What should I do if my card is lost or stolen?
Freezing rather than cancelling first, reporting fraud, and the protections that apply to unauthorised transactions.
- Difficulty
- beginner
- Time
- 30 min
- Read
- 2 min
Short answer
Freeze the card in your banking app immediately — it takes seconds and is reversible if you find it. Only cancel and replace once you are sure it is gone. Report any transactions you did not make as fraud, not as a dispute.
Most banking apps now let you freeze a card instantly, which has made the first response much easier. The distinction that matters afterwards is between a transaction you made and are unhappy with, and one you did not make at all.
What you'll need
- Banking app or the bank's number
- Recent transaction list (optional)
Step by step
- Freeze the card in the app immediately.Instant and reversible. If you find the card in a coat pocket, you unfreeze it. This is far better than cancelling straight away.
- Check recent transactions carefully.Look for anything unfamiliar, including small amounts. Fraudsters often test with a tiny transaction before a large one.
- Report unauthorised transactions as fraud.Not as a dispute with a merchant. Fraud has its own process and different protections, and using the wrong route slows everything down.
- Cancel and replace once you are sure it is gone.The bank will issue a new number. Note that this breaks any recurring payments using the old card details.
- Update recurring card payments afterwards.Subscriptions charged to the card number will fail with a new card. Go through them deliberately rather than waiting for failure notices.
- Report a theft to the police for a crime reference.If it was stolen rather than lost. Insurers and sometimes banks ask for it.
- Change any passwords that were with the card.If a wallet with notes or a phone was taken too, assume anything written down is compromised.
- Check whether you are protected for unauthorised transactions.In many countries you are liable only for a small amount, or nothing, provided you report promptly and did not act with gross negligence.
Tips
- Set up transaction notifications in your banking app. Knowing about a payment within seconds is the single best defence against card fraud.
- Never keep the PIN with the card, or a note of it in the same wallet. It is what turns a limited loss into an unlimited one.
- Keep a second card from a different provider somewhere separate, so a lost wallet does not leave you with no way to pay.
Common mistakes
- Cancelling the card before checking your pockets — Freezing is instant and reversible. Cancelling means a new number, a wait, and updating every recurring payment.
- Reporting fraud as a merchant dispute — They are different processes with different protections. Unauthorised transactions must be reported as fraud.
- Delaying the report — Protections against liability generally depend on reporting promptly. Delay can shift responsibility onto you.
Questions people ask
Should I freeze or cancel a lost card?
Freeze it first — it is instant, reversible and takes seconds in the app. Only cancel and replace once you are certain the card is gone for good.
Am I liable for fraudulent transactions on my card?
In many countries your liability is limited to a small amount or nothing at all, provided you report promptly and have not been grossly negligent — such as writing the PIN on the card.