Seven Ways to Lessen Financial Impacts of Losing Your Wallet

Wallets are among the primary targets for thefts, because they contain money, cards and various financial information. You may also lose or misplace your wallets. Regardless of how you lose your wallet, the financial impact can be severe. You should anticipate for this occurrence and here are things you should do:

  1. Create backup information: Make a copy of all cards in your wallet, including ID card, driver’s licence, social security card, insurance cards, credit cards and others. This way, it will be much easier for you to get a replacement. Of course, keep your backup information in a secure location.
  2. Notify your banks that your cards are lost: If you lose your credit and debit cards, you should immediately notify the bank. Make phone calls, so you can immediately cancel your cards, so they are rendered unusable. The staff should be well trained to do this for you and your cards can be revoked in no time. Once you have the time, you should go to the bank and get a replacement. The loss of debit cards can be devastating, if you have a huge amount of balance in your account. So, it is a good idea to set up a separate account for your debit card. Avoid connecting your debit card to your main account.
  3. Lighten up your wallet: Most of the time, you bring too much stuff in your wallet. You can leave some your cards and documents behind at home. In fact, you may keep credit cards and debit cards at home. Bring them only if you plan to use them. It’s better to carry limited amount of cash, that’s enough for your bare necessity. Every item that you don’t carry with will be one less issue, if you lose your wallet.
  4. Don’t sign your cards: Instead of signing your cards, you should ask the bank to use your photo ID as verification. So, when merchants want to verify your identity, they can use your photo instead. This will make your cards less usable, if the thief has no real physical resemblance with you.
  5. Request a fraud alert: If you are sure that someone stole your wallet to get your cards, then you should request a fraud alert. You will gain more protection from any financial loss.
  6. Choose banks with online tracking: It’s easy to track credit card transactions. So, if a thief attempts to use your cards, their whereabouts can be detected immediately. This will also help the law enforcement officers to apprehend the thief. You will also in a better position to resolve your issues.
  7. Join identity theft service: Even after you report the loss of your cards and documents, there’s always a risk of identity theft, which can be devastating financially. Through identity theft attempt, people can pull credit on you without permission. If you are being fully conscious about the possibility of identity theft, any illegal actions can be stopped right away. Identity theft services can provide prevention and management tools to help safeguard your financial position. For a small cost, these services should well worth your peace of mind.
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