31-May-2018 • Personal Finance

Eight o’clock Monday morning is the most common time for Australians to report their bank card as lost or stolen, according to customer stats from industry super fund-owned bank ME.
In the past 12 months, around 12,000 ME customers reported their credit or debit card as either lost or stolen.
Gen X customers were the worst offenders, responsible for more than a third of ME cards that go walkabout each year.
ME Money Expert Matthew Read said ‘big weekends’ could be the reason behind the spike.
“That there’s a surge in the number of people reporting lost or stolen cards at 8am Monday suggests something went awry on the weekend, with many only realising their loss trying to buy their first coffee of the week,” he said.
Matthew urged customers to contact their bank immediately after they lose or suspect their card has been stolen.
“Reporting a lost or stolen card quickly lets your bank put a stop on your card so that no one else can access your money.
“Most banks have a 24-hour telephone number for reporting lost or stolen cards.
“These days most banks, including ME, allow customers to block and unblock lost cards via a banking app on their phone.”
ME recently launched a card management feature on its smartphone banking app, allowing customers to swiftly put a temporary lock on a misplaced card while they search for it.
Customers have the option to reactivate their card should they be reunited. Alternatively, customers can cancel and request a replacement card.


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