Five Steps to Take if Your Credit Card is Stolen
While using a credit card to make purchases is typically safe, even the most conscientious cardholders can be at risk of credit card theft. If your credit card is lost or stolen, follow these five steps.
1. Report stolen credit cards to your bank
If you lose your wallet, notice unusual activity on your credit card account, or suspect your card details have been compromised, notify your bank immediately. You can contact a nearby CIBC branch or call 1-800-663-4575 (In Canada and the U.S.). You should also change your PIN number for any stolen card through a CIBC Instant Teller™ machine. Upon notification, the bank will cancel your lost or stolen credit card and reissue a new one.
It’s important to note that if you’re a victim of fraud, you may not be held liable for any of the associated losses. Review your CIBC Cardholder Agreement for additional details.
2. File a police report
Not only should you call your bank in the event of credit card theft, but you should also file a report with the police. Documenting the incident with authorities may aid in finding the perpetrator and holding them accountable.
3. Call credit bureaus
Contact Equifax and TransUnion, and request that a fraud alert be placed on your credit profile. You should also order and review your current credit report to ensure there are no other instances of credit card fraud. Should you find any information to be incorrect, notify the associated credit bureau.
4. Keep written records
When dealing with a stolen card, all communications and actions taken throughout the process of speaking with your bank, the police and credit bureaus, should be written down in detail. Document who you spoke with, the date and time you spoke, the context of the conversation, and any follow-up items.
5. Destroy associated cards and cheques
Be sure to destroy any remaining cards and cheques associated with the compromised account. If you used your stolen card to enroll in online banking, register your new account number once you receive one, and ensure the old one has been cancelled and removed. If your stolen card was registered for automatic billing with a retailer or service provider, update them with your new account number.
How CIBC can help
Feel confident in the purchases you make when you sign up for a CIBC credit card that offers credit card fraud protection. Receive alerts when unusual activity occurs on your card, and take advantage of CIBC’s identity theft assistance if needed. If you have more questions about credit card theft or credit cards in general, contact a CIBC customer service representative at 1-800-465-4653.
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