Here’s What Happens When Your Credit Card Is Stolen

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While credit cards have gotten a lot safer over the years, credit card theft is still a problem. Find out what to expect if it happens to you. 

Having anything stolen really bites. But it can bite twice as hard when that “thing” happens to be your credit card. A stolen credit card can be a hassle in a lot of different ways, not the least of which is that you now need another way to make important purchases.

But what should you really do if your card is stolen? Here’s what happens.

Report it to the issuer immediately

Before you do anything else, you need to freeze the card account and let the issuer know it’s missing. This should prevent any transactions from being made with the stolen card.

Luckily, most issuers make this super easy. You can do it in a few minutes through your online account or the issuer’s mobile app. (Alternatively, you can call the issuer. If you didn’t write down the number on the back of the card, it should be easy enough to find online.)

Some issuers will have a “Freeze your card” button right on the main screen, or at least on the card page. If not, it should be easy to find in your account or card management tools. Don’t forget to report the card as lost and/or stolen while you’re in your account.

You’ll get a new card with a new number

When you report your credit card as stolen, the issuer will send you a new card. Most of the time, that new card should also have a brand new number, expiration date, and CVV (card verification value — the three digit number on the back of most cards).

While this is great because it means the thief can’t use your old card to make purchases, it does mean you’ll need to update your card information anywhere it’s stored. This could mean utilities, subscription services, or just online shopping sites you use frequently.

There may be fraudulent transactions

In the best-case scenario, you notice the theft right away and freeze the card before anyone can use it. However, in many cases you may not realize the card is gone before some fraudster uses it for some unauthorized spending.

Dispute any unauthorized charges as soon as you notice them. Again, this is something you can easily do online or through the mobile app. You’ll need to dispute each transaction individually.

On the bright side, your personal liability for fraudulent transactions on your credit cards is actually limited by law. If you report the card as stolen before someone else uses it, you have $0 liability. If you don’t report the theft until after someone uses it, you’re (legally) on the hook for up to $50. That said, most issuers offer a blanket $0 fraud liability policy on their cards regardless of when you make your report.

Watch out for other signs of identity theft

If your credit card was the only thing stolen, you might be in the clear on identity theft problems once you report the card. However, if the thieves got more than your card, you might be in deeper trouble.

Fraudsters can do a lot of damage with just your ID, let alone what else might be in your wallet. If you’re at all concerned that your identity has been compromised, you can report it to the Federal Trade Commission (FTC). You may also need to place fraud alerts and credit freezes on your credit reports through the three bureaus.

A stolen credit card can be a headache, but it isn’t necessarily the end of the world — or your finances. Report the theft promptly, stay alert, and make sure to update your accounts when you get your new card.

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