How to help protect your ID when you’ve lost your wallet

* This article is sponsored by Equifax.

It hits you out of nowhere. Your wallet is gone.

You search your pockets, your bag, under the car seat, even the fridge, just in case. You retrace your steps and double-check the usual spots, but still nothing. Inside your wallet were your credit cards, your driver’s licence, maybe even your Social Insurance Number (SIN) card. Suddenly, you realize the missing wallet and cards aren’t the real issue. Having all that personal information out in the wild makes you an easy target for identity fraud.

If this sounds like you right now, take a deep breath. You’re not alone.

Here’s what to do if you’ve lost your wallet, plus some strategies to help prevent fraud before it starts.

What to do if you lose your wallet

It’s important to act fast once your wallet has been lost.

Here’s what to do:

1. Contact your bank and credit card companies

Reach out to your bank and credit card providers as soon as you know your cards are missing. The faster you do this, the less chance someone has to use your cards. The banks will cancel the old cards and send you replacements. Most have teams available to help you 24/7 – you can find their contact information online or on your mobile app.

2. Report your missing wallet to the police

Even if you think your wallet is lost and not stolen, file a police report. This gives you a record in case someone uses your ID to open accounts or commit fraud. It’s also something banks and credit bureaus ask for if you end up needing to prove you were a victim.

3. Add a fraud alert to your credit reports

Report the situation to the Canadian Anti-Fraud Centre and Canada’s credit bureaus, including Equifax. They will add a note to your file asking lenders to double-check with you before opening any new credit in your name.

4. Change your passwords for extra security

Change the passwords for your online banking and credit card accounts. This blocks anyone who may have found your wallet from digitally accessing your money.

When resetting your passwords, remember to:

• Use strong passwords with a mix of letters, numbers, and symbols.
• Turn on multi-factor authentication (MFA) when available.
• Skip quizzes that ask for things like your hometown or pet’s name – scammers use these details to guess passwords and security answers.
• Once you’ve reset your passwords, use a password manager to keep track of them securely.

5. If your SIN card was in your wallet, contact the CRA

If your Social Insurance Number (SIN) card was in your wallet, contact the Canada Revenue Agency right away. It will flag your account and let you know what to do to protect your government benefits and tax info.

6. Replace your ID cards

Reach out to the service centre in your province or territory to replace your driver’s licence, health card or other government-issued ID. (See the table below for centres in your province or territory.)

If your passport or immigration documents were in your wallet, too, contact the Canadian passport office at 1-800-567-6868.

 

7. Check your accounts and credit reports regularly

Over the next few months, keep an eye on your credit card and bank statements for any charges and debits you don’t recognize. It’s also a good idea to check your credit report to see if anyone has tried to open new accounts using your identity. If something seems off, contact the lender or call the credit bureau. Canada has two major credit reporting bureaus, including Equifax. You should check your file at both regularly and get in touch if you need to request a correction or place a fraud alert on your file.

8. Review and update automatic payments

If you had bills or subscriptions linked to the card that went missing, make sure to update your payment information. Some automatic payments might still go through on a cancelled card, but others could bounce, so it’s best to double-check.

9. Make a list of everything that was in your wallet

Try to remember all the cards and documents you were carrying. From library cards to loyalty programs, make a list of what you need to cancel or replace. This step might seem small, but it saves you from forgetting something important later.

If you’re reading this and you haven’t lost a wallet, it’s a good thing to do just in case (and record all the account numbers, while you’re at it).

10. Consider getting identity theft protection

A service like Equifax Complete™ Protection can alert you to unusual activity on your Equifax credit report and help you recover if someone tries to use your identity. It also includes ID theft insurance and access to an identity restoration specialist who can walk you through the recovery process. (More details below.)

What can happen if your identity is stolen?

A lost wallet can open the door to serious trouble. If someone gets their hands on your personal information, here’s what they could do:

• Open new credit cards or take out loans in your name
• Steal all the funds from your bank accounts
• Use your ID to commit crimes or fraud
• Impersonate you on social media or via email to scam your friends and family
• File false tax returns or apply for government benefits

How to restore your identity

Restoring your identity after ID theft in Canada isn’t pleasant, but you don’t have to go through it alone. A credit monitoring and identity protection service can make the process much quicker and less stressful.

Equifax Complete Protection is a multi-layered credit and cybersecurity service designed to help Canadians protect and restore their identity after a lost wallet or data breach.

It includes a number of helpful features, including:

• Daily credit score updates
• Credit report monitoring to flag suspicious changes
• ID theft insurance of up to $1 million (not available in Quebec)
• Social media monitoring powered by ZeroFox
• Online data encryption by NordVPN and password management by NordPass
• Device protection from Bitdefender
• Lost wallet assistance to help you quickly cancel and replace cards
• An identity restoration specialist to guide you through the recovery process if your identity is compromised

Equifax Complete Protection costs only $34.95 a month – less than what some folks spend on coffee and streaming services.

Get more details about Equifax Complete Protection.

The bottom line

Losing your wallet is a terrible feeling, but you don’t have to get stuck in panic mode. By taking quick action and using tools like credit monitoring and ID theft protection, you can stay one step ahead of scammers. Services like Equifax Complete Protection can make all the difference, from lost wallet assistance to identity restoration. Don’t wait until it’s too late – take steps to protect your identity before someone else tries to use it.

Also read:

• • Data leaks and the dark web: How to protect your identity in Canada
  • How to recognize a CRA scam
  • How to clean up your digital profile and protect yourself from fraud
  • What to know when buying Equifax Complete Protection