It’s a horrible feeling: You reach for your wallet and find … nothing. Whether the wallet was lost or stolen, you’re now missing cash, credit cards, identification and anything else you keep in there.
To make things even more stressful, it can be a short leap from a stolen wallet to credit card fraud or other forms of identity theft. One Department of Justice report said that of the many identity theft victims who had some idea how their information was obtained, a full 20 percent believe it was lost or stolen from a wallet or checkbook.
But you can help minimize the potential damage when your wallet does go missing, says Paige Schaffer, president and COO of Global Identity & Digital Protection Services at Generali Global Assistance. She recommends keeping the following strategies in your back pocket.
1. Call Your Credit And Debit Card Companies
Do this immediately. Tell them you lost your wallet or that it was stolen, so they can cancel the card and issue you a new one. Start with your debit card, as your level of liability depends on how quickly you call in the incident. With credit cards, if you report the loss before the card is used, you won’t be responsible for any charges you didn’t authorize.
2. Set Up A Fraud Alert
Thieves could use your information to open new credit card accounts or loans; setting a fraud alert with the credit bureaus means that lenders and creditors have to take extra measures to verify your identity. You only need to contact one of the three major credit bureaus; they’ll notify the other two. And check your credit report a few times a year for fraudulent activity.
3. File A Police Report
Filing a report with the police helps prevent fraud when you’ve lost your wallet. Even if you don’t believe the cops will find the thief, file a report. This creates a paper trail, which can be instrumental in disputing any potential fraud with creditors, credit bureaus and insurance companies. Also let the cops know if you had a spare house key in your wallet. (Consider changing the locks to your home as well.)
4. Change Your Passwords
Losing your wallet could compromise your e-mail, credit card or bank accounts. Choose new, strong passwords to protect your personal information. Be sure to pick new secret questions and answers, too.
5. Call The DMV
Report your missing driver’s license to your local DMV. It’s illegal to drive without one, though some states may allow you to use your driving record as proof of a valid license. Ask what the specific state requirements are to replace the license.
6. Contact Your Insurance Companies
If you’ve lost your wallet, it’s likely your medical insurance card disappeared with it, so report the loss to the insurer. They may or may not issue a new number; either way, check your explanation of benefits summaries regularly for fraudulent usage. Also notify your auto insurance company if you’ve lost your card. However, you can avoid this step by storing your proof of auto insurance digitally—a feature available on the GEICO Mobile app.
Be Proactive
Before your wallet goes missing, some proactive measures can help keep a bad situation from becoming worse, says Schaffer.
- Keep your contact information in your wallet—well-meaning people who find it can’t return your possessions if they don’t know how to reach you.
- Record all the contents in your wallet, including license and credit card numbers (of course, don’t keep the information in your wallet!).
- Purchase identity theft protection before any problems occur. This will monitor your credit and help restore your identity if your wallet does fall into the wrong hands.
Also, do not carry the following in your wallet:
- Your social security card or a list of passwords, which could allow crooks to compromise your identity very quickly.
- More than two credit cards—this will make for more work if you lose your wallet.
- A house key, since your address is on your license and can be discoverable online.
Replacing a wallet is easy; restoring your identity can be much harder. Purchasing identity theft protection through the GEICO Insurance Agency can help. Choose the plan option that fits you best—whether you’re an individual, a couple or a family.
Read more: Keep an eye out for these warning signs of identity theft.
By Jennifer Tzeses
Harold Collard says,
I appreciate your concern and advice.
CHARLES BRISCOE says,
Very informative… much appreciated.
José says,
Wao no imaginaba la cantidad de problemas causa la pérdida de mi cartera, gracias por esos tips.
Livia Vlad says,
Very helpful, thank you
Frank Viers says,
Thank You!
Peter Capek says,
I find that the best idea is to periodically put the contents of my wallet into a scanner and scan both sides of all the credit cards and other items. Then take the file (a PDF) with the scan and mail it to yourself. If you use a service like GMail, that scanned info will be available to you as soon as you can access your e-mail, and you can start canceling cards immediately. If you scan the backs of the credit cards, you’ll have the phone numbers to call, as well as the credit card number.
Scanning your passport and mailing it to yourself is also a good idea. Do it at the same time.
ALICE GEORGE says,
Having had my pocketbook stolen the advice I give to people is not to carry any checks (checkbook or blank checks) in your wallet or purse. The most stressful thing I had to deal with was none of the above. All were handled fairly easily but dealing with what crooks were able to accomplish with a check was amazing and I dealt with that for more than 6 months! That is the proactive advice I would give
Elijah Cappiello says,
This information was very helpful. Thank you!
Hemen Mehta says,
in state of Arizona, you can pretty much do everything on line : servicearizona.com
Replace license, change of address, register vehicles etc
JC says,
Assume that all info was taken from your wallet or purse, even if only one thing or only part of your cash was taken. Thieves can take pictures of everything, front & back, and still be able to use your information, even if your cards are still in your wallet.
Do not leave mail or anything with your street address on it in your car if you also have a garage door opener in your car. Burglars can steal (or borrow and return) the garage door opener. You might not notice this until you get home and can’t get in — or find that your home has been burglarized or worse. Always lock your car doors. You might not have visible valuables, but your door opener is all that some crooks need.
Mary Jane Hickey says,
I appreciate all your tips. They make me more aware of what is around me.
Thank you
Jolyette Frye says,
Thank you for your interest in my safety and well being.
Cheryl Patmon says,
Good info!
Dora duck says,
The information shared is very valuable
I will share this material with others.
Thank you
Mary says,
Our state’s DMV has a website where you can request a new Driver’s License. It will also allow you to print out a temporary license to have with you until your new card arrives in the mail.
arline peartree says,
I found the computer site in florida was most difficult to use and failed to enable the process to require to replace a duplicate license…then the motor vehicle offices are so crowded or far …the whole process is most frustrating.
I called motor vehicles and they said a lot of people had trouble on the computer to replace the license in Deerfield Beach, Florida….. 33442 and 33073