What to Do When Your Credit Card Is Stolen
Has your credit card been stolen? Get clear, actionable steps to secure your accounts, protect your identity, and manage fraudulent activity.
Having your credit card stolen can be an unsettling experience. Taking swift and informed action is paramount to minimizing potential damage and protecting your financial well-being. This guidance aims to provide a clear path forward when facing credit card theft.
Immediate Actions
Contacting your credit card issuer should be your first priority the moment you discover your card is stolen. You can find their customer service number on your card, monthly statement, or online. It is important to have your account number readily available to expedite the process.
When you report the card as stolen, the issuer will deactivate it, preventing further unauthorized transactions and triggering fraud protection. Federal law limits your liability for unauthorized credit card charges to $50 if reported promptly. Many card issuers, however, offer a “zero liability” policy. The card issuer will cancel the compromised card and issue a new one.
Protecting Your Identity
Beyond addressing the immediate issue of the stolen credit card, it is important to take broader steps to protect your identity. A stolen credit card can sometimes be a gateway to other forms of identity theft, so vigilance is necessary. Regularly checking your credit reports helps identify any suspicious activity or accounts opened in your name.
You can obtain a free copy of your credit report annually from each of the three major credit bureaus—Experian, Equifax, and TransUnion—through AnnualCreditReport.com. Additionally, placing a fraud alert with one of these credit bureaus will prompt that bureau to notify the other two, ensuring an alert is placed across all your credit files. This alert advises creditors to take extra steps to verify your identity before extending new credit.
Filing a police report may also be advisable, particularly if other personal items were stolen or if significant fraud has occurred, providing official documentation that can be useful for disputes and recovery efforts. You should also change passwords for online banking, email, and any other sensitive accounts, especially if the stolen card was linked to online purchases or if physical theft compromised other personal information.
Disputing Unauthorized Transactions
Review your credit card statements and online transaction history for any unauthorized charges. Identifying these charges quickly is important, as federal law typically grants you at least 60 days from the statement date to dispute billing errors, including fraudulent transactions. Most card issuers allow you to initiate a dispute online, through their mobile app, or by calling their customer service number.
When initiating a dispute, provide details about the unauthorized transaction and potentially fill out specific forms. The card issuer is generally required to acknowledge your dispute within 30 days and must complete their investigation within two billing cycles, usually around 60 to 90 days. During this investigation period, you are typically not responsible for paying the disputed amount or any associated interest. It is important to maintain meticulous records of all communications, transaction details, and submitted forms throughout the dispute process.