What are the things to do if you want a zero lost card liability?
Whenever your credit card is stolen, you should do the following things in order to ensure a zero lost card liability.
Inform card issuer:
A stolen card can be misused for withdrawing cash leading to huge losses for the card issuer. So, the credit card holder should immediately contact the bank or the credit card issuer and request for the card to be blocked. The credit card can be blocked in multiple ways such as contacting the call center, sending an SMS in the format specified, via netbanking, and through the apps of the respective banks.
Register a police complaint:
Post the blocking of the card, the card owner should file a first information report (FIR) at the nearest police station. The FIR copy acts as a proof of robbery and also safeguards the complainant against any possible misuse and fraud. Moreover, a copy of the FIR can come in handy if required by the bank.
You can request for a new card:
Post lodging an FIR, you can ask the issuer for a new card. You may have to produce the FIR and pay a nominal fee.