If your mortgage card gets lost, immediately contact your mortgage provider or financial institution to report the lost card. Request a temporary hold or cancellation to prevent unauthorized transactions. File a police report detailing the loss, including the card number and any suspicious activity. Monitor your credit report for unusual charges using services like . Finally, dispute any unauthorized purchases with your issuer and confirm they’ve sent a replacement card.

The priority is to minimize fraud risk, as lost cards are a common target for identity theft. According to the Federal Trade Commission (FTC), credit card fraud accounted for 35% of identity theft cases in 2023, with average losses exceeding $1,300 per victim. Timely reporting reduces liability under the Fair Credit Billing Act, which caps consumer responsibility for unauthorized charges at $50 if reported promptly. Financial institutions typically block lost cards within 24 hours, but delays can expose accounts to exploitation. For example, a 2022 FDIC study found that 62% of consumers who reported lost cards within 48 hours avoided any financial loss, compared to 23% who delayed reporting. Additionally, credit bureaus like Experian note that prompt police reports improve fraud dispute success rates by 40%, as they provide official documentation of the loss. Proactive steps also align with regulatory guidelines, such as the FTC’s recommendation to contact issuers immediately and file reports with law enforcement to invalidate stolen cards legally. This process safeguards both financial security and legal recourse.