How to Report a Stolen Credit Card & What to Do Next

If your credit card is stolen or lost, act quickly. Credit card theft can lead to unauthorized transactions, potentially damaging your financial standing and credit history. Prompt action can mitigate these risks and help protect your personal finances.

Reporting the Theft to Your Card Issuer

Upon discovering a stolen credit card, your immediate priority is to contact your card issuer. Having information like your account number, if known, details of recent legitimate transactions, and the approximate date and time you discovered the theft can significantly expedite the reporting process.

Card issuers offer several convenient methods for reporting a stolen card, such as toll-free phone numbers, online portals, or mobile applications. It is important to utilize these channels as soon as possible, as the speed of your report can influence your liability for fraudulent charges. The issuer will deactivate the stolen card immediately to prevent further unauthorized use. You should also receive a confirmation number for your report, which is important to keep for your records. The card issuer may also arrange for a replacement card to be issued to you.

Taking Further Protective Measures

After reporting the theft to your credit card issuer, there are additional steps you can take to enhance your financial security and protect yourself from further fraud. Understanding your liability for unauthorized charges is a key aspect of this protection. The Fair Credit Billing Act (FCBA) limits your liability for unauthorized credit card charges to $50, provided you report the theft promptly. Many credit card companies offer “zero liability” policies, meaning you may not be responsible for any unauthorized charges. This federal protection applies to credit cards, but not to debit card transactions.

Filing a police report can be a beneficial step, especially if the theft involves a significant amount of money or if you suspect broader identity theft. While not always mandatory for credit card fraud, a police report creates an official record of the incident, which can be useful for insurance claims or as documentation if further issues arise. You can file a report with your local law enforcement agency.

Placing a fraud alert on your credit reports is an important protective measure. This alert signals to creditors that you may be a victim of fraud, prompting them to verify your identity before extending new credit. You only need to contact one of the three major credit bureaus—Equifax, Experian, or TransUnion—to place an initial fraud alert; that bureau is then required to notify the other two. An initial fraud alert remains on your credit report for at least one year and can be renewed.

For comprehensive protection, consider placing a credit freeze with each of the three major credit bureaus. A credit freeze restricts access to your credit report, making it difficult for anyone to open new credit accounts in your name. Unlike a fraud alert, a credit freeze must be placed individually with Equifax, Experian, and TransUnion. Freezing your credit is a free service, and you can temporarily lift the freeze if you need to apply for new credit.