Losing your wallet can be a stressful and frightening experience. Having your personal belongings and financial information taken can make you feel vulnerable and exposed. While it may feel like the world is crashing down around you, there are steps you can take to minimize the damage of a stolen wallet. Read on for our guide on what to do if your wallet has been stolen.

Contact Your Bank & Credit Card Companies Immediately
When your wallet is stolen, it’s important to contact your bank and credit card companies as soon as possible. They will be able to block any fraudulent charges made with your cards, so that you won’t have to pay for them in the end. When you call, keep documentation of all conversations in case you need it later. It’s also important to change any passwords associated with these accounts, so that a thief won’t be able to access them again in the future.

Notify The Police
If any of your identification cards or documents are in the wallet (such as a driver’s license or passport), then it is essential that you report the theft to police right away. This will help protect you against identity theft and other fraudulent activities in the long run. Make sure that you get a copy of the police report for insurance purposes as well.

Report The Theft To All Necessary Agencies
In addition to notifying your bank and credit card companies and filing a police report, there are other agencies that need to be notified when your wallet is stolen; such as Social Security Administration (if an SSN card was inside) or local DMV (if a driver’s license was inside). These institutions can also help protect against fraud by blocking anyone from accessing certain records associated with these documents.

A stolen wallet can be incredibly disconcerting—after all, it contains some of our most valuable assets! Luckily, there are measures we can take in order to minimize any potential damage caused by someone stealing our wallets—by contacting our banks, credit card companies, police department, and other necessary agencies immediately upon discovering our wallets have been taken. Follow this guide so that if ever faced with this situation again, you know exactly what steps need to be taken right away!