Most of us love how convenient credit cards are when purchasing things online and in stores. However, the more often we use our credit cards, the higher the chances that scammers and hackers may steal our credit card information. 

Today, there are a variety of credit card frauds and hacks that can expose your credit card information. You could even have your credit card with you physically, while fraudsters can make purchases online with your credit card information without your knowledge. If you think you lost your credit card or think that someone other than you is using your credit card information, it can make you anxious and give you a stressful experience. 

Since we use our credit cards so often, it is essential to know what to do when you lose your credit card or think your information was stolen. We have some valuable tips for you if you find yourself in this situation and what to do to prevent being in this position. 

What to do if you lose your credit card or it has been stolen

When your credit card information is stolen, the number one risk you have is being a victim of fraud. If your credit card information lands in the wrong hands, they may rack up unauthorized purchases and can even open new accounts in your name. 

If you find yourself in such a situation, you can do many things to minimize your risk.

Call your credit card issuer.

You should first call your credit card issuer to inform them about your card being lost or stolen. The issuer will cancel the card and send you a new one with a unique account number. This way, they don’t have access to your credit to make purchases that you did not authorize moving forward. 

Change any passwords or PINs. 

Another way to prevent fraudulent charges is to change any passwords and PINs on your credit card. Most retailers use chip-enabled technology in Canada, and a PIN verifies your purchases. Changing your PIN adds an extra level of security. 

File a Police Report

If you are a victim of credit card fraud, you should file a police report. This is important because it will document the theft. The police report will also help you if you need to file an insurance claim or if you need to dispute charges you did not make.

Check your credit report for suspicious activity. 

If you notice anything you don’t recognize on your credit report, report it to the credit bureau. 

Ensure that you recognize all the accounts and issuers on your credit report. If anything seems suspicious, make sure to flag it and get any errors corrected.

Fraud alerts on your credit report.

Another way you can protect yourself is to put a fraud alert on your credit report. There are two primary credit reporting agencies, Equifax and TransUnion, in Canada. You can ask them to place a fraud alert on your file. 

When you have a fraud alert on your credit report, any potential creditors take extra steps to verify your identity for any new credit accounts or new loans. This can reduce the chance of fake new accounts opening in your name. 

Review your credit card statements

It is vital to review your credit card statements closely for a few months after losing your credit card information. 

There are many different ways that scammers or hackers can share your credit card information. Making sure your credit card information is secure can save you a lot of headaches in the future. 

How to protect your credit card information

While it is essential to know what to do if you are a victim of credit card theft or fraud, you can also take many steps to prevent it from happening in the first place.  

Know where your credit card is at all times. 

While credit cards are convenient to make purchases with a simple tap in-store or typing a few numbers when shopping online, it also makes it easier to steal our information.

It is vital to keep your credit card in a safe place, no matter where you are. Do not leave it lying around in plain sight where anyone could take it or where someone can write down the details of your card and use it online.

Never give your credit card to those you don’t trust

Another way to safeguard your credit card information is by making sure you only give it to those you trust with the numbers.

Avoid giving your credit card information via email or on the phone. If you’re shopping online and a website seems suspicious, verify it before providing your information.  

Review your credit card statements 

Reviewing your credit card statements is a good financial habit. This way, you will know precisely what you are paying for on your credit card. You should also check for any unusual activity on your credit card statement. If you see anything you do not recognize on your statement, you should immediately report it to your credit card issuer or bank.

Monitor your credit report 

Your credit report is also an essential source of information. There are a multitude of credit card scams these days. You can physically have your card on you, and you may not even know if someone stole your credit card information. Periodically review your credit report for fraud or accounts opened in your name. If you notice anything unfamiliar, contact the credit bureaus and inform them.

Protecting your credit is vital

It is vital to be proactive and take all the steps necessary to reduce the chances of becoming a victim of credit card fraud if you lose your card. These tips will help you stay on top and take preventative actions to minimize possible damage caused by a stolen credit card. 

If you have been a victim of credit card debt and need advice and a debt solution, our team at EmpireOne Credit can help you get back on track with your financial goals. We will help to explore the best options for you to get out of debt and rebuild your credit. Contact us for a free consultation.