Losing a wallet has far more severe implications on an individual now than it was earlier. It contains not only cash, which might be substantial but also other essential items like credit cards, debit cards as well as KYC documents like the PAN card.
Case in point, a total of Rs.590 crore was lost on account of debit card, credit card, and net banking frauds in India from FY 17 to December ’19, according to a government report. Then, measures like a card protection plan have become imperative to ensure financial assistance to minimise the loss from such unfortunate events.
However, individuals must also equip themselves with the knowledge of what to do precisely when and if such an instance occurs, so that they can take prompt action.
What to do after losing your wallet?
- Cancel your cards
The most critical thing you ought to do after losing a wallet is to call your card issuers and block those cards. That way, you will be able to avoid unauthorised use and fraudulent motives.
You need to contact your card issuer’s customer care number and inform them that your card has been lost and they will block the same.
However, if you possess multiple cards, then blocking each one might consume the better half of a day. In that case, if you have a credit card insurance policy in place, you can contact your financial service provider’s customer care representatives, and they will block all your cards on your behalf.
- File a report with your nearest police station
Another critical step is to file an FIR with your nearest police station. The FIR acts as a proof of theft or loss, which discounts you of any liability in case your cards are used without your authorisation. It would require you to write an application, and submit necessary documents, like identity proof.
- Monitor your credit report
You might also want to check your credit report after a month or two and scrutinise it for any discrepancies. If you find any, inform both the financial institution and the credit bureau so that your credit score remains unaffected.
Read Also: Know More about CPP & payment protection insurance
Nevertheless, these are all steps that you can take after the worst has happened. Bajaj Finserv provides Pocket Insurance & Subscriptions like the Wallet Care plan to provide financial protection on account of instances like loss of wallet.
Here’s how a card insurance policy can prove beneficial in such situations –
- Block cards at once – With a card protection insurance, you can block all the cards in your wallet, both debit and credit, with one call. It’s time effective and saves you the risk of fraudulent card usage.
- Assistance when travelling – Another significant advantage of a card protection plan is that you can avail emergency travel assistance, like hotel bookings as well as cash aid in India.
- Replacement of PAN card – If you lose your PAN card along with your wallet, then you can avail reimbursement against the expenses incurred to get a replacement with a wallet insurance plan.
You should also note that fraudsters can use your PAN card for identity theft. To that end, you can purchase an identity assure policy to mitigate the legal costs of pursuing such an issue.
- SIM card blocking – An insurance wallet policy also provides the facility of SIM card blocking.
Apart from a credit card protection plan, you might also consider a fraudulent charges insurance cover to ensure minimisation of financial loss when you lose your wallet.
A wallet insurance plan is a preparatory measure for eventualities like losing your wallet. However, you must also be mindful of the aforesaid steps when and if such an instance actualises.
