You may take steps to dramatically limit the risk of identity theft and unauthorized payments to your accounts as soon as you detect your wallet or pocketbook is missing—whether it's lost or stolen. Follow these actions to safeguard yourself and your accounts if you are in this unpleasant circumstance.
Get in touch with your Bank
Because they are linked to money in your checking or savings accounts, report any lost ATM or debit cards to your bank first. Typically, the bank may request that you analyze your recent account transactions to ensure that you were the one who did them. The bank will then place a fraud alert on your account to catch any future fraud instances. The bank will also put your cards on hold, making them unusable. For stolen debit cards, liability for fraudulent charges is higher than for stolen credit cards, and it varies depending on how promptly the bank is alerted. This step should not need you to visit a bank location physically. You may be able to report a lost or stolen card by logging into your online or mobile banking account, depending on which bank you use. If that is not an option, you can contact your bank. Most banks provide a separate phone line for reporting fraud and reporting lost or stolen cards. You do, however, have the option of going into your local branch if that is more comfortable for you. You'll generally receive new cards after reporting and canceling your old ones. In some circumstances, you can acquire a replacement right away by going to a bank location.Contact Your Credit Card Companies
Identity theft generally forms credit card fraud, and stolen credit cards are frequently utilized. Most credit card issuers are aware of this and will monitor your account for strange purchases and notify you if necessary. Furthermore, the Fair Credit Billing Act (FCBA) shields you from liability for fraudulent activities. However, it is preferable to take action to prevent unauthorized charges rather than contest them after they have been made. As a result, as soon as you finish up with your primary bank, notify the companies that your cards have been stolen. You could be held accountable for up to $50 in charges if you don't report your credit card as lost or stolen and it is fraudulently used. The FCBA, however, shields you from having to pay any more. Your credit card companies will analyze your recent transactions with you, place a hold on your cards so they can't be used, and issue new cards, just like your central bank will.Submit a Police Complaint
The local police typically aren't able to help you recover your belongings. Also, unless there were other victims or the criminal robbed you, they may not prioritize your case (as opposed to stealthily taking your wallet). You should, however, submit a police complaint to have a record of what happened. This will provide you with a paper trail that will aid recovery. To file a report, go to the nearest police station to the location where you believe your wallet or pocketbook was stolen or misplaced. Contact the precinct closest to your residence if you're unsure where that was. You might also be able to submit the report online. After you've filed the report, make a note of the report number and acquire a copy. Companies you engage with to resolve an identity theft issue will require a copy of this report, so make numerous copies and save the original.Request a Fraud Alert
Request a fraud warning on your credit report from one of the three major credit-reporting agencies: Experian, Equifax, or Transunion. This alert informs businesses that they should take extra precautions when extending new credit or changing existing accounts in their name. You need to contact one of these credit bureaus to seek an alert, and that bureau will notify the others:- Experian: Call 1-888-397-3742 or request a fraud alert on the Experian website.
- Equifax: Call 1-888-766-0008 or request a fraud alert on the Equifax website.
- Transunion: 1-800-680-7289 or request a fraud alert on the Transunion website.
File a Report With the FTC
Visit IdentityTheft.gov, a website run by the Federal Trade Commission (FTC) that can assist you in resolving identity theft issues. To report potential identity theft and receive a customized recovery plan, fill out an online form or call 1-877-IDTHEFT (1-877-438-4338). The FTC also gathers data on identity theft for research and analysis.Get a New Driver's License
A driver's license cannot be replaced online in most states. To do so, you'll most likely need to visit a DMV office and show at least one form of identification, such as a birth certificate or Social Security card. You may need to submit a copy of your police report, FTC report, or other proof of theft if you can't discover the necessary ID or if your alternate forms of identity were also stolen.Call Other Card Issuers
Consider any non-financial cards in your wallet or purse, such as a library card, rewards card, or membership card. Identity thieves can incur a lot of costs, so even if you think the card is harmless, you should contact the person who gave it to you. Scammers are resourceful, and it's impossible to predict how your personal information will be exploited.Change Your Locks
Your address is most likely known to a thief from your driver's license or other items in your wallet. Changing your locks is an excellent idea if you keep your keys in your pocket or purse. Tell your neighbors what happened if it's acceptable, and encourage them to watch strangers near your door. A home security system can be a good idea if you're worried about home invasion or burglary.Call Your Lawyer
Theft of identity nearly invariably leads to legal issues. Discuss what happened and the precautions you've taken to protect yourself with your lawyer. Inquire if they have more suggestions beyond those you've already taken. A lawyer can put you on the appropriate route if your state has unique laws and agencies to assist victims of identity theft. The state attorney general's office is an excellent place to start if you don't know a lawyer.Consider a Credit Monitoring Service
Identity theft can occur years after personal information has been lost or stolen. It can take several years for something to manifest. Credit monitoring or fraud prevention services can assist in catching fraud or identity theft as soon as it occurs and preventing it in the future. You can usually sign up for such a program through your bank or credit card issuer, but there are also many third-party options. The cost, as well as the amount of detection and protection, varies. Credit monitoring services are available for free in some cases.The Bottom Line
Having your wallet or pocketbook stolen is inconvenient at best and dangerous at worst. Maintain your composure, act fast, and be aware of your rights. If you follow these measures, your life, finances, and accounts should gradually return to normal. You'll be able to move past this unpleasant chapter in your life if you remain diligent and do the necessary work.Frequently Asked Questions (FAQs)
How do I get home if my wallet is swiped while I'm on vacation?
If your wallet is taken, you may still be able to fly. Arrive at the airport at least two hours before your trip and be prepared to go through lengthy security checks. According to the Transportation Security Administration (TSA), passengers can establish their identity in various ways. You will be allowed to travel through security if the TSA can validate your identity through alternate means.What can I do if my cryptocurrency has been stolen?
It has been possible to recover stolen cryptocurrency in the past, but it is a time-consuming process. If you're using a wallet like the Trust Wallet linked to a Binance account, you'll have to go to court to get your money back. You'll have to submit a police report because Trust Wallet won't be able to help you recover the cryptocurrency.