When you lose your Wallet Here are Important Steps to Take

When you lose your Wallet: For some people, losing their wallet is a serious issue. This is because; it is usually filled with credit cards, identification cards and other personal information.

There are important steps to take when you lose your wallet. These steps will help you minimize and prevent the damage your lost wallet may cause.

In this article you would get to know what a wallet is. Some damages associated with a lost wallet as well as how to prevent such damages.

What is a Wallet?

A wallet is defined as a small, flat case that can be used to carry personal items. Some of these items are; cash, credit cards, and identification documents.

As well as photographs, transit pass, gift cards, business cards and other paper or laminated cards.

Wallets are generally made of leather or fabrics, and they are usually pocket-sized but not always foldable.

Damages Associated with when you lose your Wallet

Some of the damages associated with the lost of wallet are:

• Your identity can be stolen.
• Your credit cards, debit cards, checkbook, and home information can be hacked or high jacked.
• Your Social Security card and number can be compromised.
• Your health insurance card can be jeopardized.

Important Steps to take when you lose your Wallet

• Act Quickly

One of the important steps to take when you lose your wallet is to act quickly. How do you act quickly? If your wallet is lost, do not wait to take action.

The longer that you hesitate; the greater the chances are that someone will find it and start using your cards or your information.

You can spend some time retracing your steps and looking for it where you last used it. However, limit that time to no more than half an hour. After that time, start working on the next steps so that you can minimize the fall-out from a lost wallet.

• File a Police Report

The next important step to take when you lose your wallet is to file a police report. Even if your wallet is just lost and not stolen, having a police report can be essential.

The police report will list all pertinent information, including how your wallet went missing. As well as when you last had it, and what you had in it.

You can then use the report to help you replace the different items in your wallet, such as your driver’s license and credit cards.

• Call Your Bank and Credit Card Companies

As soon as you realize that your wallet is lost, start making calls. You should report the missing cards immediately to your credit card companies and bank so that they can cancel the card and issue new ones.

They may also be able to place an alert on your account to ensure that no one is using your cards fraudulently or accessing your information.

Reporting your lost cards as soon as possible can reduce the chances of this happening and can prevent fraud from occurring.

• Call Your Insurance Company

One of the important steps to take when you lose your wallet is to call your insurance company. Health insurance is vitally important to your well-being, which is why you will want to report your lost card immediately.

You can get a replacement card so that your prescription and other benefits will carry through. In addition, reporting your lost cards will protect you from medical identity theft.

If someone finds your wallet, they could use your medical insurance cards to get treatment under your name, leaving you stuck with the bill. Avoid this by calling your insurance company as soon as possible after you realize that your wallet is lost.

• Set Up Fraud Alerts

Also, another important step to take when you lose your wallet is to set up fraud alerts. It makes sense to set up a fraud alert with one of the three major credit card bureaus.

Asking one of these agencies (Equifax, Trans Union and Experian) to set up an alert will help stop identity theft and other forms of fraud.

That is because this type of alert will not just catch unauthorized use of your existing credit cards; it will also flag activity such as requesting new lines of credit (anything from loans to credit cards to utility bills).

• Consider Identity Theft Protection

In addition to setting up fraud alerts, you might consider signing up for an identity theft protection program such as Life Lock’s Standard membership.

As a Life Lock member, you will receive Lost Wallet Protection. Once you notice that your wallet is missing, you can call Life Lock at 1-800-416-0599 to report.

The company will help cancel or replace credit cards, your driver’s license, Social Security card, insurance cards and other items you may have carried in your wallet.

• Replace your Social Security card

Immediately you realized you have lost your wallet containing your Social Security Card, just try to replace.

• Get a new driver’s license 

If your driver’s license was in your wallet, you will need to replace it. This is one of the important steps to take when you lose your wallet. If you ignore it, you could face a hefty fine if you are driving and you are stopped by a police officer.

You might have to visit your local DMV to do this. The requirements for a new license vary by state. So make sure to check the website of your local DMV to make sure you have the proof of identity you need.

• Change the locks

If you kept a key to your home in your wallet, it is important you change your locks.

A thief armed with your address, from your driver’s license, and a key to your house can easily break into your home.

Avoid this risk by quickly changing the locks to your home so that key that was in your wallet will not open your door.

In a Nutshell

In as much as mistakes happen in life, you have to be careful and take pertinent measures to avert disasters associated with mistakes.

The act of losing your wallet may be a mistake, but how you react to this loss is essential. The above are some of the important steps you should take when you lose your wallet.