What to Do when Your Wallet Gets Stolen

When your wallet is stolen, you have to think and act fast. You’re going to be frightened and angry at the same time.  It feels terrible. First, you’re afraid someone’s going to take a trip to the South of France on your dime.  But it also feels terrible for another reason. Deep down you know it’s your fault. That’s right. Unless you got mugged or hijacked, your wallet went missing because you weren’t being careful and you know it.

I say this with deepest love, respect and sympathy and with no malice. I lose my wallet all the time.  But, as my wife and kids constantly remind me, I lose my wallet because I don’t pay attention. So let’s face it – if your wallet gets lost or stolen, it’s only because you fell asleep at the wheel.

In a moment, you’ll see why identifying the cause of the problem is so important. For now, let’s get to the short-term solution – protection.

1. Call your credit card companies.

This may be hard to do if you don’t have your wallet. You’ll have to get the phone and account numbers from your account statements. If possible, ask the company to give you a new account number rather than close the account and open a new one.

This is less of a headache for you and it keeps the card issuer from jacking your rates up with a new account. Also, make sure to get your mileage and other benefits transferred to the new number.

2. Call the police or sheriff.

If somebody gets their claws on your wallet, they can steal your identity. Take immediate action to avoid identity theft.

3. Put a fraud alert on your accounts by calling all three credit reporting agencies.

Experian: 1-888-EXPERIAN (397-3742)
Equifax: 800-525-6285
Trans Union: 800-680-7289

This forces merchants to make anyone using your card to verify their identity. If you have an identity theft protection plan, call them and they’ll contact the credit reporting companies for you.

4. Report the loss to your bank.

Make sure they issue new ATM cards at the very least. You may also want new checking accounts to be opened.

5. Watch transactions.

If you do your banking online, you can see if there is any activity on the account by checking the data each day. If you do spot anything suspicious, call the credit card company or bank.  Dispute credit card charges that aren’t yours.

6. Get a new driver’s license.

In most states, you can simply go down to the DMV and get a new license. You’ll probably need to pay for this, so bring some cash or a check with you. Go online and find out what your state requires before you go down to their office.

8. Take inventory.

Think of everything you had in your wallet and make a list. Did you have any cash? How much? Any information on passwords or account numbers? Was your home address in your wallet? Did you have any blank checks? It might take you a few days to remember everything, so keep this list with you and update it as you remember.

Final Tips

• Don’t carry your Social Security number, account numbers or passwords in your wallet or purse.
• Keep contact information for your banks and credit card companies in a separate location.

Of course the best tip is to never lose your wallet or purse in the first place. I’ve never had a wallet stolen, but I have misplaced mine many times, as I mentioned above. 99% of the time it’s somewhere at home and my wife finds it.

She’s kind of tired of always having to find my stuff, so she gave me a plastic box. She told me I have to put my wallet, keys and phone in that box every time I come home or else.  So far it’s working.

Do you lose your wallet? Have you ever had it stolen? What precautions have you taken?

Before you go search for your wallet or purse under the couch, you might want to check out the weekly links:

Get Rid of Dysfunctional Money Behaviors – Part 4 – Gambling as a Way to Wealth – Barbara Friedburg

Invest it Wisely – What Are Backlinks, and Why Are They Important?

How Social Security Calculates Your Benefit – From my pal Doug

Dealing with investment confusion – A timely piece by Mike Piper, Mr. Oblivious

You might need a budget if…. – By Craig at MH4C

Cheap Travel Options for Students -Mike

Joe Taxpayer – The Upside of Irrationality

Canadian Financial Blog on How to Reduce Your Weekly Food Budget

A thoughtful piece on how to invest in Germany from a bloke across the pond – Monevator

Cash Money Life on Education vs. College Degree

David Ning talks about how to decrease spending on dry cleaning.

Moolanomy talks about an alternative way to invest in gold.

The Digerati Life asks should you invest in an Ivy League education?

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