What to do if debit card number is stolen?

Don’t Panic, Take Action: What to Do When Your Debit Card is Stolen

The realization that your debit card is missing can be unsettling. But before panic sets in, remember this: you have the power to minimize the damage. Here’s what you need to do immediately:

1. Report the Theft:

• Call Your Bank: Contact your issuing bank or credit union as soon as you discover the card is missing. They are your first line of defense and can help you take steps to protect your account.
• Use Your Bank App: Many banks offer mobile apps that allow you to report lost or stolen cards with a few taps.
• Don’t Delay: The faster you report the theft, the less chance there is for unauthorized transactions to occur.

2. Know Your Rights:

• Federal Protection: The Fair Credit Billing Act protects you from fraudulent charges made after you report the loss of your debit card. This means you won’t be held liable for any unauthorized transactions.
• Contact Your Bank: Keep a record of the date and time you reported the theft, and any reference number provided by the bank.

3. Take Additional Steps:

• Cancel the Card: Your bank will likely cancel the lost card immediately.
• Order a Replacement Card: Request a new debit card as soon as possible. Your bank can provide information on how to do this.
• Monitor Your Account: Keep a close eye on your bank account for any suspicious activity.
• File a Police Report: Reporting the theft to the police can be helpful in case you need to provide documentation in the future.
• Consider Credit Monitoring: Consider signing up for credit monitoring services to alert you to any fraudulent activity.

Preventative Measures:

• Protect Your PIN: Memorize your PIN and never share it with anyone. Avoid writing it down or storing it on your phone.
• Be Mindful of Skimmers: Pay close attention when using ATMs or point-of-sale terminals, as they can be targets for skimmers.
• Secure Your Card: Keep your debit card in a safe place when not in use, and avoid carrying it with you if you don’t need it.

Losing your debit card can be stressful, but by following these steps you can minimize the risk of financial harm and regain control over your finances. Remember, prompt action is key.