Lost / Stolen Card

It is imperative that as soon as you realise that your credit card is lost or stolen, your card provider is informed. This also applies if you believe someone has acquired your card details, including your card number and Card Verification Value (CVV) number. The CVV number is the security number printed on the signature strip of your credit card. CVVs aim to reduce fraud; you will usually be asked to quote your CVV number when making online or telephone purchases to prove that you have the original card in front of you.

If you do not have facilities to change your (Personal Identification Number) PIN and passwords immediately available, and you think that somebody may know them, you should also inform your credit card provider. For example, if you are travelling and do not have access to a cash machine where you could change your PIN, you should inform your credit card provider so that they can take precautions to help prevent fraudulent payments. Customarily, dedicated telephone helplines are made available by credit card providers via which you can report lost or stolen cards. In some cases, you may also be able to report a lost card via an e-mail service.

Credit card providers have procedures in place to protect victims of fraud, such as systems to automatically detect fraudulent activity. They have the right to limit their own liability if it can be proved that your negligence is to blame for the loss. Nonetheless, if the institution subscribes to the banking code, the maximum account holder liability for unauthorised payments made before the lost or stolen card is reported is fifty pounds. The banking code is a set of service standards created to ensure that financial institutions offer their customers a fair deal.