What Should You Do When Your Credit Card Is Lost Or Stolen? - Kotak Bank
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29 JUNE, 2022

Credit cards have changed the face of business and revolutionized consumer spending patterns. 

Credit cards are a vital aspect of everyday life, business, and worldwide activities in today’s economy.

Credit cards can help a person create a good credit history in addition to being convenient to use and secure.

Responsible customers will find that lenders are more inclined to extend additional credit if they use their credit responsibly & pay their bills on time.

Losing a credit card and credit card information is a position that no one wants to find themselves in.

However, as India’s card user base grows, so does the risk of card fraud.

There were 6,785 credit/debit card fraud instances reported to the RBI by 100 banks over eight years (April 2009 to April 2017), with a total loss of Rs. 243.95 crores.

Losing a credit card can be incredibly stressful, and it is easy to panic.

This blog looks at what action one needs to take if they lose their credit card or find that someone has used their credit card information without permission.


What benefits does having a credit card provide?

Credit cards enable the customer to pay for things (such as purchasing a television, mobile phone, etc.) based on their promise to repay in the future.

It is an unsecured, revolving credit account issued by banks that permits the account balance to be carried forward & repaid many times.

A few pros of having a credit card are:

  • Having a credit card has made purchasing more simpler & more convenient; now, a person no longer needs to go to a mall or a store.

They can make large purchases from the convenience of their home with their credit card.

  • The best part about credit cards is that it is accepted worldwide because it is the most prevalent method of payment.
  • As credit cards eliminate the need for cash, they are the ideal cash alternative. Almost wherever a person goes, credit cards are accepted.

If they do not have any cash, they can settle their expenses with their credit card.

  • Credit cards are also used by some people to improve their credit scores.

When people pay their credit card payments on time, it improves their credit score and makes it easier to get loans in the future.

  • A credit card provides benefits and rebates that are tailored to individual needs.

A credit card may offer various special discounts, rebates, or reward points for purchases made with it, depending on the credit card issuer.


What steps need to be taken if your credit card is stolen or lost?

If a person’s credit card is stolen or gets lost, they need to follow the below steps:


1. Block the card

An individual should first call their bank immediately after they realise that their credit cards have been stolen/lost.

They can call a customer care executive to block credit cards or use the net banking portal to get them blocked.

Nearly all banks offer this service. Individuals can now apply for a duplicate credit card once their card has been blocked.

They can restore control of their funds using a duplicate credit card. Further, they can modify their PIN and activate it once they receive it.

2. File an FIR

Once the cardholder has notified the bank about the loss of their credit card, they can go to the nearest police station and file an FIR.

This is beneficial since they will not be held accountable if a dishonest party uses the card.

The FIR also serves as legal proof that they have lost their credit card and aids in the application for a replacement card.

Read Also: What is Net Banking

3. Contact the credit bureau

Users must also immediately notify their credit bureau of the loss of their credit card.

This will enable them to place a fraud alert on their account, ensuring that their credit score is not harmed if the card is used fraudulently.

Users can also check their credit reports and contact the credit agency if any information is inaccurate.


4. Monitor credit card statement

If a credit card, along with other sensitive personal information, is lost or stolen, or if one’s account reveals fraudulent activity while the physical card is still in their possession, they need to regularly monitor their credit card statement.

Report any findings to the appropriate financial institution right away if something unusual happens.


5. Reapply for a new credit card

Cardholders will need to get a new credit card if their credit card has been permanently blocked.

They must request a new credit card from their bank. They can either contact the customer care number or go to the bank.

A few banks additionally offer the ability to add a credit card to a blocklist via net banking or mobile banking.

It is worth mentioning that the new credit card can be linked to the old one.


What can you do to prevent the theft of your credit card?

Below are a few things that one can do to avoid losing their credit card in the future:

  • Maintain the safety of the credit card in the wallet. Try to keep the credit cards in the same place every time.
  • Only keep the cards that are actively required. Avoid having multiple credit cards that can be lost or stolen.
  • Before tossing away the credit card, cut it once they have expired.
  • Keep the CVV number, PIN, and other information on the credit card secure. Never give up the CVV or PIN to a third party.
  • Maintain a record of all credit card transactions and statements.

Read Also: National Electronic Funds Transfer



Depending on how they are used, credit cards may be both a blessing and a curse. They make it simple to purchase items, making it simple to become in debt.

A cardholder can earn some incredible benefits and prizes to help them save a lot of money.

However, the cardholder must have the self-control to buy only what they can afford to pay off in the following billing cycle before using credit cards.

While it may be tempting to sign up for every credit card that is offered, there are some factors to consider before applying for a credit card.

Investigate the credit card issuer and the credit card features, perks, and any costs associated with the card.

Individuals need to also ensure that they are financially capable of taking on the debt of a credit card.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.