You left it on the train, or in the taxi, or at the restaurant on Saturday night… no wait, maybe it’s in your other purse or pant pockets.
It’s not hard to lose your credit card and it’s not unheard of for it to be stolen or cloned.
You should report your lost, missing or stolen card immediately. The sooner you contact your provider, the better. First, your card will be blocked from accepting further transactions, then it will be cancelled, and then you’ll get a new one. Be sure to ask for the file number of your report, just in case you need to call back.
Many people worry about the hassle of cancelling and replacing their cards, but most major financial institutions will issue a replacement within three business days.
No matter what the circumstances, contact your local police and file a report –– whether your card was lost, stolen, or cloned. If your card was fraudulently acquired, they will probably ask you a few questions about the location of your past purchases. This information will help them to track the skimming device, saving others from the same fate as you.
Look at your credit card statements and make sure you recognize all of the charges. According to the Financial Consumer Agency of Canada, many credit card providers have a zero-liability policy on unauthorized transactions. They say, “If your credit card is lost or stolen, or if someone uses your credit card number to make transactions you didn’t authorize, you can usually be reimbursed.”
Contact Canada’s two credit bureaus – Equifax.ca and Transunion.ca – and ask that a fraud alert be put on your account. Also, ask for copies of your credit report and review them for possible inaccuracies.
Just because you may have fixed the problem once doesn’t mean that it won't happen again. It’s important that you always check your statements and ask for a credit report once a year.