How to Handle Your Wallet Being Stolen

Your wallet holds your money, credit cards and personal information and is often the target of thieves. If someone does steal your wallet, follow these steps to mitigate the pain.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Records of your account information (e.g., credit card account information)
• Telephone

Make It Through the Stress and Strain of a Stolen Wallet

1. Report the theft of your wallet to the police as soon as possible after it happens. Follow up after the initial report if you get additional information or suspect that your credit is being used by the thief.
2. Cancel all credit and debit cards immediately. Most credit card companies will only hold you liable for the first $50 (at the most) spent on your stolen card, as long as you report the loss within 2 business days. You may wish to follow up an initial phone call with a letter to make sure you preserve your legal rights.
3. Place stop payments on the series of checks that were stolen and then close the account out. Although the thief may only have access to a few checks, he or she has valuable information that could be used for purchases online and by phone.
4. Call your medical and auto insurance companies and order replacement cards. You don't want to handle additional headaches if you need to utilize the insurance services and you don't have your card available.
5. Contact the Social Security Administration if you were carrying your Social Security card with you. You can get a replacement card and a report of your work and benefit history to insure that no one has used your information fraudulently.
6. File a report with the Federal Trade Commission (see Resources below). They handle all types of credit and checking fraud issues. They also have a great deal of information that may assist you in the event that your stolen information is being used fraudulently.
7. Change the locks in your house if you had your house key in your wallet. Although most thieves probably wouldn't barge into your home, being safe is better than being sorry.
8. Go to your local Department of Motor Vehicles if you need to replace your license or state identification card. Most states will not allow you to replace a stolen license online. Find out what information you need to bring to prove your identity.
9. Carry less in your wallet. Keep your cash in a weighted money clip. Never carry more than two credit cards at a time. If you don't think you'll need your banking or debit card, leave it home. Carry your Social Security Card only on an as-needed basis. In fact, leave home any cards you won't be using on that particular day.

Tips & Warnings

• Being aware of your surroundings, especially your home, after the theft of your wallet is important. Remember--someone has your address and other personal information and may attempt to cause you further headaches and heartache. If you see anyone lingering, call the police immediately.