What action should be taken if a GPC is lost or stolen?

What action should be taken if a GPC is lost or stolen?

• A. Ignore it and monitor for unauthorized charges
• B. Report it immediately to the issuing bank and appropriate officials
• C. Cancel the card without notification
• D. Wait for the bank to contact you

Answer: (B)

When a Government Purchase Card (GPC) is lost or stolen, it is crucial to report the incident immediately to the issuing bank and appropriate officials. This action is vital because it serves to protect against potential unauthorized charges that could occur if the card falls into the wrong hands. Promptly reporting the loss or theft minimizes the risk of fraudulent transactions, ensuring that any unauthorized use can be addressed swiftly by the bank. It also initiates the card replacement process, ensuring that the cardholder can obtain a new card as soon as possible for continued transactions. In contrast, monitoring for unauthorized charges after ignoring the incident would leave the cardholder vulnerable to significant financial loss and complications related to fraud. Cancelling the card without notification could cause confusion and complications in transaction processing, and waiting for the bank to contact you would likely delay necessary action and increase the risk of misuse during that waiting period. These approaches do not adequately address the urgent need to prevent unauthorized access and maintain the integrity of government funds.

When a Government Purchase Card (GPC) is lost or stolen, it is crucial to report the incident immediately to the issuing bank and appropriate officials. This action is vital because it serves to protect against potential unauthorized charges that could occur if the card falls into the wrong hands. Promptly reporting the loss or theft minimizes the risk of fraudulent transactions, ensuring that any unauthorized use can be addressed swiftly by the bank. It also initiates the card replacement process, ensuring that the cardholder can obtain a new card as soon as possible for continued transactions.

In contrast, monitoring for unauthorized charges after ignoring the incident would leave the cardholder vulnerable to significant financial loss and complications related to fraud. Cancelling the card without notification could cause confusion and complications in transaction processing, and waiting for the bank to contact you would likely delay necessary action and increase the risk of misuse during that waiting period. These approaches do not adequately address the urgent need to prevent unauthorized access and maintain the integrity of government funds.