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Lost Your Wallet? Follow These 7 Steps Right Now

  • Highlights

  • Report a wallet loss or theft within 24 hours

  • Make a checklist of your cards and valuables

  • Ensure you re-apply for new debit, credit, and identity cards

  • Insure your wallet with a Card Protection Plan

It is obvious that when you’re on the go, you pack all your essentials into your wallet for easy access. However, when faced with an unforeseen event, such as losing your wallet when you are overseas, or when you’re in a busy market or a cab, here’s what you should do instead of panicking. Following these steps will help you safeguard your essentials and stay on top of the situation.

Make a list of what you had in your wallet

The first thing you should do is pause and make a list of the contents of your wallet. Note down all the cards that you had, such as your medical insurance card, driving license, PAN card, Aadhaar card, debit cards, credit cards, gym membership or library cards, and various shopping or loyalty cards. The more precise you are with your itemised list, the easier the next steps will be.

Call your bank and credit card company to block all your cards

Most of your card transactions are governed by an OTP or a unique password. But, when you lose your wallet, don’t take any chances as there are numerous ways in which someone can commit fraud in the form of unauthorised transactions. So, call the customer service number for all financial institutions where you hold an account and ask for your cards to be blocked.

Apply for new cards

Next, file a police report about your missing wallet with your local police station. This may seem like a futile task, but it can come in use later. In the future, if it comes to your notice that someone is misusing your IDs, you can immediately contact the police with your FIR and initiate action against such fraudulent behaviour.

File a police complaint

Once you complain to all the relevant financial institutions, you will also have to request re-issuance. You can do so from the bank or NBFC’s website itself or visit the branch. As for identity cards such as PAN card, Aadhaar card, and driving license, you will have to visit your local NSDL branch, Aadhaar Kendra, and the RTO respectively.

Consider taking wallet insurance to safeguard future losses

Going forward, buy a Card Protection Plan to insure your wallet in case such a situation arises again. You can buy the policy from Bajaj Finserv, and you only have to pay a small amount to avail a wallet protection cover. This insures your debit, credit and PAN card(s) against theft. Moreover, making insurance claims on this policy is fast and you just have to dial a toll-free number for assistance. You can block all your cards and initiate a replacement for your PAN card within 24 hours. Additionally, you also get credit and debit card protection against fraud whether it is skimming, online use, counterfeiting, PIN-based fraud or phishing. Apart from this you can also get emergency cash and travel assistance in case you lose your wallet while travelling.

With these measures in tow, you can easily guard your funds and minimise losses in case you lose your wallet.

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