In a previous article, we looked into the issue of identity theft, what it means and how you may protect yourself. This articles focuses particularly on the steps you should take if you are positive your debit card has been stolen, and your bank account compromised.
1. Monitor Your Account
Banks usually ask that you report your card stolen within 24 hours of realising it. When opening your bank account, enlist to have email and SMS notifications sent to you after every transaction. This way, you can monitor every transaction as it happens and report any fraudulent activity fast. Trust me, it’s a wise move even with the extra charge.
2. Report Fraudulent Activity
Contact the bank involved and tell them there has been fraudulent activity so that they may put a freeze on your account. This will temporarily stop all debit transactions from going through, after which you will be required to file a police report for your stolen card.
The bank may require a copy of this report to close down the fraudulent account or issue you a new card. This can be a time consuming and extensive process, and you need to be prepared to follow through.
This procedure will also work for other forms of identification that gets stolen or missing.