Hotlisting is the term used in parts of Asia, especially India, to describe what happens when a debit card is reported lost or stolen. Regardless of your location, if you lose your debit card, you should contact your bank immediately to cancel the lost card and and initiate issuance of a replacement.There are a few things to keep in mind when hotlisting your debit card.
Contact Your Bank
Get in touch with your bank as soon as you know that your debit card is lost or stolen. Keep the hotlisting number for your bank in a safe place because if your card is lost or stolen, you will also lose the phone number of your bank that is on the back of your debit card.
Check the Procedure
Some banks allow you to report lost or stolen cards online, while others require you to call, fax or visit a branch to make your report. Among the paperwork you receive with a debit card is instructions on what action to take if the card is lost or stolen. Different banks use different procedures; become familiar with those employed by your bank.
Allow at Least 24 Hours
Most banks require at least 24 hours to issue a new debit card after one has been hotlisted. Consumer protection laws in the United States limit consumers' liability to $50 in the event of a stolen card; however, if the card is reported lost or stolen before any unauthorized transactions, then there is no liability at all.. Outside the U.S., though, many banks, such as HDFC, state explicitly that they "will neither entertain any claims nor be held liable for any loss suffered by the customer due to misuse of the card in the interim."
Hotlisted and Gone Forever
Once a lost or stolen debit card has been hotlisted, it cannot be used ever again, even if it were lost and found subsequently. Thus, if you have online payments arranged with the lost or stolen card, you should make changes with the new debit card details once you have been issued the new card.