Losing any of your possessions can be frustrating, to say the least, but losing your wallet? That can be a whole different league of panic. But calm down—misplacing your wallet is stressful, but you can protect your information before someone else gets hold of it.
So without further ado, here are some steps to take immediately after you have noticed that you’ve lost your wallet.
Lock Your Cards Immediately
If you had cash in your wallet, you might not get it back. But you can stop a thief from using your credit or debit cards by locking them, even before you search for your wallet.
Call the card issuer and ask them to lock your cards. This ensures that purchases will be declined, even if someone tries to use your card. You can also do this through your banking or credit card app by choosing the lock or freeze option.
A lot of people make the mistake of looking for their wallet before locking their cards, which gives a potential thief enough time to use the card to make purchases. This is why it’s best to keep your cards locked while you search for your wallet. Unlocking your card is pretty easy, too, and you can do it in the app or by calling the issuer. Locking, rather than canceling, lets you use the same card if you find it.
Retrace Your Steps
Try to remain calm and recall where you last had your wallet. Look in likely places like your car, home, or the last store you visited. Oftentimes, a thorough search without panic can help you find what you lost. But if you’re sure that your wallet has been lost and is most likely in the wrong hands, then it’s best to pursue other options, as mentioned below.
Replace Your Cards
If you’ve searched in vain, you need to do more than just lock the card to ensure your personal information isn’t compromised. Call the debit or credit card issuer for the lost card and request that it be canceled and replaced.
Change Your Account Passwords
Since your bank cards contain your personal information, you should take additional precautions to manage your digital footprint. If someone has your wallet, then they will know your name and credit card number. This means they are only a few hurdles away from accessing your online accounts. Therefore, change your passwords for any linked cards, as well as your online profiles, social media accounts, and email.
If you have not enabled two-factor authentication, make sure to do so to further protect your online accounts from hacking.
Get In Touch With The Police
Filing a police report is a very important step to take once you have lost your wallet. This way, if someone finds your wallet and brings it to the police station, then your contact details will be on hand so your wallet can be returned to you.
If your wallet is stolen, the police report can serve as evidence on your behalf if you become a victim of identity fraud.
Notify Your State Department Of Motor Vehicles
Identity theft is a real threat, so you should notify your local DMV that you’ve lost your license. You can usually get a free replacement license if you report your license as lost or stolen. The DMV may flag the new license as a duplicate and record the original as lost to prevent fraud and misuse.
Set Up Fraud Alerts
When you set up fraud alerts, you get notified if anyone attempts to open a credit card with your information. You can contact any of the three major credit bureaus, namely Experian, Equifax, or TransUnion, and the bureau will notify the other two of your requests.
At the same time, monitor your credit and account transactions for suspicious activity. You can also enact a credit freeze to block lenders from seeing your credit report, ensuring no one can take out credit in your name.
If Your Wallet Contained Keys, Change Your Locks
If your wallet included your house keys, replace the locks right away. Burglars can easily find your address on your driver’s license and break in. Call a trusted locksmith immediately or, better yet, install a smart lock you can control remotely from your phone. This may seem drastic, but it brings peace of mind.
Compile A List Of Other Missing Items
When you lose your wallet, your priorities are your credit/debit cards, driver’s license, and other cash. However, other things that contain your information need to be replaced, too. These include:
- Insurance cards should be a top priority, particularly for medical insurance. Contact your insurance company to request a replacement card.
- If you have any membership cards, contact the relevant companies or organizations to obtain updated membership information.
- If you lost a gift card, it can sometimes be replaced, and any funds retrieved. You need to provide the card number and security code to qualify.
What You Can Do To Prevent Future Hassles?
Losing a wallet can be a draining ordeal, not just time-consuming but also a threat to your financial security. There are some things you can do to minimize hassle if you lose a wallet in the future.
Firstly, limit the items you keep in your wallet. Documents like your passport, birth certificate, or Social Security card had better be kept safely at home.
Secondly, take a photo or scan the important things in your wallet. This includes your debit and credit cards, as well as your driver’s license. This way, it’s easy to replace if it gets lost. Lastly, make a habit of checking your wallet frequently, especially when you leave a location. Tap your pocket or bag to make sure your wallet is still there, especially after leaving a store after a purchase or after getting out of a vehicle.
There are ways to track a lost wallet, too. For example, you can use a wallet tracker device, which is a Bluetooth tracker designed for the wallet. These slim trackers can fit in your wallet and use the Bluetooth tracker inside to help you track their location on your smartphone in case of loss or theft. But remember, these devices work within a certain range of your wallet, usually within 200-300 feet.
