What To Do If You Lose Your Wallet

Retrace Your Steps

Even though time is of the essence, it’s usually still a good idea to physically retrace your steps and look for your wallet. If you can remember the last place you used it or the different locations you visited that day, go back in person or contact them by phone to ask if anyone has turned in a wallet or if they have a lost-and-found department. Depending on where you are, you might also see if there are any public cameras nearby that might have captured your movements.

Report the Loss

If you are unable to locate your wallet after retracing your steps and contacting the places you’ve been, it’s time to report the loss to the appropriate entities.

Start with your bank or credit union, especially if your debit card was in your wallet. Go over recent transactions with them to make sure there are no fraudulent charges or cash withdrawals and ask for a new debit card. For your convenience, use our dedicated lost/stolen card phone number. Finally, notify any credit card companies that have issued you a card. Freeze or cancel your cards and request replacements with new numbers.

In some cases, it might also make sense to report the loss of your wallet to the authorities. If you were carrying a large amount of cash or had important identification like your Social Security card in your wallet, filing a police report will provide documentation for your insurance company and might help you in the future if identity theft becomes an issue. Keep a copy of the report as well as the reference number in your records.

Replace Identification in Your Wallet

Most likely, you had your driver’s license or ID card in your wallet. You will need to contact the Department of Motor Vehicles to report the loss and request a replacement. If you carried your Social Security card with you—the Social Security Administration (SSA) advises against this—you should report the loss to the SSA and request a new card. The same holds true for your passport. If your passport was in your wallet or purse, report it as lost or stolen to the US Department of State and apply for a new one.

You will also need to contact your insurance companies and any other businesses that require memberships for new identification cards if you carried those in your wallet.

Monitor for Fraud and Identity Theft

Even if there is no fraudulent activity on your accounts before you notify the appropriate financial institutions, you should continue to monitor them for several weeks or months. Closely watch your checking, savings, and credit card statements to keep an eye out for suspicious transactions. Many credit card companies also offer monitoring services that will automatically alert you to any perceived suspicious activity, including charges over a certain amount.

You can place a freeze on your credit as well. If your driver’s license or other identification was in your wallet, someone could still try to open new accounts in your name. Freezing your credit will prevent someone else from opening accounts or taking out loans using your information since it forces creditors to take extra steps to verify your identity and requires your authorization.

As you continue to monitor for fraud and identity theft, you should also check your credit report to make sure nothing unexpected has been added. You can request a free credit report from any of the major credit bureaus.

Secure Digital Accounts

Think carefully about other items you had in your wallet. For example, if you had any passwords or PINs written down and kept in your wallet, change those as soon as possible to prevent unauthorized access. Online banking and shopping sites should be the first priority, followed by email and social media accounts.

For any digital accounts where it’s available, consider adding two-factor authentication, which adds another layer of protection since it requires an additional numeric code (usually sent via text to your phone) with your password.

Stay Vigilant

Over the course of the next few months, keep monitoring your credit card transactions, checking and savings accounts, and credit reports on a regular basis. If you notice any new accounts or loans or see any transactions you did not authorize or do not recognize (even for small amounts of money), report them to the appropriate financial institution immediately. Sometimes, individuals will charge very small amounts for things you might not notice (e.g., pizza, gas, or groceries) before moving on to bigger ticket items. Ask your bank and credit card companies about identity theft protection services or programs you can enroll in, including alerts and recovery assistance.

Although it’s an unfortunate situation no one wants to find themselves in, by quickly following the steps outlined above and being proactive, you can put yourself in a better position if you lose your wallet.