Stolen or Lost Wallet? 10 Steps That Will Keep You Safe

What To Do If You’ve Lost Your Wallet

A lost wallet isn’t just an inconvenience; it's a real threat to your financial security. This pocket-sized accessory contains credit cards, debit cards, and a driver’s license showing your full name and home address — just about everything a fraudster needs to steal your identity.

If your identity documents fall into the wrong hands, you could lose much more than a few plastic cards.

Last year alone, losses from stolen or compromised debit and credit cards hit $460 million [*]. 

In this guide, we’ll explain exactly what to do the moment you realize your wallet is missing — so you can protect your finances, credit score, and identity. 

Follow These Steps as Soon as Your Wallet Is Missing 

If you think your wallet has been stolen, you must act quickly to stop fraudsters from taking advantage of you.

Start tightening your personal privacy by following the steps below:

1. Report missing debit and credit cards immediately

Your liability for losses from fraud depends on whether you contact your bank before or after someone unlawfully uses your cards. If you wait too long, you could be on the hook for debts that aren’t yours. 

Here’s how the Federal Trade Commission (FTC) explains the differences between debit and credit card fraud [*]:

If you report fraud within two days of losing your card or discovering fraud, the Electronic Funds Transfer Act limits the cardholder’s liability to $50. If you wait longer than two days, you could be liable for up to $500; and a delay of more than 60 days could make you liable for the entire amount [*].

As soon as you realize your cards are missing, contact your bank or credit card issuers’ customer support departments: 

• Bank of America: 1-800-432-1000
• Chase: 1-800-935-9935
• Citibank: 1-800-950-5114
• Wells Fargo: 1-800-869-3557
• TD Bank: 1-888-751-9000
• US Bank: 1-800-285-8585
• PNC Bank: 1-888-762-2265
• American Express: 1-800-869-3016

💡 Related: Credit Card Fraud Detection: How To Know If You’ve Been Scammed →

2. Lock your cards by using your bank’s mobile app

If thieves have your wallet, they could start draining your savings in minutes — either in shops or with online purchases. Acting quickly to block access to your cards could save you a lot of money. 

Here’s what to do:

• Freeze your cards in the mobile app. Most banking apps have a card security feature that lets you temporarily lock or freeze the cards. Open your app, and navigate to the cards section to enable the card lock.
• Keep it locked. You can leave the lock in place while you search for your wallet, so you won't have to worry about losing money or ordering new credit cards until you confirm the wallet (and cards) are gone.
• Get assistance if you’re stuck. If you can't lock the cards in the app (or have any other problems), contact customer support through the in-app chat or by phone.

3. Retrace your steps from the time your wallet went missing

Often, a lost wallet turns up again without any real drama, which saves you the hassle of canceling cards and replacing them. After locking the cards, take time to look for your missing wallet before taking any further action.

Here’s what to do:

• Start searching immediately. You can quickly scour the obvious places that a misplaced wallet might end up — like in jacket pockets, behind furniture, or in your car. 
• Check your online transactions. By reviewing your purchases in the mobile app, you may be able to jog your memory about the last time you used your cards — and where you may have last seen your wallet.
• Go back to places you recently visited. It’s possible you left the wallet in a locker at the gym or sitting at a table in your favorite restaurant. Make calls or go back to these places to see if anything was found.

💡Related: What To Do If Your Phone Is Lost or Stolen →

4. Freeze your credit with all three bureaus

Fraudsters can use your stolen driver’s license or bank cards to fool financial lenders into giving them money — such as a payday loan. If crooks run up debts in your name, it will hurt your credit score.

Here’s what to do:

You can protect yourself by blocking access to your credit reports with a credit freeze. To put this temporary security measure in place, contact the three credit bureaus individually by using the contact details below:

5. File a police report

Notifying local law enforcement is important if you've lost your wallet. They can help you track it down, and will be on watch to ensure that local business owners aren't duped by thieves using your identity. 

Here’s what to do:

• Visit the local police department. You can explain the course of events to an officer, sharing details about when and where you think you lost your wallet. Remember to bring other identification, such as a passport or birth certificate. 
• Leave your personal contact details. The police will need time to investigate, but they should update you if and when they find any useful information. 

6. Check your accounts for suspicious transactions

Thieves who get their hands on stolen bank details or credit card numbers often attempt small test purchases first before maxing out the lines of credit. If you’re vigilant, you can spot the warning signs before it’s too late.

Here’s what to do:

• Get your credit reports. You can order free copies of your credit files from each of the three reporting agencies at Annualcreditreport.com.
• Review your finances for suspicious activity. This process takes time but could save you thousands of dollars. Carefully examine your credit reports, bank statements, and credit card statements for unfamiliar activity, such as a small unauthorized transaction — one of the early warning signs of identity theft.
• Report issues immediately. As you take note of the details of any fraudulent charges, contact your bank or credit card company. If it is an illegal transaction, the support team can help you place a fraud alert and file a dispute to get your money back. 

💡 Related: How To Get Three-Bureau Credit Monitoring →

7. Secure your online accounts

Almost four in five Gen Z Americans reuse the same password across multiple accounts [*]. If fraudsters use your stolen bank cards to access your online banking account, they might not stop there — they could exploit several of your accounts quickly by trying the same password and email address. 

Here’s what to do:

• Create new passwords. Even if only one account was compromised, you can stay safe by updating all of your login credentials. You should create complex, unique passwords that combine uppercase and lowercase letters, numbers, and symbols. 
• Use a password manager. It’s hard to remember unique passwords for every account. To make your life easier, all Identity Guard plans include a secure password manager that creates, saves, and stores all of your login credentials for you.
• Implement two-factor authentication (2FA). Even if someone knows your password, they won’t be able to gain access to your accounts without a second factor — such as a special code sent to your phone, or a fingerprint scan on your device.

8. List and replace cards and IDs that were in your wallet

In January 2023, an Ohio public school teacher had her driver’s license suspended after someone stole her purse. Police found out the thief had used the 47-year-old victim’s license after being caught shoplifting — which later led to the driving suspension [*]. 

If you lose your wallet, it's vital to notify all official government bodies as soon as possible so that you can replace the cards and avoid any legal troubles.

Here’s what to do:

• Make a list of everything contained in your wallet. After securing your main financial service accounts, think about all of the other cards in your wallet. Consider everything from government documents to health insurance cards and retail loyalty cards. If there's a chance any card could be linked to your address or bank accounts, you need to notify the proper authorities.
• Contact the Department Of Motor Vehicles (DMV). You can request a replacement license online; but given the risk of fraud, it’s best to visit or call a local driver's license office to explain what happened. You can also ask the DMV to place a “Verify ID” flag on your license — if a criminal tries to use your stolen license, police will receive an alert. 
• Notify the Social Security Administration (SSA). You can request a replacement Social Security card from the SSA. Your new card will have the same Social Security number (SSN) unless you can provide proof that your SSN has been compromised by identity theft.

💡Related: What To Do If a Scammer Has Your Social Security Number →

9. Update your auto-pay information

Once you cancel the missing cards, scheduled payments (including your mortgage or auto loan) may bounce. Failed payments won't just mean your Netflix is unavailable — it could dent your credit score.

Here’s what to do:

• Immediately swap to backup cards. The new cards may take a while to arrive, but you can avoid missed payments by using alternative credit cards or virtual cards to take care of bills.
• Track all of your auto payments. You can use an app like Rocket Money to find all of your direct debits and subscriptions. If you don't want to pay for an app, you can manually review your recent bank and credit card statements to find your recurring expenses and take note of the dates when payments are due.‍
• Pause subscriptions. If you have any cash flow issues because of the lost wallet, it might be better to pause or defer some services. Contact the provider to discuss options if it's something important — like your mortgage, a loan repayment, or a utility bill.

10. Consider signing up for identity theft protection

A proactive approach to managing your finances and privacy is crucial, but it doesn’t guarantee you’ll avoid fraud. With a dedicated digital security platform like Identity Guard, you can get comprehensive protection for all of your financial accounts, credit reports, and sensitive personally identifiable information (PII). 

Here are some of Identity Guard’s key features: 

• 24/7 monitoring and fast alerts. With Identity Guard, you can get peace of mind by knowing you have round-the-clock protection — including three-bureau credit monitoring and rapid fraud alerts to warn you about suspicious activity in your bank, credit files, and investment accounts.
• Identity theft insurance. In the worst-case scenario, identity theft victims could be left dealing with large debts and protracted court battles to restore their credit files and reputations. Identity Guard includes up to $1 million in ID theft insurance to cover eligible losses and expenses like legal fees, stolen funds, and lost wages. 
• Fraud resolution support. Recovering from the impact of fraud is a time-consuming, stressful experience. Identity Guard provides 24/7 access to U.S.-based professionals who can walk you through every step — including liaising  with banks, credit bureaus, government agencies, and impacted vendors.

What Can Scammers Do With a Stolen Wallet?

A lost wallet opens the door to a myriad of potential threats that can disrupt your life and financial stability. Here are some of the dangers you face when your wallet ends up in the wrong hands:

• Credit or debit card fraud. The most obvious risk of a lost wallet is having scammers use your credit or debit cards. In some cases, fraudsters spy on you (or “shoulder surf”) while you enter your debit card PIN before stealing your wallet — giving them quick access to your accounts. 
• Identity theft. Thieves can use your physical ID to impersonate you online or offline. They could open new accounts or gain access to services in your name — including medical care — or intercept your tax return and refund.
• Burglary, stalking, or mail theft. Your home may become a target for criminals if they learn your home address from your driver’s license. Aside from an increased threat of further theft or harassment, fraudsters could use your address for brushing scams.
• Impersonation. Con artists could use your identity to impersonate you at hospitals, banks, or with loan providers. If they secure a line of credit or receive a bill in your name, you could be left on the hook when they vanish.
• Criminal identity theft. If a thief is caught in criminal activity, like shoplifting or a traffic infringement, the perpetrator could show your stolen ID to the police. Any impersonation scams involving your details may lead to false allegations or charges against you.
• Account takeovers. Hackers can use personal information found in your wallet to breach your online accounts — including your Amazon account, social media networks, or email inboxes. Once they seize control, they could make financial transfers or run phishing scams against your friends and family.

💡Related: Lost Your ID? Here Are The Risks (And How To Protect Yourself) →

Identity Guard Can Protect You Against Wallet and Identity Theft

A missing wallet shouldn’t be something you take lightly. Identity thieves only need a few minutes to clone your driver’s license or drain your savings and credit card accounts. If you don’t act fast, they could target you with severely damaging types of fraud that could impact your life for years, including tax scams and SSN identity theft. 

Identity Guard can keep you safe against scammers and identity thieves, and give you the support you need if your wallet is stolen or you become the victim of identity theft.  

Give yourself peace of mind — Try Identity Guard today!