14 Things to Do the Instant Your Wallet Is Lost or Stolen

Everyone knows that sinking feeling of reaching for your wallet and realizing it isn’t where you left it.

Maybe you simply misplaced the wallet, or perhaps it was stolen. Either way, you need to act fast to prevent losing your wallet from turning into something worse.

The next time your wallet goes missing, try not to panic. Keep a cool head and take these 14 actions as quickly as you can. Fast action might help you lower your financial stress at a difficult time.

First things first: Make sure that if anyone finds your credit card, they can’t immediately start racking up debt. Knowing that no one can use your cards or accounts should eliminate some money stress from the situation.

These days, most bank apps and websites let you quickly freeze your account on your own. So, pull up the app or website and quickly prevent fraudsters from using the card.

A stolen debit card can be a bigger threat than a credit card that has gone missing. Thieves who steal your debit card can potentially access the cash in your checking account.

So, if you have a debit card that is missing, quickly lock that down as well. If your wallet really is gone forever, you can always order a new card. 

And if you get lucky and find your wallet, you can unlock the card and restore your access to cash.

Now that you’ve effectively frozen your assets, you’ve bought yourself some time. Start looking for your wallet.

Think back about all the places you had been earlier in the day before you realized the wallet was missing. If possible, physically retrace your steps. If you’re lucky, the wallet will turn up while you are doing so.

Didn’t find your wallet while reviewing your earlier route? Alas, it’s probably time to reach out to your credit card and debit card issuers and let them know what happened.

This is a crucial step. By promptly reporting that your cards may have been compromised, you limit the amount of fraudulent charges for which you can be held responsible.

With fraudulent credit card transactions, you can only be held liable for up to $50. With a debit card, your liability can grow to $500 if you wait more than two business days to notify the card issuer.

Once you’re reasonably certain your debit and credit cards won’t magically resurface, request new cards using the card issuer’s app or website.

Alternatively, you can call the credit card company directly to request new cards and report your existing cards as stolen.

Next, it’s time to replace your driver’s license. Since it’s illegal to drive without a license, reporting your license as lost and getting a temporary form of ID should be a top priority.

Requesting a new driver’s license may cost a small fee, but paying the fee online can be difficult if you do not have a card to make the payment. If you cannot make the payment online, visit your DMV office in person.

If you can get a new license and pay for it online, your state might email you a temporary license. If so, print it out and keep it in your car while you wait for the new license to arrive.

Filing a police report regarding your missing wallet creates a paper trail that might make it easier for you to dispute fraudulent charges and pursue further action if your identity is stolen.

Since you aren’t dealing with a life-threatening emergency, don’t call 911. Instead, look up your police department’s non-emergency line or check the department’s website to find out if you can file a written complaint online.

Today, many people are used to using credit and debit cards for nearly all their spending. If your cards are lost, you will need to find a way to access cash so you will have some spending money.

So, visit your bank’s nearest branch or speak with a customer service representative to find out what you need to do to access your cash. 

You might have to withdraw some cash to tide you over. It’s also possible that you will be able to write personal checks for some expenses. You can also ask if your bank offers a temporary card service.

You can still pay bills without a debit or credit card number if you link automatic payments directly to your bank account. All you need is your account number and routing number, which you can find at the bottom of your personal checks.

Linking payments to a bank account rather than a card is generally secure, but there are some risks. To protect account information, make sure you follow your bank’s security recommendations.

If you lose a form of ID, such as a driver’s license or a credit or debit card, you are always at risk of identity theft. 

Get in touch with one of the three major credit-reporting agencies — Equifax, Experian, and TransUnion — and set up a 90-day fraud alert. When you place the alert with one of the agencies, it will notify the other two. 

The alert ensures that no one can take out a loan, apply for credit cards, or set up a new bank account while using your name unless the credit bureau double-checks your identity first.

If someone has stolen your identity, it’s more important than ever to ensure no one, but you can get access to your email and bank account. If you haven’t already done so, enable two-factor identification for any online accounts.

It’s also wise to consider changing your passwords. There is no such thing as being too cautious when it comes to protecting your identity.

A driver’s license, debit cards, and credit cards are probably the most important things you keep in your wallet, but they’re likely not the only things.

So, write out a list of everything in your wallet — such as library cards and gym memberships — and start replacing them one by one.

Finally, once you’ve completed the other items on this list, you'll need to buy a new wallet.

It’s up to you whether you splurge on a new wallet. Some folks find that buying a fancy new wallet they love helps them cope with the trauma of losing crucial items.

Others will decide to keep it simple and buy something affordable. That way, they will keep their costs down and might feel like they have quickly gotten their financial life back on track.

Following these steps can increase the odds that a lost wallet will remain an inconvenience instead of turning into a major headache. The last thing you want in this situation is more financial stress. 

The key is to act fast and boost your bank account by protecting your savings and shielding yourself against the threat of identity theft. These tips should help you overcome this unfortunate situation.