You are at the risk of losing your money if your debit card enters the wrong hands. Scammers may be able to use your lost debit card or even just your debit card number to gain unauthorized access to your account. That means your account can be drained by unexpected transactions that you didn’t approve.
Whether you misplaced your debit card or lost it to thieves, it is important you act fast to protect your money. Below are recommended steps you can take to keep both your money and your identity safe in case of a lost debit card.
1. Proactively monitor your bank account
It is a good practice to check your bank account regularly. Not only does it keep you updated on your available balance, but it also helps you stay within your budget and track your spending. If you monitor your account effectively, it will be easier to trace any unauthorized transactions early on, especially in the case of a lost debit card.
You can schedule a regular assessment of your bank statements to stay updated with the activities going in with your account. Of course, this may be taxing, but there are many tools that can help you do that very efficiently.
With RoarMoney spend report tracker, you can monitor your spending via a weekly report and compare it to your budget. This will help you figure when you need to adjust your spending habits. MoneyLion mobile banking also helps you access your account statements easily so you can keep tabs on your balance 24/7.
2. Report missing or stolen card immediately
As soon as you notice that your debit card is missing or stolen, report it immediately. Hesitating to report a lost debit card to your bank is very risky. The earlier you report your card as missing, the earlier actions can be taken to ensure the safety of your account, identity, and money.
Reporting the loss of your debit card does not only protect you from loss due to possible unauthorized transactions, but it also mitigates your liability for those unauthorized charges. As a safety measure, you can use the MoneyLion mobile app to lock your MoneyLion Debit Mastercard. To lock or unlock your lost debit card, follow these steps:
- Log in to the MoneyLion mobile app.
- Click on “Finances.”
- Click on “RoarMoney” and then select “More.”
- Click on “Lock Card.”
When you get a replacement debit card, you can also use the mobile app to unlock it whenever you want. You can apply for an instant debit card online from MoneyLion. You’ll receive your debit card in a matter of minutes as long as you follow the process correctly.
3. File fraudulent transaction
It is risky to hesitate instead of immediately reporting a fraudulent transaction as soon as you notice unusual activity on your account. Reporting odd activity early on makes it easier to quickly track and possibly retrieve the lost money. Beyond recovery, this is a sign that you should also work with your bank to tighten up your account’s security to avert further scams.
For instance, MoneyLion may lock your card without prior notice if they notice any fraudulent activity in your account. However, you will be notified via mail if this happens. Also, MoneyLion offers zero liability on any unauthorized transactions made with your lost or stolen MoneyLion Debit Mastercard or RoarMoney Virtual card.
4. Reroute auto-payments
In the event of a lost or stolen debit card, it is not just important to protect the money in your account. Your integrity and credit score matter, too. If you have creditors you send money to via auto-payments, you should reach out to them to redirect your payment.
This is important because you may miss your payments or run into late payments during the time that your debit card is lost or while you’re awaiting your new card. Skipping a payment or experiencing payment delays because your card was stolen can still affect your credit score even though it’s not your fault.
5. Keep a record of the incident
An important part of what to do when you lose your debit card is to keep a detailed record of the reporting process. This is what the Federal Trade Commission (FTC) recommends regarding how to report fraudulent transactions.
You can file your reports via certified mail and request a return receipt. Document the date and time of the correspondence, and if possible, include your details in the report. This will help keep your records accurate.
6. Liability coverage
According to the Fair Billing Credit Act (FBCA), you will not be held liable for any unauthorized use of your debit card if you report the lost debit card before it is used. However, if your lost debit card is used before you report it, your liability for the charges depends on how early you file your report.
The Electronic Fund Transfer Act (EFTA) stipulates that as a consumer, you are not liable for any unauthorized electronic fund transfer. However, this law does not apply if your debit card issuer provided a means of authorization for electronic fund transfers.
You can also check out your homeowners or renters insurance for the liability coverage it provides. If the insurance does not automatically include any liability coverage, you can negotiate this detail with your insurer.
7. Protect your assets
To help prevent possible loss of money via debit card frauds, you need to keep your card transaction information safe. Below are some safety guidelines to always follow:
- Never write down your debit or ATM card pin anywhere.
- Refrain from writing your pin number directly on the card or writing it down on paper that you keep in your pocket or wallet. Memorize it instead.
- Regularly check your account statement for transactions made with your debit cards. If you notice any unauthorized transactions, reach out to your bank immediately.
- Report your debit card as missing the moment you notice that you can’t find your debit card.
Save the day with MoneyLion Instacash
It is important to protect your account from unauthorized transactions especially if your debit card is lost or missing. You can always get a replacement debit card from your bank so there’s no harm in reporting it right away.
A common question that most people ask is, “How long does it take to get a replacement debit card?” Getting a replacement card can take as long as seven days, unless you request an expedited processing time for an additional convenience fee.
If your money was used with your stolen debit card, you can leverage MoneyLion Instacash to access a cash advance until your money is restored.