From protecting your credit to monitoring your accounts to securing your personal information, our guide has everything you need to know about what to do if you lose your wallet. Follow our essential strategies to protect yourself from identity theft and minimize the impact a lost wallet could have on your finances.
Losing your wallet can be a distressing experience, especially when your wallet holds not only your cash but also important identification cards, credit and debit cards, and other personal items.
The immediate panic can quickly turn into a worry about identity theft and financial loss, should your sensitive personal information fall into the wrong hands.
Fortunately, there are proactive steps you can take to protect yourself in the aftermath of losing your wallet.
How to protect your identity and finances after losing your wallet
Time is of the essence when it comes to mitigating potential damage. As soon as you realize your wallet is missing, it’s wise to follow these four key steps:
Contact your financial institutions. Reach out to your bank to report the loss of your debit and credit cards. They can freeze or cancel your cards to prevent unauthorized transactions. Some institutions even allow you to lock your account through your mobile banking app.
Monitor your financial accounts. Carefully review your incoming bank statements and current online accounts for any unauthorized charges. Report any suspicious activity to your bank as soon as possible and dispute any fraudulent transactions.
Replace your identification cards. Contact the relevant government agencies to replace your driver’s license, state ID, Social Security card, and any other lost identification cards. In addition to getting a new license, notify the Department of Motor Vehicles (DMV) to ensure no one else can use your ID for fraudulent purposes. This process may vary by location but often involves filling out a form and providing proof of identity.
Change your passwords. If your wallet contained access cards or documents that might compromise your online accounts, you’ll need to update your passwords for those accounts. Use strong, unique passwords, and turn on multi-factor authentication for those accounts.
Further steps to take after losing your wallet
Once you’ve begun to put a stop to any damage that might occur to your accounts, there are a few more steps you can take to protect your identity and finances.
Report the loss. If you suspect your wallet was stolen, report it to the police. This may help you if fraudulent charges arise later.
Update your automatic payments. If you have any cards stored for automatic payments, update your information once you receive your new cards. This ensures that you don’t miss any important bills while your accounts are being updated.
Check your credit report. You’ll also want to check your credit report for any accounts you didn’t open. Select Allstate Identity Protection plans include credit monitoring, so members can obtain their credit report by requesting it within the portal. If you’re not a member, you can receive your report from the major credit bureaus once a year at AnnualCreditReport.com.
Consider a credit freeze. A credit freeze can prevent new accounts from being opened in your name. You’ll need to contact the three major credit bureaus — Equifax, Experian, and TransUnion — to place an alert and freeze your credit.
Organize your documentation. Keep a record of all the steps you’ve taken to mitigate the situation. Document conversations with banks, the police, and any agencies you’ve contacted. This record can be useful if any disputes arise later.
Stay alert after losing your wallet
After losing your wallet, you may be targeted by scammers attempting to take advantage of your vulnerability. Be wary of any phishing scams asking for personal information or offering help.
If you do fall victim to identity theft, report it to the Federal Trade Commission (FTC) at IdentityTheft.gov and contact your local precinct to file a police report. And if you are an Allstate Identity Protection member, you can rely on us to help you investigate the situation and ensure there’s no lasting damage to your credit or identity.
With prompt action and careful planning, you can protect your identity and finances after a lost or stolen wallet.