Losing a wallet is a crushing experience

Your wallet contains a plethora of information about you, from your cards and license, to your cash. Losing it means losing all that it contained, and that puts you in grave danger, because you run the risk of identity theft. You need to be aware what needs to be done in such a case to protect yourself from things like credit car fraud, identity theft, etc. Once you get over the initial shock of losing a wallet, it’s time to think clearly. Do not panic (easier said than done, I agree). Think of ways to amend the situation. Here’s how.

Dealing with the Loss of Your Wallet
Once you are sure the wallet is not on you, hunt for it. Try to remember where you last used it, where you were when you last used it, what did you use it for, etc. Rake your brains and see if you recall where you put it back once you finished using it. Then look for it again in those places.
If you are sure you have lost it, call the place you last visited with your wallet. Most public places like shopping malls have a lost-and-found center, so chances are if they have come across the wallet, it might have been deposited at some such center. You will need to identify yourself on the phone with some sort of ID.
If you own a debit card, call your bank and report the loss immediately. A debit card in the hands of strangers is an extremely risky proposition. You must report the loss within two business days, this ensures that you will not be charged anything more than $50 for unauthorized use. If you delay it further, the liability goes up to $500. Contact the bank’s fraud department and report that the debit card has been stolen/lost.
Call the credit card company without further delay to minimize the chances of credit card fraud. Cancel all credit cards. The maximum liability you will face is $50, even if the card is used before you have even reported that it’s stolen or missing. Bear in mind though, if you have an outstanding balance on your credit card, canceling it is not a very good idea, as it can hamper your credit score. In such a case, specifically inform the credit card company that the card is lost. Most card companies have rules and regulations in place to deal with such a scenario. You can instead request for a new account number.