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If you've ever panicked, thinking you've lost your wallet and then found it, imagine how it would feel if you DIDN'T find it. Your wallet most likely contains a variety of personal items including your identification, cash, military card, credit and debit cards, library card, appointment slips from doctors' offices, membership cards, sales receipts, and maybe even some irreplaceable photos.

There are a few things you can do now to minimize the consequences later if and when your wallet is truly lost or stolen:

  1) Check your homeowners insurance policy to see if it covers your liability for lost or stolen credit cards. If not, you may be permitted to change your policy to include this protection.

  2) Keep your credit and debit cards in a separate card holder.

  3) Write down your important account numbers and store them separately in a safe location.

  4) Periodically copy or scan both the front and back of all the cards and information you keep in your wallet, and keep the copy in a secure place.

  5) Keep phone numbers on file for your credit card companies and banking institutions. This is key, so that you can inform them as quickly as possible if the need arises.

  6) Keep your cash in a money clip instead of in your wallet, or carry only the amount you think you will need.

  7) Get in the habit of checking regularly during the day that you have your wallet - for example, any time you return from a trip outside of your office or home.

  8) When in a crowded place or when traveling, keep your wallet in your front pocket or use a money belt or fanny pack placed in front of your body instead. The fanny pack should have a reinforced strap and bottom to prevent slitting and additional inside zippers. If you regularly keep your wallet in a back pocket, make sure the pocket has a button and use it. If you carry a shoulder purse, tuck it under your arm.

  9) Don't carry your pin numbers, passwords, or Social Security number or card in your wallet, and make sure the number is not on any other documents that might be in your wallet 

  10) If you haven't already, add passwords to utility, bank, and credit accounts; this should NOT be your mother's maiden name or some other easy-to-find word.

  11) Put your wallet on a diet. Buy one that holds less than the one you have now, and re-think what is absolutely necessary for you to carry with you.

          -  What do you absolutely need and use everyday? 
          -  Why are there so many gum wrappers and receipts in there? 
          -  Should you really use your wallet as a photo album and a Rolodex? 
          -  Do you really need 10+ credit and rewards cards?

We don't have any wallet specialists on staff, but if you need some ideas on how to prevent theft and fraud in your business, you can contact Gary Markey, CPA, CFE, CIA, Manager of the Stambaugh Ness Fraud Prevention and Detection Services team. You can call Gary at 717-757-6999 or 800-745-8233 or send him an email by using the form below.

Next week: The specific steps you should take after your wallet is missing.
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