What to do if your Credit or Debit Card Gets Stolen

Seeing an unrecognized charge on your credit card, or an unauthorized withdrawal in your bank account can be the start of a very challenging ordeal.

If you act fast though, it may not be too bad. Here are the steps you can take if your credit card or debit card has been stolen.

Introduction to Stolen Credit and Debit Cards

A stolen credit card is usually easier to deal with than a stolen debit card (see below), but act fast either way.

Federal law caps your liability. According to the FTC's guide to lost or stolen cards, if you report a lost or stolen credit card before it's used, you owe nothing for unauthorized charges. If it's used first, the most you can owe is $50.

If only your credit card number is stolen and you still have the card, you aren't responsible for unauthorized charges. Many major issuers also advertise $0 fraud liability policies, so check your card's terms.

Card issuers have gotten good at spotting fraud, but they aren't perfect. Payment card fraud still costs billions of dollars a year, and card numbers leaked in data breaches keep fueling it.

If you're the victim of credit or debit card theft, these steps will limit the damage and get you back to using your card.

Debit Cards have different liability protections from credit cards.

With a debit card, your liability depends on how fast you report the loss. The FTC lists these limits for a lost or stolen ATM or debit card:

Reported before any unauthorized use: $0.
Reported within 2 business days after you learn of the loss: up to $50.
Reported more than 2 business days later, but within 60 calendar days after your statement is sent: up to $500.
Reported more than 60 calendar days after your statement is sent: you could lose all the money taken, and possibly more from linked accounts.

If only your debit card number is used and you still have the card, you aren't responsible for unauthorized transactions you report within 60 calendar days after the statement is sent.

Because the money comes straight out of your account, debit card fraud can leave you short while the bank investigates. That's one reason some people use a credit card for everyday purchases, as long as they pay it in full each month.

For more about the difference between credit and debit cards, click here.

Steps to take for a stolen credit card or debit card:

Step 1. Call your bank or card issuer immediately

They can block the card, stop further transactions, and start disputes for any fraudulent charges.

Call the number on the back of your card or on your statement, or use your bank's app.

The FTC advises reporting as soon as possible, then following up in writing with your account number, when you noticed the card was missing, and when you first reported it. Keep a copy.

If the thief may also have your username and password, change them right away. Change the password on any other site where you reused it, and turn on two-factor authentication where it's offered.

Getting debit card money back can take longer than having a credit card charge removed, because the funds have already left your account.

Step 2. Check all your other accounts to ensure that nothing else has been compromised

This includes bank accounts, investment accounts, email, social media and other sites with sensitive information. If a fraudster gets into one account, they may be able to reach others. Change any reused passwords and watch your accounts closely over the next several weeks.

Step 3. Place a fraud alert or credit freeze with the credit bureaus.

If you think a thief has more than your card, such as your Social Security number, contact the three credit bureaus. The FTC explains the difference between a fraud alert and a credit freeze:

A fraud alert tells lenders to verify your identity before granting new credit. It's free and lasts one year. Contact one bureau and it must notify the other two.
A credit freeze blocks access to your credit report, so new accounts generally can't be opened in your name until you lift it. It's free, lasts until you lift it, and you must contact each bureau separately.
An extended fraud alert lasts seven years. It's available to identity theft victims who file a report at IdentityTheft.gov or a police report.

Then review your credit reports for accounts or activity you don't recognize, and dispute anything that isn't yours. If someone opened accounts in your name, report it at IdentityTheft.gov to get a recovery plan.

The bureau links and phone numbers below were collected when this article was first written. Confirm current contact details on each bureau's site or the FTC's credit bureau contact list at IdentityTheft.gov.


Credit Agency	Website	Phone Number
Equifax	www.equifax.com/answers/set-fraud-alerts/en_cp	1-800-864-2978
Experian	www.experian.com/blogs/ask-experian/credit-education/preventing-fraud/victim-assistance/	1-888-397-3742
TransUnion	www.transunion.com/personal-credit/credit-disputes/fraud-alerts.page	1-800-680-7289

Step 4. Monitor, and consider signing up for an identity monitoring service

For several months after a lost wallet or stolen identity, watch your accounts for unusual activity. Thieves sometimes have access to more than one account and space out their activity to avoid detection.

Paid identity monitoring services can alert you to some activity faster, but they can't stop all identity theft.

A credit freeze, which is free, does more to block new accounts. Compare costs and features before you sign up.

Experian's ProtectMyID has since been replaced by other Experian products, so the link below may redirect.


Identity Monitoring Service	Website
LifeLock	www.lifelock.com/
IdentityForce	www.identityforce.com/
Identity Defense	identitydefense.com/
Identity Guard	www.identityguard.com/
ProtectMyID (Experian)	www.experian.com/consumer-products/protect-my-id.html

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Preventing Credit Card Theft:

Preventing card theft starts with protecting your personal information. Be wary of anyone who contacts you claiming to be from your bank and asks for card details. Hang up and call the number on your card instead. Card numbers, expiration dates and CVVs are private and valuable.

Only give card details over the phone if you started the call, and online only on sites you know and trust that use HTTPS. Don't share photos of your card. Lock your phone with a passcode, since it may hold your mobile wallet and banking apps.

Use a strong, unique password for every account, such as your email, Facebook and Amazon. A password manager makes this practical.

The FTC also offers tips for helping to stop identity theft.

Don't store passwords in plain text, and never reuse one password across accounts: a breach at one site then exposes all of them. Turn on two-factor authentication, which asks for a second check, such as a code from an app or text message, before you can log in.

Turn on transaction alerts in your card or bank app so you see charges as they happen. Be wary of ads, texts and emails that rush you to "verify" card details.

What happens next?

After you report your credit or debit card stolen, the bank or card issuer will deactivate it and send you a new card with a new number. Sometimes they close the old account and open a new one.

Replacement cards usually arrive by mail within several business days, and some issuers offer expedited delivery. Activate the new card before using it, and update any automatic payments that used the old number.