Steps To Block Debit or Credit Card in Canada

In today’s age, debit and credit cards signify unparalleled convenience. These multifunctional cards minimise the need to carry around physical cash. At the same time, they offer the freedom and ease to carry out financial transactions instantly, both online and offline. however, this form of plastic money comes with a drawback. Any loss or theft of a debit or credit card can expose the owner to the risk of misusing the cards. This can result in unauthorised transactions and fraudulent charges. The theft of a debit card can even lead to fraudulent access to the cardholder’s savings account. thankfully, cardholders have multiple options to block debit or credit card when faced with card loss or theft.

How Do I Block Debit or Credit Card?

It is essential to block a misplaced card as early as possible. It minimises the risk of the cardholder becoming a victim of fraud. when a cardholder wants to block a debit or credit card, there are two prevalent ways to do so. One is via the offline mode, and the other is through the online mode. Apart from these two ways, some banks also allow users to block their cards by making a call to the bank’s helpline number or sending an SMS in the bank’s specified format.

• Offline Mode 

A cardholder can visit the nearest branch of the card-issuing bank to report the loss or theft of the card. The cardholder can then place a request with the bank officials to block the concerned card.

• Online Mode

A cardholder can use the mobile app or net banking portal of the card-issuing bank to block the card. Different banks may have different user interfaces on their mobile apps or net banking portals. But the overall process to block a credit or debit card online broadly involves the following steps:

• • Enter a valid username and password to log in to the bank’s mobile app or net banking portal.
  • Proceed to the debit/credit card section.
  • Find the option to block the card and select it.
  • Specify the reasons for blocking the card.
  • Submit the request for blocking the card.
  • Complete the process of authentication via profile password or OTP.

Once this process is completed successfully, the bank will send an SMS to the cardholder’s registered mobile number to inform them that the card has been blocked.

Why Would You Block Debit or Credit Cards?

Blocking a debit or credit card can become essential under various circumstances. Some of the major reasons for blocking a debit or credit card are as follows:

• • If a cardholder has misplaced a credit or debit card, it is important to block the card to minimise the risk of fraudulent card-related activities.
  • When a card gets stolen, the cardholder should block it to eliminate the risk of misuse of the card by someone else.
  • If a cardholder becomes aware of an unauthorised ATM withdrawal, request for PIN change, or online transaction, blocking the card and preventing such suspicious activities is necessary.

How to Unblock a Credit or Debit Card

The methods to unblock a debit card vs a credit card are slightly different for a card that has been blocked due to suspicious activity or to prevent its misuse. A cardholder can unblock both a debit and a credit card through an offline process. But while a debit card can be unblocked online, several banks don’t extend this facility when it comes to credit cards. to initiate a debit or credit card unblocking process offline, the cardholder needs to visit one of the card-issuing bank branches and request the same. The cardholder may need to furnish identity proof, an account number, and other details as the bank officials require. Once the officials get all the details, they will be able to process the request and unblock the card.

To initiate the online process of unblocking a debit card, the cardholder will need to use the bank’s mobile app or net banking portal. The overall process will involve the following steps:

• • Log in to the bank’s mobile app or net banking portal by providing a valid username and password.
  • Proceed to the debit card section.
  • Find the option to unblock the card and select it.
  • Submit the request for unblocking the card.
  • Complete the process of authentication via profile password or OTP.
  • Once this whole process completes successfully, a confirmation will be displayed on the screen informing that the debit card has been unblocked.

To unblock a credit card, the cardholder has to call the concerned bank’s customer care or helpline number and place a request for the same. 

Procedure For Reissuing a Debit/Credit Card

When a debit or credit card is misplaced or stolen, the cardholder is left with no other option except to block the card and then apply to reissue it. There are two ways in which a cardholder can request the reissue of a debit or credit card.

• Offline Method

The cardholder can visit a branch of the bank that issued the debit or credit card and submit a written application for reissuing the card. Banks may charge a fee to reissue the card. The card will be sent to the registered address of the cardholder within a few days.

• Online Method

The online process to reissue a debit vs credit card is the same. The cardholder will need to make use of the mobile app or the net banking portal of the bank.

• • Log in to the bank’s mobile app or net banking portal using a valid username and password.
  • Proceed to the service request section.
  • Select the option for the reissue of a debit or credit card.
  • Pay the required fee for card reissue.
  • Authenticate the request by providing the profile password or OTP.
  • Submit the request.

After the bank processes the request, a new card will be sent to the cardholder’s registered address within a certain period.

Five Steps to Follow, When Your Credit Card Is Stolen

If a credit card is misplaced or stolen, it is important for the cardholder to follow the steps mentioned below:

• Report the Theft or Loss of Your Credit Cards to the Bank

If a credit card is lost or stolen, the cardholder suspects that the card details have been compromised, or the cardholder notices suspicious activity on the card account, the first thing to do is inform the card-issuing bank immediately. the bank will block or cancel the card and reissue a fresh one. Once the cardholder receives the fresh card, the PIN needs to be changed immediately.

• Report the Matter to the Police

Apart from informing the bank about the credit card theft, the cardholder must file a report of the loss at the nearest police station. reporting a stolen or lost credit card is important, as it will ensure that the cardholder isn’t held accountable for any fraudulent transactions occurring through the card. The police report acts as legal proof of card loss or theft.

• Inform Credit Bureaus 

The cardholder needs to contact credit bureaus like TransUnion and Equifax to place a request for a fraud alert to be activated on the cardholder’s credit profile.

The cardholder also needs to check their current credit report to ensure that no credit card fraud has occurred. If there is any discrepancy in the report, the concerned credit bureau needs to be informed immediately.

• Maintain Written Records

Maintaining a thorough written record of all the activities undertaken by the cardholder after the loss or theft of a card is essential. The record should include communication details with the bank, the credit bureaus, and the police. This should include the date and time of the communications, the concerned person with whom the cardholder spoke, the context of the conversation, and any follow-up activities.

• Destroy Related Cheques and Cards 

As a last step, the cardholder needs to destroy any cheques or cards associated with the stolen or lost card. If the cardholder had registered the concerned card for automatic billing with a service provider or retailer or enrolled it for online banking, the card details have to be removed or cancelled from all such places.

Conclusion

The loss or theft of a debit or credit card can expose the cardholder to the risk of unauthorised transactions. But by blocking the card promptly and reporting the matter to the concerned authorities, a cardholder can minimise the risk and prevent becoming a victim of fraud. By following the steps mentioned above, a cardholder can handle the matter efficiently.

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Frequently Asked Question (FAQs)

How do I block my stolen debit card?

A cardholder can block a stolen debit card by visiting a branch of the card-issuing bank physically, through phone banking, via net banking, or by calling the bank's helpline.

Is there a way to deactivate a debit card?

There are several ways to deactivate a debit card, such as placing a request by visiting the card-issuing bank, using net banking, using phone banking, or placing a call to the bank's customer care.

Can someone use my debit card if I lost it?

If a debit card is misplaced, there is always a risk of the card being misused by someone who gets hold of it.

Do banks cover debit card theft?

Bank policies limit the liability of the cardholder for unauthorised transactions. But a cardholder has to inform the card-issuing bank about the card loss or theft as soon as they discover the matter.