and report it, then your credit rating should return back to normal once again.