Keeping a credit card secure is the sole responsibility of the card holder and the card issuer does not hold any responsibilities towards this. If you have got your credit card stolen, you have to block it immediately so that no one can misuse it. Banks have some strict policies and according to their TOS, card issuer won’t have any liabilities for the lost cards and the card holder will bear all transactions made within the lost or stolen period. The best way to avoid these problems is to block credit card as soon as you find it lost or stolen.
Credit cards have a 16 digit serial no, expiry date and 3 digit security pin no printed on it. Anyone can use those numbers to purchase things or services online and you have to pay for it. However, after recent RBI declaration about extra credit card security feature, no one will be able to use the card online for shopping purposes without proper verification. But they can still swap the lost credit card on any shop and make you paying the bills.
The best way to block lost or stolen credit cards is to call card issuer’s customer care immediately. All banks provide a toll free no to call and block your credit card from further usages. This no is printed on the back side of your card, note it down and keep in your wallet. Contact them and ask to block your credit card transactions from immediate effect. You can also visit your Bank’s nearest branch office and ask them to block your card immediately.
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