What if my card is lost or stolen?
As with any card, the most important thing you can do is report the loss immediately. As soon as your card is reported, it’s unlikely that you’ll be liable for any further transactions.
If your card's used without your permission you are protected by the Lending Code and shouldn't lose money as a consequence, provided you inform the bank within 13 months of the fraudulent transaction and you have not acted fraudulently or without reasonable care (e.g. you haven't disclosed your PIN to someone else, or written it down and kept it with the card). As long as you meet these conditions, your bank or building society will usually reimburse you for your loss.
However, you're liable for up to £50 of any fraudulent spending that happens before you report the card's loss or theft to your bank. So if thieves spend £300 from your account before you warn the bank, you may only get £250 back. That's why it's vital to report a lost or stolen card the moment you realise it's gone.
In addition, every bank sets a limit on the number or value of contactless transactions that can be made before a cardholder is asked to enter their PIN. At this point it would be impossible for someone to use the card they’ve found and stolen. Additionally, your bank is routinely looking out for any unusual transactions that may show that it’s someone other than you using your card.