How to Handle a Lost/Stolen Wallet or Purse

Posted by Mike Smith :: September 4, 2007 @ 6:31 am

Having your wallet or purse stolen, or simply losing it, can be a scary experience, and one that I hope you never have to deal with. Your friends at Lending Club want to remind you that the best time to plan for a loss is before it happens.

One of the best ways to prepare for such a loss is to have an accurate inventory of what’s in your wallet or purse. You may think that you have a good idea of what you carry, but many items are often overlooked. If you were to stop reading right now and make a list of everything that you think is in your wallet or purse, you would likely miss a few items.

Most people are most concerned about their cash or credit cards, but you may have other important items in there as well. Some of my other items included my debit card, driver’s license, health insurance cards, warehouse club membership card, video rental card, frequent flier cards, library card and AAA card.

Your best strategy after a loss is to report it as soon as possible. Having an accurate record of everything you normally carry will make this process much easier. By calling your bank, your credit card company, and others as soon as you are aware of your loss, you will limit your liability for fraudulent uses. It may seem easier to give it a day or two for your wallet or purse to turn up, particularly if you think that you’ve simply misplaced it, but the first 24 hours may be the most critical in preventing a potential thief from using your information.

After calling to have your accounts frozen and new cards issued, be particularly vigilant in checking your account statements. If you have online access to your accounts, check them frequently. You may also want to watch your credit report on a regular basis in the coming months as well. Identity theft is a second level threat from your loss, but one which is a serious concern.

Be mindful of other threats that may result from your loss as well. If your misplaced or stolen purse contained both your license and your keys, you must realize that the thief now has knows where you live and has access to your home and car. You should consider having your locks changed in such a situation.

It seems that having your wallet or purse lost or stolen always comes at the worst possible time. By planning ahead, acting quickly, and continually monitoring your accounts, you will give yourself the best chance to limit the damage from a potentially devastating loss.