If you discover that your credit card, cheque book, debit card or cash card is missing, telephone the credit card company or bank as soon as possible. Follow this up with a letter. If you suspect theft, tell the police as well. In most circumstances, provided you act quickly, you will not have to pay any bills which a thief runs up on your account. Most home insurance policies will also cover you against even this limited risk.
Because plastic money is now so common, central registration schemes such as Credit Card Shield and Card Protection System exist to help customers whose cards are lost or stolen. Under the schemes you file details of all your cards—including cash cards and account cards issued by shops—with a central registry, for a small annual fee. Then, if any or all of your cards are stolen, you need to make only one phone call to the registry, which is open around the clock 365 days a year. As soon as you have called, your responsibility for any bills run up by the thief ends and the scheme's staff make sure that all the companies whose cards you had are notified.
What you stand to lose on a stolen card:
CREDIT CARD You will not have to pay more than £50 of the bills a thief runs up with your card. If you report the loss before the card is used, you will not have to pay anything.
CHEQUES AND GUARANTEE CARD Unless you have been careless—by signing blank cheques, say — you will not have to pay for any forged cheques a thief uses. The bank or shop that accepts them will have to bear the loss.
DEBIT CARD (Switch or Visa Delta) The banks operate a system similar to that for credit cards, in that you are liable for bills up to £ 50.
If your cash card is stolen:
Legally, you can be made to pay back any sums a thief withdraws using your card, but only up to the time you report the loss and only up to £ 50, unless the bank can prove serious carelessness, such as writing your personal identification number on your card.
•Never keep your card and a note of your personal number (which does not appear on the card) together.
•Memorize your personal number if possible. If you must make a note of it, disguise it as something else—a telephone number, say.
•The same rules and precautions apply to a credit card used as a cash card.
