Steps to take if you lose your wallet

TL;DR: Freeze cards instantly, file a police report for ID loss, and monitor your credit.

It’s a sinking feeling. You reach into your pocket or bag, and it's gone. Don't panic—speed matters more than worry right now. By acting quickly, you can prevent fraud and identity theft. Follow these steps in order.

Step-by-Step Guide

Freeze your credit/debit cards: Open your banking apps immediately. Most have a 'Freeze Card' or 'Lock Card' toggle. This prevents transactions without permanently canceling the card if you find it later. If you can't find the toggle, call the bank immediately.
Flag your Driver's License: Contact your local DMV (or equivalent). You cannot 'freeze' a license like a credit card, but reporting it lost helps if someone tries to use it for ID verification. You will need to order a replacement.
File a Police Report: This is crucial not for finding the wallet, but for having a paper trail. If someone commits identity fraud using your ID later, this report proves your wallet was stolen on this date.
Contact Credit Bureaus: Place a 'Fraud Alert' on your credit file. In the US, contacting one bureau (Equifax, Experian, or TransUnion) usually alerts the others. This forces lenders to verify identity before opening new credit.

FAQ

Should I cancel my cards or just freeze them?

Freeze first. If you don't find the wallet within 24 hours, cancel them and request new numbers.

What if my Social Security card was in there?

This is serious. Contact the SSA immediately and monitor your credit report closely for years. Never carry your SSN card daily.

Will the police look for it?

Likely not. The police report is primarily for your legal protection against fraud, not a search mission.

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