Have You Lost Your Credit Card But Then Found It? Cancel It Anyway!
Any time a bank or credit card is out of your possession, notify your issuer and cancel it
Have you ever lost your wallet or purse only to find it later? You're not alone. It happens to nearly all of us at some point in our lives and the consequences can range from none to catastrophic.
Take the following example: You've been working hard all morning long and pop into the local coffee shop for a quick cup of your favorite brew. You set your wallet on the counter while holding your cup, slide out your credit card and hand it to the cashier. After the sale and as you are putting away your card, a long-time buddy comes up to you for a quick chat. You then walk away, leaving your wallet on the counter as you walk out the door. No sooner than ten minutes later, you realize your mistake and rush back only to find that one of the courteous shop employees has locked the item in their lost and found. Nothing to worry about, right?
fraud on the rise
In most cases, you have no reason to worry. But with fraud on the rise, you should have a lot of concerns. Thieves are getting smarter and its taking a lot of effort to stay ahead of them. Many thieves now know that you'll cancel your credit cards immediately and place fraud alerts on your credit files should your items not turn up quickly. So instead, all an unscrupulous person needs to do is get your information, not keep your cards, and then leave it for you to find.
Going back to our example: A little more than two weeks later, your credit card bills arrive and you are shocked to see that there have been a large number of unauthorized charges on not one but all of your credit accounts. Six months later as you try to refinance your home, you find that there are two unfamiliar auto loans on your credit report. What happened?
In this example, the thief didn't steal anything tangible from you. Instead, the thieves merely copied your information, such as the front and back of your banks cards, driver license and social security card, and then used the information later. It is a problem that is becoming worse in the era of compact smart phones.
Any time a bank or credit card is out of your possession, notify your issuer and cancel it.
Additionally, NCCC recommends that consumers never carry their social security cards, birth certificates, important papers and receipts, checkbook, and large amounts of cash. If you don't need it, leave it at home. You can save yourself a lot of hassle later.