Hi all, I know that this is not going to help me right now as I am already a victim of theft. My wallet has been stolen and I have lost all my important documents that even included my financial details. I fear that they may be used to make my accounts drain. I have already taken the necessary steps for this but this is going to be a real danger in future as it is sometimes too late and by that time everything is gone. I wanted to know that if there are any pre-steps that we can take in case of wallet theft? Any help would be highly appreciated. Thanks!

1. File a police report - this is important, it documents the theft. Make sure you get copies of the police report.

2. Call every credit card, bank, brokerage company, etc., that you do business with and have them change your account numbers, and passwords for all your accounts. Also have them issue you new credit/debit cards with a completely new number, and put a "watch" on your accounts. This is important, because your liability for losses as a result of the stolen wallet will be limited by law if you "promptly notify" these companies. Do this ASAP, like right now. Send each of these companies a copy of the police report.

3. Call Experian, TransUnion or Equifax, those are the three major credit reporting bureaus, and have them put a hold on any credit reports for at least the next 6 months or year. Tell them you may be the victim of identity theft, and also that you lost your wallet or it was stolen. If you call one of them, they are required by law to notify the other two for you. Send a copy of the police report to whichever of these three companies you talk to.

4. If you have home owners or renters property insurance, your losses may be covered by your insurance policies, so you want to call your insurance company and inform them of the problem.

5. Prepare to spend the next several years dealing with the fallout from this.

There are some things you can do to prepare for an instance of a lost or stolen wallet. See:

http://www.statssheet.com/articles/article49923.html

Scroll down to #8:

BTW, never use your real name or email address as a forum user name, that is an invitation to identity theft as well.