What should I do if my wallet (and the cards in it) are lost or stolen?

There is a ridiculous amount of personal information in your wallet. That quantity of information translates to a large amount of liability. Consider if someone steals or finds your wallet they have:

• Your name
• Address
• Driver's license
• Credit cards or ATM

And for many people:

• Any personal notes, keepsakes, or phone numbers you had written in you wallet
• Pictures of your family
• Your gym ID
• Your company ID
• Your school ID

The main point here is that they have a lot of information on you. And all of that information makes ID theft a cinch.

Scary story:

There is a booming "full service" black market for identity cards and financial information. We're talking about international selling of pilfered identities, everything down to the sale of credit account numbers, accurate PIN numbers, and mother's maiden names (no joke). With the popularity of the internet, online black market hubs appear one month with a certain overnight website, then close up shop and shift to another hard-to-trace international website the next month.

Stolen identification cards are in huge demand right now. One of the main reasons stolen cards are in demand is because it is far easier to find work with a state-issued ID. So if you're an illegal immigrant working in Los Angeles, your chances of finding a job skyrocket if you can deliver a California driver's license.

Some advice:

The simplest and most helpful piece of advice is this: don't store all of your credit cards in your wallet, because if you lose that wallet, or if it is stolen, you don't have any credit cards left. Many people have learned this the hard way.

What to do if your wallet gets lost or stolen:

1) Make a list of the cards that were in your wallet: ATM/Debit cards go on the top of that list, next all of your credit cards and gas cards, then your driver's license, followed by the less important cards of health insurance, gym memberships, and other cards. Generally speaking, the list should be prioritized by financial liability (AKA how screwed you'll be money-wise if you lose that specific card). This list will be handy so you can make notes of your contacts at various card companies, phone numbers, contacts names, extensions, and more.

2) Call your ATM/debit card companies first. Report your ATM/debit as lost or stolen. Many banks will walk you through the process and are very understanding. That said, the reason to call banks before credit card companies is that not all banks have theft protection (where you don't have to pay when a thief illegally uses the card).

3) Next, call your credit card companies. Here's the good news with credit cards: these companies lawfully must have theft protection. If your credit card gets taken and some lowlife thief runs it up, credit card companies only hold you accountable for the first $50 dollars.

4) Next, call one of the three major credit bureaus. They are Equifax, Experian, and TransUnion. Contact one with a fraud/security alert and they will contact the other two. Their contact information is listed below. It is recommended you run an "Initial Security Alert" which requires creditors to confirm your identity before extending your credit. This is useful if someone tries to open up a credit line or other account in your name. The alert is functional for 90 days and does not affect your credit score. If you know that your credit has been used fraudulently then you can put an "Extended Fraud Victim Alert" on it. This alert is good for 7 years.

5) Next, get around to calling on your gas card. A thief can only run up so much money on this in 24 to 72 hours (which is why it's the lowest credit-type card on the list... but I don't know... with gas price trends the way they are these days...).

6) Up next: file a police report. This will give you legal documentation that your wallet was stolen or lost. Some credit card companies and banks require you have this documentation. At the very least, it will help you have legal documentation and very likely will save you time in the future.

7) Go down to the DMV and get another driver's license. Some states require the police report if your license has been stolen.

8) The last really important call is your health insurance card. Health insurance fraud is an increasing concern in the United States (seeing as a good insurance plan is so hard to come by). In this type of fraud, an imposter will show up to a health clinic or hospital and get treated using the victim's insurance information. Many times, they will just have to make the co-payment, and often they will leave the victim with the rest of the bill, both costing a great deal of money and time (when the victim has to correct their medical records).

9) Finally, deal with all the cards of lesser importance like your gym membership, student IDs, grocery club cards, etc...

Contact information for major credit bureaus:

Equifax
Consumer Fraud Division
Phone: 800-525-6285 or: 404-885-8000
Fax: 770-375-2821
P.O. Box 740241
Atlanta, GA 30374-0241

Experian
Experian's National Consumer Assistance
Phone: 888-397-3742
P.O. Box 2104
Allen, TX 75013

TransUnion
Fraud Victim Assistance Department
Phone: 800-680-7289
Fax: 714-447-6034
P.O. Box 6790
Fullerton, CA 92634-6790

Related articles

• Identity theft index page
• ATM scams
• Credit card scams
• Card-based concerns index page
• Privacy Alerts™ homepage

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