Nobody wants to loose their wallets, least of all with Credit & Debit Cards in them. However, it happens to most of us at one time or another. Loosing wallet and being stranded in an unknown place without cash or cards can be devastating. Under such circumstances, you ought to be really lucky to get it back with all the cash, cards and other identity documents intact.
However, without taking chances, prepare yourself for the dreaded day when you might loose by following these simple steps today:
1. Know what you own
In present day and time, it is unimaginable that we have only one card. Experts advice up to 4 bank accounts for better personal financial management, however working professionals tend to have at least 2 bank accounts. And multiple accounts mean multiple debit cards. Apart from this, many individuals also have one or more credit cards. The more disciplined ones have different cards for different purposes – groceries, restaurants, big ticket items (gold, jewelry, electronics & appliances, furniture, home decor, travel/vacations, etc.) and carry them along in the wallet based on where they are heading.
It is natural to loose track of how many cards you own. Hence, it is important that you keep a track of what you own.
2. Document what you possess
Depending on how disciplined you are, you might want to write down the following information pertaining to each card you possess. This will help when you have to report lost/stolen cards to your Bank.
- The Card Number printed on the card front
- The Expiry Date printed on the card front
- The Customer Care Phone Number of the Issuing Bank printed behind the card
But wait! Aren’t we not supposed to write this sensitive information? Yes, you should not let this information be written on a piece of paper lying around in the house. You should note it down in a diary and keep it safely under lock and key away from prying eyes.
3. Report what is lost/stolen
Open your mobile phone and save the Customer Care phone number for each card in your address book right away. If/when you loose the card(s), you should call the customer care phone number immediately and report the card as lost/stolen. Time is of essence here as the lost card might fall into hands of some scrupulous element and you might see fraudulent activity happening even before you blink.
If your Bank has integrated their backend systems
When you call the customer care phone number, fortunately most of the banks have integrated their backend systems and just by providing your phone number and minimum KYC, they can pull your card records and place a hold on all transactions on your card. This will immediately prevent any fraudulent activity.
If your Bank’s backend systems are not integrated
In case your Bank does not have the backend systems integrated and require you to provide the Card number and other details to carry out KYC, the notes you have made (see point #2 above) will come in handy.
In present day where Cards are not a luxury but a necessity, it is important to safeguard them and prepare for any eventuality.
Tell us how you would protect your cards, share your tips-and-tricks with us using the comments section below.
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