Lost, stolen credit cards must immediately be reported to bank or credit card issuer

Lost, stolen credit cards must immediately be reported to bank or credit card issuer "I lost my credit card the other day. Do I need to immediately report it to the bank?Elias Dear Elias,Please be informed of the provisions of Section 15 of Republic Act 10870 otherwise known as the ""Philippine Credit Card Industry Regulation Law,"" viz: ""Section 15. Lost or Stolen Card. - In case a credit card is lost or stolen, any transaction made prior to reporting to the credit card issuer shall be for the account of the cardholder.""Clearly, any transaction made prior to reporting that the credit card was lost or stolen to the credit card issuer shall be for the account of the cardholder. Hence, unauthorized transactions may be charged to your account if you do not immediately report it to the bank or credit card issuer. It is highly suggested, therefore, that you immediately report to your bank or credit card issuer that the same was lost. We hope that we were able to answer your queries. Please be reminded that this advice is based solely on the facts you have narrated and our appreciation of the same. Our opinion may vary when other facts are changed or elaborated.Editor's note: Dear PAO is a daily column of the Public Attorney's Office. Questions for Chief Acosta may be sent to dearpao@manilatimes.net" - https://www.affordablecebu.com/