What To Do If Your Wallet Is Stolen

Your wallet holds some of the most personal items you own -- your ID, your credit cards, maybe even your Social Security card or photos of loved ones. So if it goes missing, it's no surprise that you would be very concerned. To protect yourself and your money, here's what to do if your wallet is stolen.

Call Your Card Companies

Call the issuers of your credit cards, debit cards, and ATM cards and report your cards stolen. This doesn't get you as tied up as you would be if you completely cancel the cards, but still keeps your money safe.

Freeze Your Credit Accounts

Call any of the three credit reporting agencies, and tell them to put a fraud alert on your account. This will require any purchases made on your account to be verified with your identity.

Report Your Stolen Wallet to the Authorities

Now, don't assume that the police will make this a high priority case, but also don't trivialize the theft of your property. The main reason to do this is to provide evidence of theft in case you become a victim of identity theft or fraud down the line.

Report Your Stolen License to the DMV

You need a license to drive and prove your identity, but more importantly, your stolen license can be used to commit identity theft or fraud. Your local DMV will provide you with a new license and document that your old one had been stolen, providing further evidence to go along with the police report that you should file.

Change Your Locks

If you kept a spare key in your wallet, change whatever locks it goes to. This prevents the thief from using the address on your license and that spare key to break into your home and inflict more damage.  

List Out Everything That Was in Your Wallet

This could include health insurance cards, account passwords, or something as simple as a movie ticket rewards card. By listing everything out, you'll be able to know what other agencies you need to contact in order to prevent the thief from using any of your information.

Order Credit Reports

Even if you set up fraud alerts, a little down the line, order credit reports to ensure that no one has been using your information for themselves.

You can protect your money with the help of a financial advisor. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.