My Wallet Was Stolen. What Should I Do Now?

A stolen wallet can cause distress, but taking swift action can mitigate harm. Understanding immediate and long-term steps is important for safeguarding your financial well-being and personal information. Acting quickly can limit unauthorized activity and streamline the recovery process.

Immediate Steps: First Actions to Take

Upon discovering your wallet is stolen, your first actions should focus on limiting financial exposure. Promptly contact your financial institutions to cancel or freeze credit and debit cards. Many banks offer 24/7 fraud hotlines, which can be found on their websites. Online banking portals also provide options to immediately freeze a card, which temporarily prevents new transactions without fully canceling the account.

After addressing your financial cards, filing a police report is an immediate step. Contact your local police department’s non-emergency line or visit a police station to report the theft. Provide details about what was stolen, including descriptions and when/where it occurred. Obtaining a copy of this police report, or at least a report number, is important for later steps, such as disputing fraudulent charges or replacing government-issued identification.

Protecting Your Financial Accounts and Identity

Beyond immediate card cancellations, broader protection of your financial accounts and identity is necessary. Placing a fraud alert with one of the three major credit bureaus—Equifax, Experian, or TransUnion—is a measure. Contacting one bureau is sufficient, as it notifies the others. An initial fraud alert lasts for one year and advises creditors to verify your identity before extending new credit.

For more protection, consider initiating a credit freeze with each of the three major credit bureaus. A credit freeze restricts access to your credit report, preventing new credit accounts from being opened in your name, effective against identity thieves. This service is free to place and lift. While it does not affect your credit score, you will need to temporarily lift it if you apply for new credit or services that require a credit check. You can initiate or lift a freeze online, by phone, or by mail, with online or phone requests processed within one business day.

Reporting identity theft to the Federal Trade Commission (FTC) through IdentityTheft.gov is an important action. This website provides a streamlined process to report the incident and generates an official FTC Identity Theft Report. This report serves as proof of identity theft when dealing with creditors, banks, and other entities, helping to dispute fraudulent accounts or transactions. Throughout this process, review your bank accounts, credit card statements, and other financial records for suspicious transactions.

Replacing Your Important Documents

Replacing your stolen identification and other documents is a next step. For a driver’s license or state identification card, visit your state’s Department of Motor Vehicles (DMV) or equivalent agency. Requirements include proof of identity, proof of residency, and the police report. A replacement fee may apply, and the new card could take weeks to arrive by mail.

To replace a Social Security card, apply through the Social Security Administration (SSA) online, by mail, or in person at an SSA office. Provide original documents proving U.S. citizenship, age, and identity. New cards generally arrive within two weeks. You are limited to three replacement cards per year and ten over a lifetime.

For health insurance cards, contact your provider directly to request a replacement. Most issue a new card within 30 days. If you have Medicare, order a replacement card by logging into your Medicare.gov account or by calling 1-800-MEDICARE. For other cards like student IDs or library cards, contact the issuing institution directly for replacement procedures.

Long-Term Monitoring and Recovery

Ongoing vigilance is important even after initial protective steps. Regularly checking your credit reports for unauthorized accounts or suspicious activity is advised. You are entitled to a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once every 12 months through AnnualCreditReport.com. This website allows you to request all three reports at once or space them out to monitor your credit more frequently.

In addition to credit reports, continue to monitor all your financial statements, including bank accounts and credit card bills, for any transactions you do not recognize. Even after initial actions, fraudulent activity might surface weeks or months later. If new unauthorized charges or accounts are discovered, promptly dispute them with the creditors and leverage your FTC Identity Theft Report as supporting documentation. Maintaining active fraud alerts or credit freezes can provide ongoing protection against future identity theft attempts.