What to do when you lose your wallet

Quick insights

• If you lose your wallet, there are several important items you might need to replace.
• Besides replacing critical documents, you may want to take other steps to guard your identity and finances.
• Although losing a wallet is unpleasant, reporting the loss to authorities and responding quickly and calmly will be helpful.

Losing any possession can be frustrating. Losing your wallet? It can be nerve-wracking, to say the least. Our guide will detail what to do if you lose your wallet, as well as how to guard your finances, identity and more.

Five steps to take after you’ve lost your wallet

1. Stay calm and think back

First, try to recall where you last had your wallet. Retrace your steps, check your recent activities and search in likely places: your home, car or the last store you visited. Sometimes, a very thorough search with a cool head will help you find what’s lost. However, if you truly think you’ve lost your wallet, start gathering information about its contents.

2. Contact your bank and credit card companies

If you have any debit cards or credit cards, inform the financial institutions that issued the cards. To best protect debit and credit cards in your wallet, each can be canceled to prevent unauthorized transactions. You should also be able to order a replacement card by contacting the relevant financial institution.

When you misplace a debit or credit card, you may be able to lock it temporarily through your bank’s mobile app. This can be useful if you think you might find your wallet soon, as opposed to realizing that it’s gone for good.

3. Report the lost wallet to the police

File a police report with local authorities even if you don’t suspect the wallet was stolen. Having a police report can be helpful if your wallet is found and you need to verify ownership. The report can also be used later if you have to dispute fraudulent charges, replace official documents or fight identity theft.

4. Notify your state Department of Motor Vehicles (DMV)

When you report your driver’s license or state-issued ID as lost or stolen, you can obtain a replacement, often for a fee. The DMV might mark the replacement as a duplicate and record that the original license is lost. Measures like these prevent misuse and fraud.

5. Replace other important documents

In addition to your driver’s license and bank cards, you may also need to replace other passes in a lost wallet, such as any:

• Health insurance cards
• Membership or store loyalty cards
• Transit passes
• Gift cards

If your Social Security card was in your wallet, contact the Social Security Administration to report it lost and request a replacement.

How to protect your identity after losing a wallet

Although you can typically replace what’s lost in your wallet, taking additional actions will help guard your identity and finances.

Update passwords and PINs

If your wallet had any information that could be linked to online accounts, change those passwords and PINs immediately. Use strong, unique passwords for each account. In addition, consider using a password manager to keep track of them securely.

Set up fraud alerts

To protect yourself from identity theft, set up a fraud alert with one of the major credit reporting agencies— Experian™, Equifax^® or TransUnion^®. This alert notifies creditors to take extra steps to verify your identity before issuing new credit in your name. Your financial institutions might also offer fraud alerts for accounts you currently have.

Monitor your accounts and credit reports

Keep a close eye on your credit card and bank statements for any unauthorized transactions, which can be done online. Regularly check your credit reports for unfamiliar accounts or inquiries, as well. Vigilant monitoring is vital if you hope to identify and resolve fraud.

Set up a credit freeze

A credit freeze restricts access to your credit report, making it difficult for identity thieves to open new accounts in your name. You can place a freeze with each of the three major credit bureaus— Experian, Equifax and TransUnion—and it can be lifted when necessary.

Consider identity protection services

Various paid services can provide identity monitoring, alerts and insurance against identity theft. These services may help you detect and resolve fraudulent activity. Some government and nonprofit organizations also assist in identity theft cases, including the SSA, IRS and Federal Trade Commission (FTC).

How you might track a lost wallet

Besides backtracking your own steps with a keen eye, here’s how you could track a lost wallet:

• Banking apps: If it had debit or credit cards, use your banking apps to check for any recent transactions. The last shopping that you did, such as a grocery trip, could give you a clue about where you left your wallet.
• GPS trackers: Some wallets on the market have GPS trackers built in. You can also add GPS tags designed for various other possessions, such as luggage and handbags, to a wallet. These devices are small and might fit well in a wallet, providing real-time location tracking on the tracker's corresponding website or mobile app.
• Old-fashioned phone calls: If you believe you lost your wallet at a business or public location, contact the proprietor. Many businesses, especially larger stores and restaurants, have lost-and-found departments. If you’re fortunate, a good Samaritan may turn in your wallet.

What are the chances of finding a lost wallet?

The chances of finding a lost wallet depend on several factors, including where you lost it and whether it was stolen. Reporting a lost wallet to the places you’ve visited and the police increases the odds you’ll recover it. When people want to return a lost wallet, they’ll likely go to staff members at a store or the police.

The longer a wallet remains missing, the less likely it is to be recovered, especially if it was stolen. Chances of recovery are often extremely low when a wallet is stolen. However, it’s not uncommon for lost wallets to be found and returned weeks or even months after disappearing.

How to avoid completely losing your wallet in the future

As mentioned earlier, GPS trackers can help you locate a lost wallet. These devices vary in size, but adding them to your wallet can provide some peace of mind. Photocopies can also be invaluable backups if you need to quickly cancel cards or replace IDs.

Finally, try to make a habit of checking for your wallet regularly, especially when leaving a location. Make it a routine to tap your pocket or bag to ensure your wallet is still there, particularly after making a purchase or getting out of a vehicle.

In conclusion

Taking certain steps directly after you lose your wallet may help you increase your odds of recovery. You can safeguard your identity while your wallet is missing by contacting your financial institutions, local authorities and the DMV. Although the situation can be stressful, it’s important to act quickly and calmly.