What to Do If Your Prepaid Card is Stolen

Card security

One of the most important financial management resources that we use today is the debit card. Essentially plastic money, it allows us to buy goods and services online and offline as well. The debit card is also known as a prepaid card. This is because it allows us to spend money that is already loaded into the card through an account. One of its most beneficial functions is that it can only be used to spend what we already have. Furthermore, it provides security since we don’t have to carry cash around with us. Unfortunately, it is a light and portable item that can be stolen. Whoever takes your debit card can begin to use your money if they figure out your password or PIN number. Hence, it is very important to take measures upon discovering that your prepaid card has been stolen. Here is what you can do in this instance.

  • Contact your prepaid card provider immediately

The first activity that you need to do is to contact the provider of the card. It is important to ensure that you report the loss of your prepaid card as fast as possible. This is so as to get it flagged and blocked reducing the chances of the thief spending your money. Taking this step also gives you an opportunity to recover all or part of the money that could already have been spent. Some financial institutions offer a special fee reimbursement on specific cases of loss. For example, if the prepaid card is lost as a result of interacting with the institution’s infrastructure. Furthermore, there are some protective measures applied on your bank account upon reporting that your prepaid card is stolen.

  • Request for a new prepaid card

Thanks to its portability and versatile nature, the prepaid card is an important element of modern personal finance. Therefore, if you lose yours, you need to get a new one. Hence, request for one with the card provider of your old card. They will provide you with a new one containing a 16-digit card number. Some financial institutions will even offer to provide you with the new card more rapidly through an expedited delivery system. While ordering a new card, it is important to enquire about any courier charges that could apply. In addition to that, ensure to activate the new card as quickly as possible so as to resume your normal financial life.

  • Update your billers

To promote convenience, some of us have programmed our prepaid cards such that bills are deducted directly from the underlying accounts automatically. This link is performed using the account number. Seeing as the new prepaid card will have a new bank account number, it is important to update your billers about it. This is so as to prevent bounced bills and general disorder. While doing so, update your contact information as well. This will help them to get in touch with you as fast as required for any clarification.

A prepaid card is a very important part of modern financial living. Losing it can not only put your money at risk, it also creates inconvenience in your life. Should this unfortunate incident happen to you, the tips above can help you to get back on track as quickly as possible.