Lost / Stolen Debit Card

It is imperative that as soon as you realise that your debit card is lost or stolen, you inform your bank or building society. This also applies if you believe someone has acquired the details printed on your card, including your card number or 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 or passwords, and you think somebody may know them, you should inform your bank or building society immediately. 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 bank or building society that your security details may be at risk, so that they can take precautions to prevent fraudulent payments. Customarily, dedicated telephone helplines are provided by your bank or building society 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.

Banks and building societies have procedures in place to protect victims of fraud, such as automatic detection of fraudulent activity. Many will now call you if they see unusual payments from your debit card. They have the right to limit the liability on their part if it can be proved that your own gross negligence is to blame for the losses. Nonetheless, if the institution subscribes to the Banking Code, your maximum liability for unauthorised payments occurring before the lost or stolen card is reported is fifty pounds. The banking code is a set of standards created to ensure that financial institutions offer their customers a fair deal.