[ad_1]
Finding a lost credit card is not that rare these days, whether you run into one in a parking lot or someone has left theirs on the counter at your favorite retail store.
But there are some steps you can take that can help the cardholder if you find their card. Likewise, some actions could make the situation a little more complicated or, worse, waste everyone’s time with no benefit.
If you stumble upon a credit card that isn’t yours, here are some of the things you can do and what you absolutely must avoid.
See related: What should you do if your credit card is lost or stolen?
What to do if you find a credit card
Do: Report a loss
Your credit card trip is officially underway.
Keep an eye on your inbox. We will send you your first message soon.
Nishank Khanna, CFO of Clarify Capital, says the first thing to do is call the number on the back of the card and report the loss. Big banking institutions and card issuers have processes for this stuff, he says. Not only can a customer service representative freeze the account internally, they’ll also be able to provide you with information on what to do with the card.
“Contacting the lender is almost always the best option because the issuer and the cardholder know the card is compromised and the bank can take steps to prevent fraud,” Khanna says.
Do: Destroy the map
The issuing bank will likely tell you to throw the card away or shred it, but you can also consider taking this action early on. Credit expert John Ulzheimer says he likes the idea of just running the card through a paper shredder and being done with it. This saves you time calling the issuing bank and ensures that the credit card doesn’t fall into the wrong hands.
“The card issuer will replace the card free of charge, so that the cardholder is not left behind except for the time it takes to replace the card,” explains Ulzheimer.
If you decide to destroy the credit card, but you don’t have a shredder, fraud expert Marc Trepanier of ACI Worldwide (a payment processor) says to destroy any remaining pieces of the card so that the number, expiration date and CVV (the three digits on the back of the card) are no longer readable.
“This will prevent any further potential fraud on digital or e-commerce websites,” says Trepanier.
See related: How to report and protect yourself from credit card fraud
Do: learn more about credit card liability
Ulzheimer says you don’t need to take any significant steps to protect the cardholder from hackers and thieves. For the most part, calling the card issuer to let them know the card is lost or destroying the card in your shredder is enough to make you a Good Samaritan.
He points out that the Fair Credit Billing Act (FCBA) limits a cardholder’s liability to no more than $ 50, and credit card networks all have zero liability policies.
“Whatever you choose to do, the cardholder will not face potential fraudulent charges,” he says.
Don’t: just leave the card there
You might be tempted to leave the credit card where you found it, but it’s not the best idea if you want to be useful.
“Someone who is less honest than you can find it and attempt to use it,” says Ulzheimer.
If you find a lost credit card and someone uses it for online purchases or cash register payments, the cardholder will not be held financially responsible. However, they will have to spend their time and effort disputing the charges and explaining the fraud, so doing the right thing could save them the hassle.
Don’ts: try to find the owner
Lisa Torelli-Sauer, a credit card fraud industry veteran now editor at Sensible Digs, says you should never try to find the cardholder. While the effort and goodwill would surely be appreciated, the cardholder will be much better off if you call the customer service number to block the card and destroy it, she says.
There are several reasons for this. First, the card may have already been used fraudulently and then discarded. If this has happened, returning the card to the cardholder could give them the mistaken impression that no fraud has taken place.
Not only that, but someone might have noticed the lost card already and wrote down the card information instead of recovering it. Torelli-Sauer says it would give them the ability to make purchases online with the card without having it in their possession. At this point, returning the card to the owner would give them a false sense of security and leave the card number open to online fraud in the future.
So yes, you may find the cardholder’s phone number or social media accounts. But should you? Absolutely not.
See related: A Guide to Credit Card Security
Don’ts: Give the card to a cashier
Finally, Ulzheimer proposes to fight against the urge to give the card to a store manager or cashier. By the time you find it, give it to someone in charge and they contact the cardholder, they probably already know it’s gone, he says.
However, Ulzheimer says the exception is finding a credit card at a restaurant. In this case, it is reasonable to expect the cardholder to understand that they used their card to pay for dinner and to call to inquire shortly.
“In that case, it would be nice to hand the card over to the restaurant manager,” he says.
At the end of the line
Finding a lost credit card gives you the chance to do something nice. However, the nicest steps you can take are also the simplest: call the number on the back of the card or destroy the credit card so no one can try to use it.
Credit cards come with valuable liability protection for cardholders, so you don’t have to worry about the cardholder getting stuck paying off thousands of fraudulent purchases. By making sure the card is out of service, you can save everyone’s time and stress.
Editorial disclaimer
The editorial content on this page is based solely on the objective evaluation of our editors and is not motivated by ad spend. It was not supplied or ordered by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Source link
