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In today's world, credit cards have become an integral part of our lives. Whether it's shopping, dining out, or making a large online transaction, credit cards are useful everywhere. But imagine what would happen if your card were lost or stolen? A small piece of plastic, in the wrong hands, can compromise your bank account and leave you millions in debt.

But as soon as you realize your card is missing or lost, instead of panicking, you need to think clearly. The first 30 minutes after losing your card are the most crucial. Let's look at 8 important steps that can save you from significant financial losses.

1. Block the card without delay
As soon as you realize your card is missing or lost, the first thing you should do is call your bank's customer care number. Inform your bank that your card is lost and have it immediately blocked or hotlisted.  Make sure to note down the 'blocking reference number' or token number provided by the bank after blocking the card. This will serve as proof in the future.

2. Control it through the mobile app
If you use your bank's mobile app, you can take action even before calling customer care. Nowadays, most banking apps have a 'card on/off' feature. Go to the app and immediately turn the card 'Off'. This will prevent any transactions from being made.

3. Reduce the transaction limit to zero
If, for some reason, the card cannot be blocked, then you should reduce the online, contactless (Tap and Pay), and international transaction limits of your card to ₹0 or ₹1 through the app. This way, even if a thief tries to use the card, the transaction will fail.

4. File an FIR at the nearest police station
It is very important to report the loss of your card to the police. Filing a police complaint provides you with legal protection. So, if your card is used for any illegal activity or terrorist activities, this FIR will be the biggest proof of your innocence.  In fact, in many states, you can now even file a 'lost report' online.

5. Inform the bank via email
Along with calling the bank, also send an official email. In the email, mention your card details (only the last 4 digits) and the time and place where the card was lost. Having a written record helps the bank process your claim faster.

6. Take advantage of the 'Zero Lost Liability' policy
According to RBI rules, if you inform the bank within 3 days of losing your credit card, you will not be responsible for any fraud committed through the card. This is called zero liability. Timely notification is crucial.

7. Check auto-payments and subscriptions
If you have set up auto-payments for electricity bills, OTT subscriptions, or gym fees using your credit card, immediately switch them to another card or payment method. As soon as your old card is blocked, these essential payments may stop, which could result in penalties.

8. Keep an eye on your credit report
Check your credit report a few weeks after losing your card.  Sometimes, fraudsters try to use your old card information to get another card issued or take out a small loan. So, if you see any transaction in your credit report that you did not make, report it to the bank immediately.

Caution is key to safety.
Never write your PIN on the back of your card.
Do not leave a photo of your card in your phone's gallery.
If possible, definitely get a 'Card Protection Plan' (CPP), which provides insurance cover and assistance in case of card loss. 

Don't panic if you lose your credit card.
Losing a credit card can be stressful, but if you follow the 8 steps mentioned above promptly, you can avoid fraud worth millions of rupees. In fact, the first key to digital security is being vigilant. So, don't panic if you lose your card; instead, immediately switch to action mode. (Note: This news is based on general information; for more detailed advice, consult a financial advisor.)

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.