We’ve all been there; you reach for your wallet and find nothing in your pocket or purse. The panic we feel in that moment is real because our wallet can be a treasure trove for criminals, who can go on to perpetrate credit card fraud or identity theft. Most times that feeling is short lived but sometimes that wallet really is gone. Here’s what to do if this happens to you.
First, cancel all debit or credit cards. By reporting them lost or stolen ASAP you may be able to avoid illegal charges. This is especially important for debit cards which are gateways to your bank account.
Next, file a fraud alert. With your driver’s license in hand, identity thieves can do a lot of damage. You can request that the credit bureaus — Experian, TransUnion and Equifax —place a fraud alert on your credit. (Contact one and the others will add the fraud alert, too.) A fraud alert notifies creditors, lenders or anyone viewing your credit report that someone may be trying to apply for credit in your name.
Lastly, if you think your wallet has been stolen, call your local precinct to get a police report on record. Even though the police may not be able to recover your missing wallet, it’s a crucial piece of documentation to have on hand.
AARP Virginia
