Lost Wallet? Take These 5 Steps Now

It’s the worst feeling.

It’s time to settle up the bill, you reach for your wallet and suddenly realize your pants pocket or purse feels a lot lighter than it did this morning — your wallet is gone!

Instantly, you start retracing your steps, scanning the floor, your desk, under your car seats. It’s not on the table, it’s not at home and it’s not in the office. You’re ready to call it: your wallet is officially lost.

What do you do now? Well, first off, don’t panic. If you act quickly, you can get ahead of any fraudulent activity in your financial accounts and work to prevent identity theft. Here’s how.

Steps to take when you’ve lost your wallet

1. Cancel or temporarily lock your credit and debit card

It can take minutes for thieves to rack up a huge bill on your debit or credit card, which is why you need to contact your bank and credit card issuer right away.

It can be annoying to cancel your cards only to find your wallet later, so some banks offer the ability to temporarily freeze your cards and then reverse the freeze when you find your wallet again. Often, you don’t even have to talk to someone to make this happen. For example, TD, BMO, CIBC, RBC and other banks may allow you to lock or unlock your cards through their banking apps or online banking portals.

If you’re sure your wallet is gone for good, call your bank or credit card issuer and report your card as lost or stolen. You are not responsible for any transactions made after you report the loss to the bank, so the sooner you do so, the better.

2. File a police report

If you know or suspect your wallet was stolen, a police report is a must. You might think this is overkill, but if there’s a file number with the police, you’re able to establish a record and proof of your loss. This makes it easier to recover your wallet if it is found and protects you against further identity theft.

In some cases, fees to replace cards may be waived when you give your file number to the card provider in question. When you do file a police report, follow the instructions for theft under $5,000 provided by the police in your community, call the non-emergency number and/or file online.

3. Put a fraud alert on your credit file

To prevent anyone with nefarious intentions from picking up your wallet and stealing your identity by trying to apply for credit in your name, contact both credit bureaus — TransUnion and Equifax — and put a Potential Fraud Alert or Identity Alert on your credit report. This will inform creditors that you may be a victim of fraud and get them to contact you if someone applies for credit in your name.

You may have to pay a small fee, though at the time of writing, applying online was free. The fraud alert will stay on your file for up to six years, but you can apply to remove it through a written request and by providing copies of primary identifying documents, such as a birth certificate and passport.

4. Contact your local provincial service office

Once your finances and identity are taken care of, you have to go through the bothersome process of restoring everything else in your wallet. Thankfully, your local provincial service office, such as Service Ontario or Service BC, is your one-stop shop for replacing your driver’s licence, health card, ID card (if you don’t drive) or even your birth certificate.

That said, it is best not to keep original documents like a birth certificate in your wallet, as you may need these as proof of identity to get other identification back.

5. Make copies of your important documents

Once you receive your new replacement cards, make copies of both sides of each one and keep them in a lockbox. This means you’ll still have access to them if your wallet is ever stolen again and you’ll have records of all the account numbers.

Ways to avoid losing your wallet

Keep your wallet more secure

They might not fit your fashion aesthetic, but a money belt, fanny pack or wallet chain can help make it easier to hang on to your wallet. Whether you’re travelling abroad or walking around your city, keeping your wallet close to your body or attached to your clothing makes it more difficult to steal and less likely to fall out of your pocket.

Invest in wallet-tracking tech

Tools like Apple AirTags and Chipolo offer a high-tech way to track your wallet if it’s ever stolen or lost. You stick small trackers on your wallet and keys, and use an app to track their current location.

Leave important documents at home

Limit your wallet to one piece of ID (like a driver’s licence), your debit card and one credit card. Keep everything else secure at home and never carry primary identification documents, such as your passport, birth certificate or SIN card. These documents are not only more difficult to replace, but can also be used to verify your identity, so you don’t want them falling into the wrong hands.

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