What emergency situation occurs if the P-Card is lost or stolen?

When a P-Card is lost or stolen, the appropriate and immediate action is to cancel the card with Bank of America (BofA). This step is crucial to prevent unauthorized use of the card and to protect the financial interests of the department. By notifying BofA, the cardholder can ensure that any transactions made with the lost or stolen card are blocked, minimizing the risk of financial loss.

Prompt cancellation helps the organization maintain control over its finances and ensures that funds are not misappropriated due to the loss of the card. Following the cancellation, the cardholder may need to take additional steps, such as filing a report or following specific departmental policies, but the priority must always be the immediate cancellation to stop any potential fraudulent activities.