Credit card frauds are often the headlines gracing our newspapers. With credit and debit card theft and other scams on the rise, you should be prepared with what you need to do in case you face such situations.

Even though losing the cards in your wallet might seem like the end of the world, you can easily prevent any financial losses by taking certain measures. Also, availing credit card insurance offered by financial institutions can help to secure your finances even further.

If you lose or misplace your credit or debit card, below are five things you should do to prevent any fraud.

Things to do if you lose your credit or debit card

  1. Contact your card issuer

If you lose your credit or debit card, contact your financial institution as soon as possible to report the theft of your card. You can find the contact information of your car provider through their website or your credit card statement.

The company will then immediately follow up with the situation and block your cards to prevent any unsolicited activities. Also, if you have debit card insurance, you must notify your financial institution to avail it.

  1. Report to the authorities in the event of card theft or robbery

It is crucial to report to your local authorities immediately if your card has been stolen or robbed.

  1. Avail a credit card insurance plan

Since credit and debit card frauds have become very common, you can opt for insurance from financial institutions. These are insurance schemes that cover the financial damages you incur due to loss or theft of credit cards and debit cards.

For instance, Pocket Insurance policies like wallet care can help you cover the emergency fund requirements for hotel and travel, round the clock card blocking, etc.

  1. Take measures to prevent this from happening in future

You should become more vigilant in the future to avoid such things from happening again. However, to make sure that you are safe in the future, it is best to avail a credit card insurance policy beforehand. Thus, even if you lose your cards or they are stolen, you will have the insurance to safeguard you from damages.

You can also seek the benefits of Pocket Insurance schemes like an ATM Assault Insurance Policy offered by Bajaj Finserv. It can help to cover the damages you incur in the event of a robbery while you are in an ATM. This cover not only helps you to remain secure against the financial losses due to ATM robbery but also ensures that you receive emergency assistance and first aid afterwards.

  1. Look for related insurance covers

You can lose your cards due to theft or misplacement of your purse. In that case your financial security can be compromised and you can be left stranded while travelling. That is why, you can look for covers like

Purse Careoffered by Bajaj Finserv that can shield you from the financial liabilities of losing your purse.

Why should you get a wallet care cover?

These insurance policies can help prevent many expenses that you have to incur due to loss or theft of your cards. You can be stranded somewhere without money if your credit or debit card is lost. Having this insurance helps to provide emergency funds on such events.

Also, with a PAN card insurance policy, you can avail reimbursement to avail a replacement of the same if lost.

These insurance schemes help you to avoid numerous inconveniences and expenses that arise with the loss of credit card, debit card, or PAN against a nominal premium.