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Key takeaways:
You’ve searched your bags, checked the car, and retraced your steps, but your wallet is nowhere to be found. A lost wallet can send you spiraling, especially with your ID, credit cards, cash, and sentimental keepsakes suddenly gone. And you’re not alone—an estimated 2.9 million Canadians lose their wallet every year, according to Interac.1
If your wallet is MIA, it’s time to shift from panic to problem-solving mode. While stressful, there are steps to minimize the damage and protect your finances like a pro.
Losing your wallet—or worse, having it stolen—can expose you to risks like fraudulent charges or identity theft, so you'll want to act fast. Follow these steps ASAP to protect your finances and identity!
Lock your debit and credit cards
The first thing you need to do? Lock those debit cards and credit cards!
Freezing your cards ASAP can help stop any fraudulent charges. The longer your card is floating around, the higher the chances of someone using it without your permission.
Most financial institutions and credit card issuers make it super easy to freeze your cards right from their mobile app or online banking. Log in, head to the card management section, and hit the “lock” button to put your card “on hold.” If your wallet magically reappears, you can unlock it just as easily with a simple swipe or click.
If you’re a Scotiabank customer, you can lock your credit, ScotiaLine® access card and debit card in the Scotia mobile app. This will stop any purchases, cash advances, or withdrawals until you unlock it. You can still access your cards through the app and online banking and if (or when) you find your debit card, just unlock it through the app.
Contact your bank and credit card issuers
Once your cards are locked, or if your bank doesn’t offer the ability to lock them through their app, contact your bank or credit card issuers right away. This is a very important step to prevent unauthorized charges on your accounts. For Scotiabank, you can use Scotia online banking or the mobile app, visit a branch, or call 1-800-472-6842 to report a lost or stolen card and get a replacement. The sooner you report the cards, the better.
File a police report
Whether your wallet was lost or stolen, filing a police report is a smart move. It might feel like an extra step (and a lot of paperwork), but having an official record can help protect you if your personal information is misused. Typically, you need one to set up a fraud alert on your credit reports and prove to your bank and creditors that your accounts have been compromised by fraud.2 A police report is important if you’re worried your ID or credit cards might be used for identity theft.
Include specific details—like where you lost your wallet and what was inside—that may help law enforcement. Plus, a police report can be helpful if you need to dispute any fraudulent charges or suspicious activity with your bank or credit card issuers.
Set up fraud alerts with credit bureaus
Setting up a fraud alert with the credit bureaus is a must to safeguard your identity and credit score. It tells creditors to contact you before approving any new credit in your name.3 It’s like posting a guard at the gate of your personal information, ensuring that only you can access what’s behind it.
To set up a fraud alert with TransUnion, Call 1-800-663-9980 or visit their website. For Equifax, visit their website or call 1-800-465-7166.
Replace essential identification and documentation
Replacing your lost stuff is next—and yes, it can feel like a bit of a scavenger hunt, but this checklist will help:
- Driver’s license: Contact your province or territorial licensing office. Many allow you to apply for a replacement online or in person. Be ready to show proof of identity (such as a birth certificate or passport) and pay a replacement fee.4
- Provincial or territorial health card: Some allow you to apply for a replacement online or by phone, while others may require an in-person visit. For example - if your name and address have not changed, you can replace an unexpired lost, stolen, or damaged photo Ontario health card by calling ServiceOntario.
- Other membership and ID cards: Don’t forget about library cards, transit passes, roadside assistance memberships, gym memberships, loyalty programs, airline lounge passes, store memberships, and more.
Losing your wallet once is stressful enough—why risk going through that hassle again? With a few smart habits and tools, you can protect your essentials and make wallet recovery easier if it happens in the future.
Lighten the load: Carry only what you need
A skinny wallet isn’t just more comfortable to carry—it’s also easier to manage if lost or stolen. Store only the essentials: one or two IDs (like a driver’s license), a debit card, and one or two credit cards.
Leave membership and loyalty cards at home or use a digitized version. Never carry sensitive identification documents, such as your birth certificate, passport, or SIN card, and avoid carrying around large amounts of cash.
Invest in wallet-tracking technology
Tap into tech to keep tabs on your wallet! Bluetooth trackers are game-changers: just slip one into your wallet, and track it through your phone or invest in a smart wallet with built-in tracking features that connect to your phone.
Back it up
Photocopy or snap digital photos of your IDs, credit cards, and other essential documents, then store them securely at home or in a password-protected digital file. It’s like your go-to cheat sheet for handling wallet mishaps.
Switch to a digital wallet
A digital wallet is an app that securely stores your payment information (including credit, debit, and prepaid card numbers), as well as some membership and loyalty cards, all on your smartphone.5 With the apps, you can make purchases directly from your phone with just a tap, leaving your physical cards at home. Just be sure to activate all security features, like a strong password and two-factor authentication, to prevent unauthorized access if it gets into the wrong hands.
For bigger purchases, you might still need a physical card, but overall, a digital wallet can help make payments easier and reduce the risk of losing your cards.
Set up fraud alerts and enable security measures
Want to safeguard your accounts from the get-go? Find out how your financial institution sets up fraud alerts and if you need to enroll. Scotia Fraud Alerts are free real-time, 24/7 fraud alerts with your ScotiaCard® Visa* debit card and Scotiabank Visa* credit card, Scotiabank American Express®+ credit cards and Scotia Momentum Mastercard®* credit cards. If anything unusual happens on your accounts—like an unauthorized charge—you’ll get an instant alert.
Another smart move: Turn on 2-Step Verification (2SV). It’s like adding a deadbolt to your digital door: you’ll be notified if someone tries to log into your account, and you can block them before they get in.
Lastly, don’t forget to set up InfoAlerts, which sends an app notification, email, or both whenever important activity happens on your account. That way, you’re always in the loop if your wallet is lost or stolen!
If your wallet is lost or stolen, it can be hard to remember everything that’s missing. Save yourself the hassle by making a checklist of all the essentials you usually carry. It helps you quickly figure out what’s gone and kickstarts the replacement process. For example:
- Banking details (including credit and debit card numbers)
- Driver’s license or other government-issued ID
- Health insurance card
- Insurance cards (ex. auto, home, life)
- Membership cards (ex. gym, library)
- Transit passes or other transport-related cards
- Emergency contact information (if applicable)
What are the chances that someone will return my lost wallet?
Good news! A recent study shows that people are more likely to return a lost wallet than keep it. Plus, the researchers found that the more cash inside, the higher the likelihood it will be returned (weird, right?!). That said, don’t carry larger amounts of cash—keeping your wallet secure is still your best bet.
What items should you never keep in your wallet?
Never keep sensitive, valuable, or hard-to-replace items in your wallet. Things like cheques, spare keys, multiple credit or gift cards, PINs, password “cheat sheets,” and important identity documents (like your birth certificate or passport) should all be stored securely at home or in a safety deposit box. If these items are lost or stolen, it puts you at risk for identity theft or financial fraud.
Why do I need to check my credit reports after losing my wallet?
It’s important to regularly check your credit reports to monitor for any suspicious activity. You definitely want to check after a lost wallet, because your personal information may be compromised. Thieves could use credit cards, government ID, or bank account information to open new accounts in your name or rack up a bunch of unauthorized purchases. By checking your credit reports, you can spot any suspicious activity ASAP, such as unfamiliar accounts or hard inquiries, and take steps to protect yourself from identity theft.6
