Everything is going just fine, and then it hits you: Where is your wallet? You realize it’s nowhere to be found, and panic sets in. Sweat particles form on the back of your neck, and you feel a sense of fear and helplessness at the same time.
It can be upsetting to lose your wallet, but there’s no need to panic. Most of the items in your wallet are replaceable. Sure, it can be a hassle, but all hope is certainly not lost.
So, if you’ve lost your wallet, take these steps to minimize the damage and get back to normal as quickly as possible.
1. Lock your credit cards
Have you checked your pockets, bag, and anything in your immediate vicinity and can’t find your wallet? If you aren’t sure where your wallet is, a good first step is to lock your credit cards. This prevents anyone who may have your cards from charging new transactions.
You can often lock your cards through your online or mobile banking portal with a single click or tap. If you find your wallet, unlocking your cards is usually simple, so it’s worth doing as a precaution.
2. Retrace your steps
If you can’t find your wallet, think about the last places you visited. Depending on the types of places you visited today, it’s possible that your wallet is being held safely. For instance, if you were at a bar or cafe, the staff might be holding it for you behind the counter. If you visited any businesses, consider calling the front desk or going directly there to see if they have it. And if you recently took a taxi or rideshare, contact the driver to find out if your wallet could be sitting on the back seat or floor.
3. Freeze your credit
If you’ve checked everything around you and retraced your steps to no avail, it’s time to go into recovery mode. Start by freezing your credit, which you can do for free with each of the three major credit bureaus: Experian, TransUnion, and Equifax. This prevents creditors from accessing your credit without your approval, which means if someone attempts to open a fraudulent account in your name, they won’t be able to do so.
You must have an account with the bureaus to freeze your credit, but the process is relatively quick and painless once you have one. You can place a freeze indefinitely or with a certain end date. In fact, whether your wallet is lost or not, keeping your credit frozen is generally good practice so no one can open new credit in your name. If you must apply for credit, you can temporarily unfreeze your credit.
4. Change your online banking passwords
Losing your wallet doesn’t necessarily mean your online banking will be compromised, but you can’t be too careful in these situations. Consider changing passwords and PINs for any account linked to a card that may have been in your wallet. This will help ensure no one can access your account.
5. Request new cards and update your autopay information
You must cancel your existing cards and request new ones so no one can make fraudulent purchases or cash advances in your name. You can often do this online or through a mobile app.
If you are more comfortable calling, look up your bank’s customer service number and tell them what happened. The representative may ask you to confirm some information. Then, they will cancel your card and send you a new one. The replacement may take 5-7 business days to arrive.
You should also take stock of any automatic payments you have set up and change the billing information as soon as you receive your new cards so you don’t get charged late payment fees.
6. File a police report
Consider filing a police report about your wallet, especially if you think it may have been stolen. The police may not launch a special task force to recover it, but having a report can still be useful. For instance, if you need to dispute suspected fraudulent activity, a police report can help your case. Request a copy of the report and keep it handy.
7. Check for unusual activity and set fraud alerts
Monitoring your credit card and bank statements periodically for any suspicious or unusual activity is generally a good idea. However, you may want to check your statements every few days while waiting for your new cards. It can also help to set up alerts from your bank to notify you of unusual activity — say, transactions over a certain dollar amount.
If you spot anything you don’t recognize, report it immediately. Federal law protects you from fraudulent charges over $50, but you must report them within 60 days.
8. Replace other cards that may have been lost
Contact government agencies as necessary to replace any other cards you lost. For instance, contact the DMV to replace your license and the Social Security Administration (SSA) to replace your Social Security card, Medicare card, and any other cards that were in your wallet. Provide the police report you obtained if the representative asks for one. The SSA also has steps for replacing a card or reporting a stolen number.
What if there were cash or gift cards in your wallet?
Losing your wallet with cash is a scary thought since you don’t know if you will ever get it back. However, a study from researchers from the United States and Switzerland found wallets were more likely to be returned with cash than without. Even so, the chances are never 100%, and unless your wallet is returned with the cash still inside, your chances of getting it back are unfortunately slim.
Your odds of recovering gift cards might be slightly better. For instance, if you have store gift cards, the store might be able to cancel the existing card and send you a new one. However, this assumes the money hasn’t been spent already.
Visa and Mastercard gift cards work like prepaid debit cards. If the card is lost, report it immediately to the issuer. The issuer may be able to cancel the card and issue a new one. Keep in mind that the issuer may need the card number, so if you don’t have that, requesting a new card may be difficult.
Preventative steps you can take for the future
While it can be possible to recover from a lost wallet without too much financial damage, it’s generally something you want to prevent. Here are some steps you can take to avoid this situation in the future:
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Avoid keeping certain items in your wallet, such as your Social Security card and anything with sensitive information (passwords, bank account numbers, etc.)
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Put a tracker on your wallet. Many trackers have limited range, but for Apple customers, the Apple AirTag can be pinpointed in almost any location if an Apple device in the Find My network is nearby.
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Keep photos of important items or those with sensitive information in a password-protected folder on your computer or phone.