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An estimated 12.7 million Americans experienced financial identity theft in 2014, and credit and debit card fraud losses amounted to more than $16 billion. But knowing what to do if your card goes missing can minimize or even prevent any damage.
Report the loss. Immediately contact the card issuer by phone. Independent Bank offers an 800 number that can be used 24/7 to report a loss (888-300-3193). Then follow up by mailing the card issuer a certified letter with a receipt requested to confirm your report of the loss. Save a copy of your letter and anything else related to the lost or stolen card. If you find that you have become a victim of identity theft, make sure to report it to the Federal Trade Commission as well.
Monitor your account. The Fair Credit Billing Act and the Electronic Fund Transfer Act offer protection for lost/stolen credit and debit cards, but those protections vary. Credit card losses are limited to liability of $50 total. But with a debit or ATM card, your losses depend on how quickly you report them.
“At Independent Bank, as long as the [fraudulent] transaction is promptly reported, has taken place on a MasterCard, and customers show reasonable care in safeguarding their information, zero liability is imposed,” says Elizabeth Rose, Assistant Vice President of Product Development at Independent Bank.
Avoid other risks. If you’ve had other information stolen—say, your Social Security number or a bank account number—you can request alerts through the credit bureaus to monitor credit activity, and can also obtain a free credit report to review from each bureau once a year. “Continue to monitor account activity, or close your existing account and reopen a new account if necessary,” says Rose.
