Losing your wallet can be a stressful experience, but it can quickly escalate if you don’t act quickly. Here are a few important steps to if you ever find yourself in this unlucky situation.
1. Stay calm and retrace your steps
When you’ve lost something like your wallet, keys or phone, the first thing you should do is retrace your steps. They key here is to stay calm, take a deep breath and look thoroughly. Often it can be too easy to overlook the thing you’re looking for when you panic.
2. Report the loss
If you last had your wallet at a local venue, in a taxi or on public transport, be sure to notify them straight away as it may be found within a few hours. Next step is to call the local police in the area you last had it in case someone turns it in – good Samaritans still exist! Reporting your lost wallet to police is important for documentation and can assist in case of identity theft.
3. Cancel or lock your bank cards
If your wallet contained debit or credit cards, it's crucial to contact your bank immediately. If you report your cards as lost or stolen, they will be able to guide you through next steps and the process of getting replacements.
Consider keeping a list of all the cards you typically keep in your wallet. This will make the process of replacing cards much easier as you’ll know exactly what cards you lost and need to be cancelled or replaced.
4. Monitor your account activity
Keep a close eye on your bank and credit card statements for any suspicious spending activity and report any unauthorised transactions as soon as possible.
5. Contact ID issuers
If you had a number of cards, permits or licenses in your wallet you will need to contact the various organisations to let them know your ID has been stolen and to arrange for a new one to be issued. Consider things like driver’s license, Medicare card, private health, senior’s card and pensioner concession card. You may wish to do the same for any access/entry cards you had for things such as a gym or workplace.
Pro-tip:
To minimise the risk of future wallet loss, consider precautions such as using a Bluetooth tracking device, or carrying only essential cards rather than your whole wallet.
Another helpful tip to avoid carrying your wallet everywhere is to add your Auswide Bank Visa Debit and Low Rate Visa Credit Cards to your Apple or Android smart phone and smart watch for fast, secure and easy payments on the go. Find out how here.
Auswide Bank Ltd AFSL and Australian Credit Licence 239686. This information provides general advice only. We do not provide advice based on any consideration of your personal objectives, needs or circumstances.
