What are some ways that are used to verify a caller's identity when calling to report a debit card as lost or stolen? If someone has something against someone else and knows their card number, they could call the Bank or the card processor to report it lost or stolen and have it deactivated, causing embarassment when the card is not accepted by a merchant. Just requesting their SSN, address, or other easily acceptable information isn't very tight, but there must be some other ways to do it.

I realize that it may just be better to deactivate it than expose the Bank to loss if the card is actually lost or stolen. Not accepting a valid call and making the customer come in or fax a notice would expose the Bank to loss between the time of notice and the identity verification, especially if the notice is given to a processor during non-business hours.

We have a system, BankerInsight, that allows for inquiries that are only one 'click' away from the window used to 'hot card' a lost/stolen Debit Card.
That allows our customer service phone crew to look at the demographics information when speaking with a customer. We collect mother's maiden name, employer, work phone, DOB, etc. as well as amount of last deposit. Our CS reps can ask for some or all of that information when verifying identity.
That list usually has something that wouldn't be in a lost wallet or known to 'friends'.

you Can use all info. that is already captured in your customer account opening form e.g. : Telephone number ( Home , work, Mobile ) ,email address , names ( Mother maiden name ) ,DOB ,card first 4 digits , expiry date , last 2 transactions , last deposit , branch name , Address ,P.O.Box .


a good practice is to develop a group of up to 15 security questions and the customer is asked 4-5 random questions among this group .