What do I do when I lose my wallet to protect from identity theft?

Ask Ralph - Christian Finance

Losing a wallet can lead to more than just a temporary inconvenience; it can be the gateway to a full-blown identity theft nightmare. In this episode, Ralph delves into practical steps you can take to safeguard your identity if you find yourself in such a situation. Learn how to create an inventory of wallet contents and the importance of limiting what you carry. Discover the benefits of digital wallet apps and the necessity of monitoring your credit reports. Ralph emphasizes the importance of being proactive in protecting personal information, combining smart practices with identity theft protection services to guard against unforeseen financial threats.

Ralph opens with a relatable scenario about the panic of losing a wallet and the potential risk of identity theft. He delves into a listener's question about the steps one should take if they find themselves in this unfortunate situation. Ralph emphasizes the importance of being proactive by keeping an inventory of wallet contents and using digital tools like cloud storage and digital wallet apps. He shares a story about a client named Tom who lost his wallet at an amusement park, illustrating the chaos and stress that ensued, and how it could have been mitigated with better preparation. Ralph offers a detailed plan of action for those who might lose their wallet, including contacting banks, filing a police report, and monitoring credit reports closely. He stresses the importance of not carrying unnecessary items, like a social security card, and suggests the use of identity theft protection services as a supportive measure.

Takeaways:

• Losing your wallet can lead to identity theft, so it's crucial to take preventive measures.
• Always keep a detailed list of all the items and cards you carry in your wallet.
• Use digital wallet apps on your smartphone to securely store and access your payment information.
• In the event of a lost wallet, immediately contact your bank and credit card companies to report it.
• File a police report to have an official record, which can help if identity theft occurs.
• Monitor your credit reports and bank statements closely for suspicious activity after losing your wallet.

Links referenced in this episode:

• justaskraph.com
• askralph.com

Companies mentioned in this episode:

• Norton
• Lifelock
• Identity Guard
• Identity Force

Helpful Resources:

https://lifelock.norton.com/

https://www.identityguard.com/

https://www.identityforce.com/

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