How to Help a Cardholder When Their Card is Stolen
1. What should a cardholder do if their card is stolen?
If a cardholder reports their card as stolen, you should guide them to take the following immediate actions:
- Advise them to log into their account through your app or online portal.
- Instruct them to navigate to the card management section and cancel the card to prevent unauthorized use.
2. Can the cardholder still use their card after reporting it stolen?
No, once the card is cancelled, it will be deactivated and cannot be used for any further transactions. Any attempted transactions after this point will be declined.
3. Will the cardholder be liable for transactions made with the stolen card?
Typically, if the cardholder reports the card as stolen promptly, and can demonstrate unauthorized transactions, they will not be held liable for fraudulent charges. However, they should monitor their account for any suspicious activity and report unauthorized transactions immediately.
4. How can a cardholder request a replacement card?
After cancelling the stolen card, the cardholder can request a replacement card by:
- Logging into their account through your app or online portal.
- Going to the card management section.
- Selecting the option to request a new card.
5. What happens to pending transactions?
Any transactions that were already authorized before the card was reported stolen will likely still be processed. However, any new attempts to use the stolen card will be blocked once its cancelled.
6. Will cancelling the stolen card affect the cardholder's subscriptions?
Yes, cancelling the stolen card will stop any future subscription payments tied to that card. Cardholders should update their payment details with merchants to avoid service interruptions.
7. What if the cardholder notices unauthorized transactions?
If unauthorized transactions have occurred, the cardholder should:
- Report them to your support team immediately.
- Assist them in raising a dispute through your standard process to recover any fraudulent charges.