“How to Protect Your Finances After Losing Your Wallet”

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What to Do If Your Wallet Is Lost or Stolen

Dealing with the loss or theft of your wallet can be both frustrating and frightening. However, acting swiftly can help mitigate or even prevent damage to your credit card and bank accounts. Here are nine steps to take if your wallet is lost or stolen.

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, which can typically be initiated through the 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 with a frozen card, you must continue making monthly payments and paying 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 reported the loss. Keep copies of these letters and notes from your calls with the issuer. If you report a missing card before unauthorized use, you won’t be held responsible for any charges. If unauthorized use occurs after reporting, your liability is limited to $50. If only your card number is used fraudulently, you are not responsible for any charges, but you should report them immediately.

3. Contact Your Bank or Credit Union

If your wallet contained a debit or ATM card, notify your bank or credit union as soon as possible. This can usually be done by phone, online, or through an app. If you report the loss within two business days, your liability is limited to $50 or the amount of unauthorized transactions, whichever is less. If you report after two days, your liability could increase to $500. Your bank or credit union may freeze your card, which can be lifted if the card is found. 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. Some banks can print a new card at a branch within minutes.

4. Notify the Police

File a report with the police department where the loss or theft occurred. While they won’t search for your wallet, a police report can be helpful if you become a victim of identity theft or fraud. Provide details such as when and where the wallet was lost or stolen, its contents, and descriptions of the wallet and 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 their website or a local office. The SSA can issue a replacement card but not a new number. If you suspect identity theft, contact the Federal Trade Commission at 877-438-4338 or visit IdentityTheft.gov.

6. Set Up a Fraud Alert

Monitor your credit reports to protect your identity. You can request a free security alert at the Experian fraud center. The three major credit bureaus (Experian, TransUnion, and Equifax) will share the alert, so you only need to set it up with one bureau. This alert 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.

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 it missing. Visit a local office to start the process of obtaining a new one.

8. Make a List of Everything in Your Wallet

List all the important items that were in your wallet, such as insurance cards, to contact the appropriate organizations for replacements. This can help prevent medical identity theft and other issues.

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 reduce or avoid financial damage from the loss or theft of your wallet. Report the incident, monitor your accounts, and take other fraud-prevention steps. For extra peace of mind, consider signing up for identity theft monitoring services.

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