You are late for your meetings it is raining and you need to leave right now but the wallet went missing all of a sudden, don’t spend the next hour tearing your house apart for the wallet. Rather follow the below steps when the wallet is missing, this will help to reduce the loss if the what to do if a wallet is stolen?
This is what is needed to be done when you lose your wallet
1. Call up the debit card issuer – The bank
Robbers have the potential to do a lot of damage and loss in a short span of time. Getting in touch with the bank or financial institution responsible for issuing the debit card, is the first thing that you need to do when the wallet disappears. Ask the bank that according to you the debit card has been stolen or stolen wallet is the problem.
This is when the bank will instantly block the debit card and issue a new one with a new number. There will be a check to verify what was the last purchase, last transaction from your card before you lost it. It is often when people say I lost my wallet and get worried the most.
2. Call the bank that issued your checkbook
Oops I lost my wallet. The thugs or the thieves can easily and quickly remove money from the active account as and when they have your wallet in their hand. Or just in case your purse is stolen and they get your check book in the purse. It becomes even worse if one or two checks are signed.
One will need to take similar steps incase of loss or theft of debit cards. Calling up the bank or the financial institutions should be the first move in such a scenario in order to freeze the account. With this the thieves will not be able to go ahead with any purchase with the help of your checkbook. Customer service representative will go through the record in order to tally with the transactions that have been visible in the account to distinguish from the ones you did not.
3. Call your credit card companies
The companies that issued the credit card should be contacted right away as all of them should be cancelled at the moment. In accordance to the Fair Credit Billing Act no one would be responsible for the fraudulent activities made on the credit card. But this can take place only when the credit card complaint for theft has been logged and should be done before the thief starts misusing it.
And just before your report the theft of credit card and the thief uses it then you would be liable to pay about $50 of the unauthorized purchases. Still thinking where is my wallet? Try the next method
4. Set up fraud alerts with the national credit bureaus
No one wants their identity to be stolen and being used for applying new credit cards or loan disbursals in your name. An ideal way to be safeguarded from such a threat is to get in touch with the national credit bureaus, it might be Experian, TransUnion or Equifax- to place a request that they activate the fraud alerts (red flags) on the credit reports.
5. Consider identity theft protection
You can be vulnerable despite of you cancelling the current-savings account,debit cards, credit cards that are usually there in your wallet. Thugs or the thieves can make use of other identity cards such as social security number and other important documents that the thieves can make use of as their identity proof. Additionally configuring fraud alerts one may need to consider signing up for LifeLock’s Standard membership.
6. File a police report
This might not be your preference when you lose your wallet the police may be of help but the majority of the population don’t care to bother the police department. The reason for this is they think it is simply a waste of time as the police is never going to find the lost wallet. However, filing a police report is a crucial step in safeguarding your identity.
7. Replace your Social Security card
It is advised by the experts not to carry the social security card in the wallet. Thugs just adore the social security card very much as they would love to have your social security number. It will be a pretty easy job while applying for loans line of credit with your name with this highly secured information. And if you did by mistake of placing the card in the wallet one will need to order a new one by getting in touch with the national credit bureaus. This may avert the thugs to open new credit with your name until and unless the card is personally freezed.
8. Check your credit reports for unusual activities
Going through the credit reports regularly and being a vigilante right after you lost your wallet somewhere one will need to make sure that there is no one out there making use of your credit lines and scores to apply for loans. The ideal method of getting this done is to go through the credit reports every now and then.
Luckily you can request for three credit reports which is maintained by Experian,TransUnion &Equifax at this all will be at zero charge . Once the credit reports are received pay attention to it with utmost caution and if you come across some variance or transactions your are completely unaware of contact the credit bureau right away.
9. Apply for a new driver’s license
This one can be really painful. If you had kept your driver’s license in the wallet you will have to get a new one which will be valid for the remaining period of your expiry. And if this is not done there are high chances that you might be paying a heavy fine for this if a traffic police cop stops you.
You will need to visit the DMV to get this done. Whatever is the requirement whether it is documentation, fee or other important things differ from one state to another. So go through the internet before you visit the DMV also reporting a police report for loss of Drivers licence is a good idea as you will need a copy of the report while reapplying for licence.
10. Change the locks?
If you have a habit of keeping the home key in your wallet or maybe in the purse in which you used to keep your wallet it is about time that you get your locks changed. It is basically a threat to you and your home if a thug who is armed, having your address from any of your identity cards and key to your home can break in your house at any point of time.
You can avoid this by instantly changing lock of your home so that the key in your wallet to your door is of no use while opening your door.
11. Preparing a checklist of what else was in your wallet
Just like any individual there is a high chance that you might be carrying ample cards in the wallet. Some may be next to useless while on the other hand some may be very useful which needs to be deactivated before someone decides to use it for their expense or purchases. Health insurance cards are even more important to keep an eye upon.
It is a must for you to prepare a checklist of what all the items you have in your wallet and begin by replacing one by one and eventually all of them. Insurance cards need to be replaced as you will need it while you visit your doctor for a routine checkup. Auto insurance cards are something that needs to be replaced too as this needs to be kept in your glove compartment.
As the majority of the states ask for the insurance proof which nowadays is accessible through the phone apps. Instead of having a true copy is a much better solution to this problem of yours. Cards such as coffee membership cards and gym membership cards can be replaced as and when you have time to get it done.
12. Relax and take a deep breath
Right before the moment you start the search for your lost wallet take good 30 seconds to get the desired mindset. Managed breathing is a good method to minimize the stress levels and boost focus. Once done, beginning with your search.
13. Adapt for the backdrop
The best start is asking “where I saw it last?” hardly proves to be fruitful answer. If you are aware of that concentrate on the thought where you did see your wallet last? What is even easier? Checking the coat or the pants which you wore last time is the best chance one could take.
14. Run eyes through the places where you usually keep your belongings
Most of us have the habit of placing the wallet above the hairdresser or be stacked under the pile of clothes. Check it in the gym bag or centre console of your car. Where you work there must be a desk where you sit right? Make sure to check the desk drawer without fail.
15. Look for it but without destroying everything else that still remains
Still no sign of where your wallet went? It’s time to advance to the next level. Begin with any one room of your choice and go through everything very systematically and place everything that you remove back in its place so that in search of one wallet the house becomes a mess.
Humans have the tendency to memorize anything and almost everything they wish to but this is still a debatable topic whether to forget is a blessing or a disease. So when you lose your wallet, keep calm and follow the above mentioned methods. And we hope you find it soon. As this may help when countering the question what to do if you lose your wallet?