It’s happened to me. It’s happened to thousands of people. You go to look for your wallet and it’s nowhere to be found. In my case, the thief was only after the cash. All of my credit cards, Driver’s License, and the rest of my belongings were untouched. A city bus driver found it when his shift was over. Most are not so lucky. For some, the panic scenario is just beginning to unfold. Everything a thief needs for identity theft is generally right there in that wallet.
If this has happened to you…. ACT FAST!
Cancel your Debit Cards and Credit Cards.
Call your bank and credit card companies as soon as possible. Ask them to cancel your card and send out replacements with new numbers. This is more time sensitive for Debit Cards. If you notify your bank within two business days, you may only be liable for $50 of unauthorized charges. If you wait for 60 days, you could be liable and out up to $500. If you notify your bank immediately, and before any charges are made, you could be liable for $0 out of pocket. Check with your bank for their specific policies.
Credit Card are a bit different. But that doesn’t mean you should delay notification of a lost or stolen card. You have 60 days in which to report. Federal Law limits the liability of the card holders to $50 for unauthorized purchases.
File a Police Report.
This may seem silly and maybe thought of as a “what’s the point” action to take. But this is for your safety. Go to your local Police station and fill out the paperwork. The Police aren’t going to go hunting for the thief that stole your wallet. But the important thing to realize is that you have documented the theft. This may help if you may need to dispute items on your credit report down the road for fraudulent charges.
Freeze your Credit and set up Fraud Alerts with the Credit Bureaus.
It’s good practice to contact Experian, TransUnion, and Equifax to put a freeze on your reports. Chances are, a thief has everything they would need, in your wallet, to open up accounts under your identity. If you keep your Social Security card in your wallet, now is probably a good time to remove it. If a thief has your name, address, birthday (all on your Driver’s License) and your Social Security card, that’s a jackpot! Placing a freeze and fraud alert at the bureau level will prevent lenders from accessing your credit worthiness and most likely deny a would-be thief the opportunity to open up new accounts in your name. If you don’t have a credit monitoring service for yourself, get one. You can set up alerts of suspicious activity that usually notify you straight to your phone. It’s well worth a monthly subscription price.
Lastly, the little things that you don’t think about amidst all of the chaos. If you have accounts that are being auto drafted from one the card accounts replaced…. Be sure you update that information once you have the new card numbers. Go to your local DMV to replace your Driver’s License. There’s usually a small fee for that. If you did have your Social Security Card stolen, you should be able to attain a new one at your local Social Security office.
Being prompt and proactive is the key to limit any chances of fraud.
