Most people aren’t aware of how easy they can lose their wallet, so they don’t take many precautions. It can easily slip out of your pocket, or an experienced thief can snatch it from you while you get on the bus.
The most important thing to keep in mind in such a scenario is to not panic. Maintain a clear head and think about what needs to be done. The waller is already gone and no matter how much you freak out, nothing changes. On the contrary, you just make a bad situation even worse. So don’t panic and check out the top things you can do if you ever lose your wallet.
1. Call the Police
Whether you lost your wallet or you suspect a thief took it, report it to the police. Your wallet contains personal information that can lead to identity theft. If you call the police and file an official report, you won’t be responsible for any actions performed in your name. Most thieves will attempt credit card fraud and a police report is the only thing that will cover you with the bank. There is no other way for them to know the truth. So whatever happens, if the wallet is no longer where you left it, call the police.
2. Close your Accounts
You might build a defense against being charged by the bank for the thieve’s credit fraud by filing a police report, but it can be much worse for you if you have a debit card. The thief is taking money straight from your personal account and there’s nothing else you can do if you don’t close that account as soon as you notice your wallet is gone. Don’t take any chances, and report the issue to the bank and close the accounts.
3. Monitor your Account
Even if you close your account, the thief might attempt using your card. Make sure to regularly check your bank statements, your emails from the bank or text messages. You might get a notification about attempted credit card use. This information will be relevant to the police. By monitoring the situation you will also see if you are truly protected. Banks sometimes make mistakes, so even if you closed your account make sure no money is being withdrawn.
4. Ask for Help
If you suspect the possibility of identity theft start notifying your insurance agency and even your HR department at work. Make them aware of your situation. They might be able to provide you with assistance and advice. Most people are actually willing to help you in a tough situation, so don’t be afraid to rely on others.
5. Be Proactive
Be prepared in case of such an event and take steps to reduce the loss. If you have any cards you don’t frequently use, leave them at home. Make copies and backups of all your personal information and credit cards and leave them at home. This way you will have all the information you need to provide banks and police in case of ID and credit card theft.