Losing your ATM card can be a distressing experience, but quick action can help minimise any potential damage.
Here’s a step-by-step guide on what to do if your ATM card is stolen:
- Report the theft immediately
Contact your bank: As soon as you notice your ATM card is missing, contact your bank or financial institution immediately. Most banks have 24/7 customer service lines specifically for reporting lost or stolen cards.
Use your banking app: If your bank offers a mobile app, you may be able to report the card as lost or stolen directly through the app. This can be faster than waiting on hold for a customer service representative.
- Freeze your account
Temporarily lock your card: Many banks allow you to temporarily lock your card via their mobile app or online banking platform. This prevents any unauthorised transactions while you sort out the issue.
Request a permanent block: Ask your bank to permanently block the stolen card to prevent further use. They can issue you a new card with a different number.
- Monitor your account
Check recent transactions: Review your account statements for any unauthorised transactions. Make note of any suspicious activity and report it to your bank.
Set up alerts: Enable transaction alerts on your account so you can receive notifications for any future activity. This helps you catch any unauthorised transactions quickly.
- File a police report
Document the theft: Filing a police report provides official documentation of the theft, which can be helpful when dealing with your bank or if the theft leads to identity fraud.
- Notify credit bureaus
Place a fraud alert: Contact major credit bureaus to place a fraud alert on your credit report. This makes it harder for the thief to open new accounts in your name.
Consider a credit freeze: A credit freeze restricts access to your credit report, making it difficult for identity thieves to open new accounts. You can lift the freeze temporarily if you need to apply for credit.
- Update automatic payments
Change payment methods: If you have automatic payments set up with your stolen ATM card, update these with your new card details to avoid missed payments.
Review subscriptions: Check any subscriptions or recurring services linked to your old card and update them with your new card information.
- Secure your personal information
Change PINs and passwords: Change your ATM PIN and any associated account passwords. Ensure your new passwords are strong and not easily guessable.
Monitor your identity: Consider using an identity theft protection service to monitor your personal information and alert you to any suspicious activity.
- Educate yourself on prevention
Stay vigilant: Always be aware of your surroundings when using your ATM card. Cover the keypad when entering your PIN and be cautious of any suspicious devices attached to the ATM.
Keep contact information handy: Have your bank’s emergency contact information readily accessible. This ensures you can act quickly if your card is lost or stolen.
The theft of an ATM card can be stressful, but taking swift and decisive action can help protect your finances.