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Debit card lost or stolen? Here's what you need to do immediately

With PoS terminals available almost everywhere, debit card, credit card transactions have increased, especially in urban areas. Because of the ease of payment, many people prefer using their cards to transact instead of cash. Since people carry
their debit cards with them on a regular basis, the chances of it getting lost or stolen are high. 

Note that debit card is linked to the user’s bank account. So, if the account holder misplaces the debit card, it can easily be misused by the person who gets hold of it. One may think that their lost debit card might be of no use to someone else because they do not know the PIN. However, online transactions can be made using that card with the help of CVV code. So, as soon as you notice that your debit card has been lost or stolen, it is important to act immediately in order to protect your money from thieves.

If your debit card is lost or stolen, here's what you need to do immediately:

1. Intimate the bank: The first step is to intimate your bank immediately after realising that your card is either lost or stolen. Either inform the bank by visiting the nearest bank branch or you can also call your bank's phone banking number, customer care number. You can also under net banking services to inform your bank. 

After logging into the banking portal, you just have to report loss of card by selecting the relevant card registered in your name and issue an instruction to block the same. A confirmation notification will be displayed and notified on the registered mobile number once the bank blocks the card. This will stop anyone from misusing your card.

2. File an FIR: If you suspect that your card has been stolen, it is recommended to file an FIR at the nearest police station. Once the FIR is registered, a copy of the same will be given to you. It is important to preserve the same for future reference. 

3. Apply for new card: As soon as your stolen or lost card is blocked by the bank, you need to apply for a new one. Once the card is blocked successfully, the bank accepts the request for issue of the new card. However, the bank may levy a charge of Rs 100 or more for issuing a new card in place of the misplaced/stolen card. The new card is dispatched to the user within 2-3 business days. 

4. Bank's liability to protect you: It is worth mentioning that in case a customer's card is lost or stolen, banks typically have zero liability policy to protect the cardholders if the incident is not reported within the stipulated time. If the user reports about the loss or theft within the stipulated time, the bank is legally mandated to protect the user by blocking the card. If you lost your card and informed you bank immediately yet the money was debited from your account, you can raise a complaint with your bank and they will have to take action to ensure that you get your money back.

5. Banking Ombudsman: If you are not satisfied with your bank's grievance redressal process, you can lodge a complaint with the banking ombudsman. If your problem is not resolved by the bank in 30 days or if the response is unsatisfactory, you can approach the ombudsman. Complain to the banking ombudsman within the jurisdiction in which the bank's branch or office is located. In case of the card related or the centralized operations related complaints, your billing address will determine the jurisdiction of the banking ombudsman.

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