What to Do If Your Credit Card Details Are Stolen

In an age where cash is becoming less common, we are reliant on credit and debit cards for everything. There are all sorts of ways that thieves can steal your credit card information, whether it’s cloning, fraudulent websites or hacking. Luckily, banks have safety measures to protect you from the impact of theft. Read on to find out what to do if your credit card details are stolen.

Freeze your card

As soon as you notice any transactions that you don’t recognise, you should freeze your card to prevent any further spending. Many banks have simple steps to follow using their app or online banking, so check with your bank how to do this.

Take note of fraudulent transactions

Take a look at your bank statement and note down any transactions that you didn’t make yourself. If other people use the card, it’s worth double-checking with them that they didn’t make any of the purchases listed. If you use an app or online banking, you may be able to mark each transaction as fraudulent.

Contact your bank

Once you know the extent of the problem, you should contact your bank. Many banks have dedicated phone lines for handling fraud, so make sure you use the correct number. They will likely ask you to list every transaction made by the thief, then cancel your card and issue you a new one.

It’s important that you report the theft. It might be tempting to just cancel your card and order a new one, but you are likely to get the money back if you report the issue.

Wait for your bank to investigate

Many banks will investigate credit card theft for you, as it is their money that was spent. In most cases, money that you did not spend will be taken off your bill. However, you may need to wait for the investigation to conclude. Most banks state that this could take up to 30 days, but check your bank’s policy for specific time frames.

Protect yourself from theft

Credit card theft is constantly evolving, finding new ways to catch people out. Follow these steps to protect yourself:

• Only give your credit card details to trustworthy sources
• Beware of phone scammers – they may phone you pretending to be your bank. If in doubt, hang up and phone your bank to ask if it was them
• Regularly check your bank statements. Some banks will allow you to use instant notifications
• Take care when using cash machines – cover your PIN and always check for signs of tampering

Report crime anonymously

If you have information about a crime but don’t want to share your identity, contact Crime Stoppers Bermuda. No tracking information is collected by our online form or phone line, providing a secure way for you to help the justice system. Any information you give us is compiled into a report and sent to the appropriate law enforcement agency.

Make an anonymous report online or by phoning 800-8477