What to Do If Your Wallet Is Lost or Stolen: A Comprehensive Guide

Dealing with the loss or theft of your wallet can be a stressful and frightening experience. However, if you act quickly, you can minimize or even prevent damage to your credit card and bank accounts. Here are nine essential steps to take if your wallet goes missing.

1. Freeze Your Credit Cards

Immediately freezing your credit cards can help prevent unauthorized purchases. A credit card freeze allows you to pause most transactions, and you can usually initiate a freeze through your card issuer’s website or app. There are no fees or penalties for freezing your account, and you can unfreeze it at any time. Remember, even if your card is frozen, you still need to make monthly payments and pay interest on any unpaid balance.

2. Contact Your Credit Card Issuers

After freezing your credit cards, contact each issuer to report the loss or theft. You can find the issuer’s phone number on your credit card or monthly statement. Follow up with a letter that includes your account number, the time and date you realized your card was missing, and when you initially reported the loss. Keep copies of each letter and notes from your calls with the card issuer. If you report a missing card before it’s used without your permission, you won’t be held responsible for unauthorized charges. If unauthorized use occurs after you report the loss, you may be liable for up to $50 in charges.

3. Contact Your Bank or Credit Union

If your wallet contained a debit or ATM card, notify your bank or credit union immediately. You can usually do this by phone, online, or through an app. If you report the loss within two business days, your liability will be the lesser of $50 or the amount of unauthorized transactions before the notification. If you report after two days, your liability could increase to $500. Your bank or credit union may be able to freeze your card, and if you find it, the freeze can be lifted. If the card is stolen or remains lost, the institution will cancel it and issue a new one, which may take several business days to arrive.

4. Notify the Police

File a report with the police department where the loss or theft occurred. While the police won’t search for your wallet, a report can help if you become a victim of identity theft or fraud. Provide details such as when and where you think the wallet was lost or stolen, what was in it, what it looks like, and a description of the potential thief.

5. Notify the Social Security Administration

If your Social Security card was in your wallet, contact the Social Security Administration (SSA) immediately through its website or a local office. The SSA can issue a replacement card but not a new Social Security number. If you believe your number was used for identity theft, contact the Federal Trade Commission at 877-438-4338 or visit IdentityTheft.gov.

6. Set Up a Fraud Alert

To protect your identity, monitor your credit reports and request a free security alert from the Experian fraud center. The three major credit bureaus (Experian, TransUnion, and Equifax) are required to share security alerts, so you only need to set up an alert with one bureau. This notifies lenders to take extra steps to verify your identity. For additional protection, you can freeze your credit, which limits access to your credit file. Freezing and unfreezing your credit is free of charge.

7. Replace Your Driver’s License

If your driver’s license or state ID was in your wallet, contact your state’s department of motor vehicles or secretary of state’s office to report the loss. Visit a local office to begin the process of obtaining a new license or ID.

8. Make a List of Everything in Your Wallet

While it’s still fresh in your mind, make a list of all the important items in your wallet, such as insurance cards. Contact the appropriate organizations to replace these items and prevent issues like medical identity theft.

9. Monitor Your Accounts

After losing your wallet, closely monitor your bank and credit card accounts for suspicious activity. Use your account’s website or app for real-time updates, review monthly statements, and regularly check your credit reports for unusual transactions or inquiries.

The Bottom Line

Acting quickly can help you minimize or avoid financial damage from the loss or theft of your wallet. Report the incident, monitor your accounts, and take other fraud-prevention steps to protect yourself. For extra peace of mind, consider signing up for identity theft monitoring services.

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