Lost Or Stolen: How To Minimize The Damage From A Missing Wallet Or Purse

Losing a wallet or purse is indeed one of the most stressful situations that can render you incapable of carrying on with your daily chores. However, you do not have to stagnate there, move on and take the following steps to minimize damage that could arise down the road.

Have copies of everything in your wallet: 

Most people are fond of carrying credit cards, identification cards, insurance cards and other confidential pieces of documents in their wallets. Replacing such documents can be daunting and time consuming experience as you will have to fill out the application documents again. Note that some of the documents such as identification card may take up to three days to process. However, copies of the documents will help you get replacements much easier. For example, if your social security card was in the wallet, all you have to do is call your social security administrative offices to explain what happened and fill out the Form SS-5 to get a new one for free.

Desist from carrying too much confidential information in your wallet: 

It is highly recommendable to only carry documents or cards that you need. Other details such as bank accounts, passwords, social security card should be kept safe in your home or office as you will hardly use them to book accommodation in your selected restaurant. Never keep your social security or driving license numbers on your wallet because they can be used by the burglar to apply for loans or even open bank accounts without your consent.

Check your credit reports for any fraudulent activity: 

This is one of the things that should do immediately after realizing that your wallet has been stolen. Carefully review the reports for any fraudulent or unauthorized transactions such as purchases that you did not authorize. Information on such transactions can help the federal authorities to track down the burglar.

Contact your Bank and credit reporting bureaus:

It is prudent to contact your banks as soon as you realize that you have lost your wallet to have all your cards blocked. Note that you may be charged for any withdrawals and overdrafts if you do not report the loss on time. The credit reporting bureaus can place a fraud alert on your account to block any transactions. Also, they can track the withdrawals and assist federal authorities to arrest the culprits.

Reconfigure deposits and auto-payments:

If you are a business entrepreneur, burglars can use the card to withdraw money or request for payments from your clients. To avoid such scenarios, it is prudent to call your bank and reconfigure the pre-set deposit and auto-payments. This will greatly help to prevent anyone from using your account without your consent. The bank’s contact number that you can call is usually transcribed at the back of the credit cards.

Closing Tips: At times it is much safer to leave your wallet behind when going out at night. Avoid stacking all the required confidential documents and cards in your wallet by carrying some of them in your briefcase or travel bag.