LAS VEGAS, Nev. (FOX5) – Losing your wallet can be more than inconvenient. It can also leave you vulnerable to both credit card fraud and identity theft.
When your wallet goes missing, fast action is the key to protection.
Cancel your debit and credit cards immediately, and ask for replacements with new numbers. The debit card is the priority, since you only have two days to report a lost or stolen card. Report it within that window, and you’ll pay a maximum of $50 for unauthorized charges. After two days, the maximum charge climbs to $500; after 60 days, you could be liable for all charges.
Credit cards, in contrast, give you up to 60 days to report a lost or stolen card without liability.
Next, freeze your credit. This blocks access to your credit and prevents bad actors from opening new accounts in your name. Then, monitor your accounts closely. Most banks offer push alerts or text updates, which make it easy.
You’ll also need a new driver’s license. To add another layer of protection against fraud, consider filing a police report.
Finally, be sure to report your Social Security card lost or stolen, and order a replacement.
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