What to Do When Your Wallet Is Stolen

When a wallet is stolen, understanding the necessary steps can significantly mitigate potential financial damage and reduce the risk of identity theft. Prompt action protects personal information and financial assets, minimizing the impact of unauthorized transactions.

Immediate Steps

Upon realizing your wallet is missing, immediately contact your financial institutions. Call the issuing banks or credit card companies to report your credit and debit cards as stolen. This rapid notification helps limit liability for fraudulent charges before the cards are canceled. Most card issuers have 24/7 hotlines for reporting theft and offer zero-liability policies for unauthorized transactions reported promptly.

After securing your financial accounts, file a police report. Contact your local law enforcement agency to report the theft, providing details like the time and location of the incident, and a list of items in the wallet. Obtaining a police report number is often necessary for insurance claims, disputing fraudulent charges, or when applying for replacement documents.

Placing an initial fraud alert with one of the three major credit bureaus—Experian, Equifax, or TransUnion—is also imperative. By contacting just one bureau, that bureau is required to notify the other two, ensuring the alert is applied across all your credit files. This alert remains on your credit report for one year and requires businesses to take extra steps to verify your identity before extending new credit in your name. It serves as a warning to potential creditors that you may be a victim of identity theft.

Replacing Essential Documents

Once immediate financial protections are in place, focus on replacing the essential identification documents that were in your wallet. For a driver’s license or state identification card, contact your state’s Department of Motor Vehicles (DMV) or equivalent agency. Many states allow for online replacement, while others require an in-person visit with specific identifying documents like a birth certificate, Social Security number, or proof of residency. Expect to pay a replacement fee, which typically ranges from $10 to $30.

Replacing a Social Security card requires contacting the Social Security Administration (SSA). You can apply for a replacement online if you meet certain criteria, or by mail or in person. The application typically requires completing Form SS-5, Application for a Social Security Card, and providing original or certified copies of documents proving identity, U.S. citizenship or immigration status, and age. The SSA generally limits individuals to three replacement cards per year and ten during a lifetime.

To replace a health insurance card, reach out directly to your health insurance provider. Most providers offer options to request a new card through their member portal online or by calling their customer service number. Provide your policy number and personal details to verify your identity and expedite the process. A replacement card is usually mailed to your address within seven to ten business days.

For other important cards, such as student IDs, work IDs, or loyalty cards, contact the respective institutions or companies. Universities and employers typically have specific procedures for issuing replacement identification. For retail loyalty cards, you can often update your information or request a new card through the store’s customer service or website. Promptly addressing these replacements ensures continued access to services and benefits.

Ongoing Financial and Identity Security

Maintaining vigilance over your financial accounts is a critical ongoing measure after a wallet theft. Regularly monitor all bank and credit card statements for any suspicious or unauthorized transactions. Look for charges you do not recognize, even small ones, as these can sometimes be test charges by fraudsters to see if an account is active. Promptly report any discrepancies to your financial institution for investigation.

Reviewing your credit reports is another fundamental step in protecting against long-term identity theft. You are entitled to a free copy of your credit report from each of the three major credit bureaus—Experian, Equifax, and TransUnion—once every 12 months through AnnualCreditReport.com. Scrutinize these reports for unfamiliar accounts, hard inquiries you did not authorize, or incorrect personal information, which can indicate identity fraud. Immediately dispute any inaccuracies found directly with the credit bureau and the creditor.

Consider placing a credit freeze on your credit files with each of the three major credit bureaus individually. Unlike a fraud alert, which only requires businesses to verify identity, a credit freeze prevents new creditors from accessing your credit report altogether. This makes it significantly harder for identity thieves to open new accounts in your name. You will need to contact each bureau separately to implement the freeze, and you will receive a Personal Identification Number (PIN) to temporarily lift or permanently remove the freeze if you need to apply for new credit yourself.

The cost to replace a driver’s license or state ID varies by state. For example, some states may charge around $20 to $25 for a replacement, while others might be $10 or $43. Some states may offer a free replacement if the license has at least a certain number of days left until expiration.