MAY 14, 2021
7 min

The feeling of losing your wallet can be traumatic. That crazy feeling you get when you check your pocket or your bag and you can’t seem to find your wallet can be disastrous to you, physically and mentally. Imagine that you go to the supermarket or gas station and on getting there, you reach into your pocket to pay for the goods, and alas, your wallet is gone – That is a very difficult situation to find yourself in.

A wallet is like a mini-safe box, a small flat case made with leather or fabrics that can fit perfectly into our pockets. A wallet is where we keep important things that we can not go a day without making use of. It can contain different cards ranging from your identification documents, your credit card, studentship card, other laminated cards, passport photographs, driver’s licenses, etc. We also keep our money in it because not every business transaction requires you to pay using your credit card, some require you to pay in cash.


Anyone can lose their wallet. During the rush hour of the workday or a hectic and tiring day at school, it becomes easy to lose your wallet. Even if you do not lose it, it could get stolen by pickpockets.

So, what happens when you lose your wallet? There is never any advantage to losing your wallet. Losing or having your wallet stolen can have negative effects on you, both physically and psychologically. Losing your wallet comes with the following consequences:

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1. Loss of money

Not all business transactions require you to pay online or by your credit card – some prefer that you pay in cash. When you lose your wallet that holds your money, you could be left stranded and cashless.

Moreover, loss of money doesn’t revolve around physical money alone. You can also lose a lot of money when you lose your credit card or debit card. This is because it could have been stolen by someone who knows their way around a bank card. All your money could be completely swiped out if you do not contact your bank to have your account frozen. If prompt actions are taken, the money in your bank account could be saved, but the same can’t be said about physical money.

2. Psychological effect

For anyone who has never experienced this, it would sound like an overstatement if you tell them that you suffered a breakdown when you lost your wallet. But it is not! Losing one’s wallet can have a psychological effect on them, especially if that lost wallet contains valuable documents and information.

Maybe due to negligence or other factors, some people have failed to back up valuable information – including personal phone books, passwords, emails, etc. either to the cloud or make photocopies of them. Some of this information may not be retrievable, and the fact is, it’s going to wear you down. One way or the other, you’ll feel the pangs of losing such sensitive information forever.

3. Loss of time

If you lose your wallet containing your valuables, you most likely won’t give up on it. You’ll try looking around, asking around, and reporting it. Doing all these will no doubt take up much of your time, and maybe even get you to reschedule.

You could have spent all the time you have used in searching for your wallet on other productive things.

4. Loss of vital documents

You could lose some vital documents like your studentship card, car license, national identity card, credit card, and other identification cards. While some of them may be retrieved, others may not be easily retrieved. For instance, if you lose your wallet that contains your student ID card, you may be denied entry into the school. The same applies to a road user who had his wallet containing his driver’s license stolen or misplaced and hasn’t lodged a formal complaint. He could be left stranded on the road, unable to make any moves, which could in turn, get him charged or fined.

5. It poses a security risk to you, and the people around you

If you lose your wallet that carries information about your spouse, your children, or anyone around you, it could lead to a potential security risk. Also, if you lose your wallet containing your driver’s license or car registration number, it could be used to commit crimes, and get you arrested for something you know nothing about.

If you are the type that carries your investment account information in your wallet, losing your wallet could give thieves access to your assets.


Go to the police station filing a police report

1. Immediately file a police report

This should always be your first move, should you find yourself in this situation. Bear in mind that the chances of the police finding your wallet are very slim, but reporting to them will create an official record of the loss. So, should any complications arise after this, it won’t be linked to you.

2. Cancel your debit and credit card

If by chance, your credit/debit cards were in your wallet before it got stolen or lost, you should contact your card issuer as soon as possible so that they can cancel the card account number and issue you a new one. By doing this, whoever stole or has your credit card won’t be able to make transactions with it.

Failure to do this can leave you at a loss. If your credit card is used, your money may not get refunded. In addition to this, you could get arrested if any of your cards were used for fraudulent transactions.

3. Report missing driver’s license at your local DMV:

If you had your driver’s license in your wallet before losing it, you should contact the DMV straightaway. You should do this because, if a thief were to steal someone’s identity, their driver’s license would be the first thing they would use.

4. Change all locks if your keys are missing

Since we can keep our house or office keys in wallets as well, the chance of it getting lost with the wallet is very high. So to avoid break-ins, you should ensure that you change your locks.

5. Promptly inform local authorities if your Social security card is missing

If your lost wallet contains your social security card, you need to report the loss to the appropriate authorities as soon as possible. Bear it in mind that the Social Security Administration will only issue you a new card and won’t necessarily issue you a new number. Doing this alone won’t shield you from ID theft and fraud. To further mitigate the risk of you being a victim of ID theft, you should take the following steps:

– Contact the IRS identity unit.

– Register your case with the Federal Trade Commission.

– Then file your loss to the internet crime complaint Centre.


If you have never experienced this ordeal before or you have and you do not want a repetition of it, I will expose you to viable solutions that will prevent any future recurrence.

black sd card adapter on white device
Make photocopies of your important documents

1. Make Photocopies of all your important stuff:

If you are the type that keeps important documents like your identification card, health insurance card, gift card, etc. in your wallet, it will be of utmost importance that you scan and back them up on your computer or in any cloud storage. They will come in handy if you lose your wallet in the future.

2. If there is no reason to carry your social security card, you don’t need to have it in your wallet.

Your wallet is not a storage box. So, you should always carry the things you presently need. This is not only applicable to your social security card but to other sensitive documents that their usage is occasional.

3. Be extra vigilant

Do not let anyone deceive you that pickpockets are no more, because there is a growing number of pickpockets in the society right now – only that there have been low media reports on them and their activities. So, whenever you are in a crowded place e.g bus, train, supermarket, party, etc., always be extra vigilant to avoid losing your wallet to pickpockets or getting it misplaced yourself.

4. Get a smart wallet

Thanks to the advancement of technology, losing your wallet is now a thing of the past. A smart wallet lets you have access to the high-efficiency functionalities of holding many documents whilst keeping them safe from loss, physical pickpocketing, and electronic pickpocketing.

Woolet App to help you find your lost wallet

Unlike normal wallets, you get to enjoy the following features when you use a smart wallet:

-GPS wallet that can track misplaced or lost wallets and smartphones

– A built-in power-bank that brings in other great features such as remote selfies, and auto voice recording feature.

– The ability to charge your mobile phone for an additional 9 hours of talk.

RFID blocking that will safeguard your credit and debit card from any form of electronic pickpocketing.

Never lose your wallet, smartphone, keys, and documents again! Visit Woolet.co now and get a high-grade GPS wallet with an invisible and invincible smart system for yourself, your friends, or family.

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