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What To Do When You Lose Your Wallet

What’s in your wallet? Losing your wallet is a stressful event, and what’s in your wallet is your starting point related to what to do next. In addition to credit cards and cash, your identity is something else that can be stolen. However, by following a few key procedures, you can mitigate the damage.

The following are action steps to help you recover quickly:

  1. Think about what’s in your wallet
  2. Freeze your accounts
  3. Call the Department of Motor Vehicles (DMV)
  4. Call your insurance company
  5. Make a police report
  6. Monitor ALL accounts closely over the next few months

The first step is to think about what’s in your wallet and then call your bank and your credit card companies.  Letting them know as soon as you realize your wallet is missing is important in reducing any fraudulent charges. Cancelling credit cards can reduce your credit score, so freeze your accounts instead. This will protect you from any further damage. 

Typically, your wallet contains other important information such as your driver’s license and your insurance card.  Calling the DMV and insurance companies will flag these cards so if anyone attempts to use them, they will not be able to and you will be alerted.  Making a police report is also important because they will be informed if someone is using your license while committing a crime.  Taking these five steps will help you to recover as quickly as possible and reduce the amount of damage to your identity overall.

Additionally, keep in mind that it’s not uncommon to have credit cards that offer extra steps for your protection. For example, certain credit card accounts monitor social security numbers on risky websites where identities may be stolen, and it also allows real time account freezing. This allows you to freeze the account right from your phone, and if you find the cards, turn it right back on.

There are also services that you can pay for that will track your identity 24/7 – it may be the right time to sign up for one of these. Three of the most popular protection services are Life Lock, Identity Force, and Identity Guard.  These companies can help to alert you before you even realize your information has been stolen.  They can remove your identity information from certain websites, notify you when suspicious activity has taken place, and offer you credit reports from the top three credit bureaus.

Taking preventative measures will help you to avoid having to reclaim your identity and repair the damage that has been made to your accounts.  Using preventative measures and being knowledgeable about reactionary methods will also help.

Article compiled by Stephanie Webb. For additional information contact us at info@herbein.com.