The 31 Forms of Identity Theft – Lost Wallet

#8 Lost Wallet

There are likely two things that would devastate your life if you lost either one of them: your phone and your wallet. If you happened to lose your wallet, your first instinct would be to go into panic mode. Your wallet holds some of the most sensitive personally identifiable information. If you happen to lose your wallet, there is a possibility that a criminal that stole it or picked it up can wreak havoc on your life. This is exactly why it’s important to be diligent about keeping your wallet in your possession. 

What can result from the loss of your wallet?

  • A criminal who either stole your wallet or picked it may be able to go on a bit of a shopping spree if you don’t immediately cancel your credit and debit cards. 
  • You likely have credit cards in your wallet and if someone gains access to that valuable piece of plastic, they may be able to do more damage than just shopping. They may be able to cancel the card and have a new one sent to a new address of their choosing. How would they be able to do that? Well, the phone number of the card issuing bank is on the back of the card, and the information needed to be able to verify who you are is already on documents in the wallet in their possession, like your date of birth, current address, etc. 
  • If you carry your social security card in your wallet, which is highly discouraged, it can result in some catastrophic issues down the road. A criminal may even be able to change your driver’s license photo, personal information, and address. Then you’re truly in a pickle. 
  • There is the possibility that a criminal can get away with taking out a line of credit in your name with just the information in your wallet. That credit line will not be paid back by the criminal and that unpaid new debt will affect your credit score in the long run, and it may even prevent you from buying a house in a time of need.
  • If a criminal has your past address from your driver’s license, your date of birth, and your Social Security number, they can file taxes in your name and receive your tax refund.

Credit monitoring will not alert you to this type of fraud.

LibertyID will take the following steps for/with their members:

    • Will perform all necessary work to bring the victims back to a pre-event status.
    • No matter what documents are lost we’ll assist with obtaining replacement ones, such as Social Security cards, passport, Driver’s License, State IDs etc.
    • Contact the companies whose cards you had in your wallet.