Lost your credit card? 5 steps you should take immediately to avoid fraud

Lost your credit card? Acting quickly can help limit the risk of unauthorised transactions and fraud. Block the card, disable contactless payments, check recent transactions, secure digital wallets, report suspicious activity and request a replacement card.

A credit card is an important tool for day-to-day financial transactions. Losing one can be stressful, especially when contactless payments are enabled. Since eligible low-value contactless transactions may not require a PIN, a lost card could potentially be misused before you realise it is missing.

The good news is that quick action, vigilance and following the right steps can significantly reduce the risk of unauthorised transactions. Here are five steps you should take after losing your credit card to protect your finances, credit score and overall credit profile from potential adverse impacts.

5 steps to take immediately after losing your credit card

1. Contact your bank immediately

The first step is to contact your bank or credit card issuer and promptly block the lost card. If your banking app offers a temporary freeze option, use it immediately while you contact the issuing bank and report the loss.

Do not rely solely on the temporary freeze. Inform your card issuer about the loss, even if you have already blocked the card through the app. Also, do not wait to see if you find the card before reporting it.

2. Freeze or block the credit card via the banking application

If you are unable to contact your bank immediately, check whether your credit card app allows you to temporarily freeze the card or disable contactless transactions separately.