Become Educated BEFORE Your Wallet Or Purse Ends Up Missing

Written and edited by Harry Rubins for his clients and friends.
Not intended as legal or tax advice.
Obtain professional advice before taking action on this information.

A woman had her purse stolen recently and had to go through the time consuming and frustrating process of canceling her credit cards, calling banks, watching checks bounce, accruing additional charges, going without the convenience of using a credit card, canceling and reestablishing auto-pay accounts, and notifying everyone pertinent to her finances. The thieves were able to get cash advances (they may not need a pin number to do this), and money orders in excess of $10,000. They went from casino to casino for cash advances (no pin required), USPS for money orders, and had a shopping spree at Circuit City. She was kind enough to pass along this information, which I am passing along to you.  

There are ways to help minimize the damage and liability if your purse or wallet gets stolen. One step of precaution now will save you hours and probably thousands of dollars later. I was sent the information below and hope it helps you.

Good Advice

1. Place the contents of your purse or wallet on a photocopy machine, do both sides of each license, credit cards, ATM cards, checking account, etc. This way you will know what you had in your purse or wallet and all of the account numbers and phone numbers to call and cancel. Make a list of all the automatic payments that are made by your credit cards so these companies can be called to avoid late payments and re-establish new payment arrangements. Keep the photocopy in a safe place (not in your purse or wallet) where someone can access it if you’re on vacation. Since most everyone knows his/her social security number, don’t carry your social security card in your purse or wallet. It’s one less document to worry about. Do it now.  
     

2. Should you lose your wallet or purse, cancel your credit cards and bank accounts immediately. File a police report immediately in the jurisdiction where they were stolen. This proves to credit providers you were diligent and is the first step toward an investigation (if there ever is one).
    

3. Call the three national credit reporting organizations and Social Security immediately to place a fraud alert on your name and Social Security Number. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit.

   The numbers are:

   • Equifax: 1-800-525-6285

   • Experian (formerly TRW): 1-888-397-3742

   • Trans Union: 1-800-680-7289

   • Social Security Administration (fraud line): 1-800-269-0271