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Despite your efforts to secure your personal belongings, there will still be many chances that your wallet will be lost. You know that the consequences of losing your wallet will be losing cash, family pictures, your driver’s license, social security card, as well as ATMs or credit cards. However, the biggest threat you have to deal with when you have just lost your purse is identity theft. It’s your identity at risk because there are lots of personal and financial information contained in your wallet. It’s not the amount of money lost that you need to fear, but the amount of information that can be stolen from you. Before you become a victim of identity theft with a lost wallet, you need to know what the consequences are and what you can do to prevent it. Here are some tips to deal with lost wallets: Is your wallet really lost or just misplaced? Immediately after learning that your wallet is lost, the first thing that you’ll think of is theft. While this may be true, you may want to consider the possibility that it may just have been misplaced. Did someone really steal your wallet? You may have left it at the restaurant you had lunch in or left it at a coworker's desk. Think about where you went or what you did before you discovered that your wallet is gone. Your identity at risk The biggest problem when losing your wallet is the risk of identity theft. Items such as ATMs, credit cards, social security cards, driver’s licenses and even your insurance cards, can put your identity at risk. Once you learn that your wallet is really lost and not just misplaced, the first step you need to take is to call your banks immediately. Inform them that your cards were stolen so that they can place a flag on your account. They will monitor your account and alert you if there will be fraudulent transactions. For the next few weeks, you need to monitor your credit since credit card fraud is often associated with lost or stolen wallets. For your other ID cards, contact the agencies that issued them and request new ones. This process might take a while so you need to inform them right away. Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. Follow her and learn how to prevent financial identity theft through lost cards and what to do when you lose your wallet to prevent yourself from identity theft and credit scams.
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