If you discover that your credit or debit card has been lost or stolen and is being used by someone else, taking action immediately can limit the damage and even help authorities to apprehend the fraudster. But where do you turn to in order to recover your hard-earned money?
In this instance, going to the police won’t help you. Under the 2006 Fraud Act, approved by the Home Office, those who have suffered card fraud should report the incident to their bank or card provider, which can mean a long and complicated process involving staff members with various degrees of proficiency in fraud-related matters.
The most effective method to reclaim your losses after fraud is to get in touch with a dedicated fraud protection agency, which can mean having the foresight to protect your cards in the first place. Even with a standard policy, you could be protected against upwards of £10,000 of fraud once you report your card as missing or stolen, and you could even be covered for up to £5,000 worth of activity even before you place the call.
If your card or wallet has been stolen, you may be in the unenviable position of having no way to withdraw money and pay for your living expenses until a new card is issued. When you’re away from home, with card protection, you can also benefit from cash loans that can be wired to you as expediently as possible and repaid within 28 days, and you could even be compensated for the loss of your handbag or wallet in the theft.
Not all crime takes place out on the street, of course, and online card fraud is becoming an ever more significant issue. If you lose your card you should cancel it right away, then check your bank account, as you will stand a better chance of spotting suspicious activity as soon as it takes place. If dealing with a card protection company, you may not even have to contact your bank directly, with the agency taking such responsibilities off your hands as soon as they receive your call.
Generally speaking, your credit card or bank card issuer is obliged to refund any money that was taken out of your account fraudulently, if the loss is proven to be no fault of your own. However, as with any financial problem, the reality can often be less clear-cut and more drawn-out. By registering your details with a card protection agency, you can enjoy the peace of mind that comes from knowing your finances will be protected.