Lost or Stolen Electronic Card

It is imperative that as soon as an account card is lost or stolen the bank or building society is informed. This also applies if you believe someone has acquired details relating to your account, including your Personal Identification Number (PIN), any passwords, or your Card Verification Value (CVV) number. The CVV number is the security number printed on your credit card. Usually this is a three digit number, printed on the back of your card on the signature strip. 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. Customarily, dedicated telephone helplines are made available by credit card providers to report lost or stolen cards or you may also be able to report a lost card via an e-mail service.

Although banking institutions have procedures in place to protect victims of fraud, institutions have the right to limit the liability on their part if it can be proved that gross negligence on the part of the account holder is to blame for the loss. Nonetheless, if the institution subscribes to the banking code, the maximum account holder's 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.