4 Steps To Follow If Your Wallet Is Stolen With Credit And Debit Cards

Last Updated: 3 Oct 2025

People tend to carry all their credit and debit cards in their wallet. It may be a tad risky, but it is so much more convenient. Sounds good; till you actually end up losing your wallet! Nowadays, people don’t carry too much of cash as access to cash is much easier and most payments are done digitally. The real risk in losing your wallet is losing your debit cards and credit cards as they have monetary value embedded in them.

In cities like Mumbai or Bengaluru, where roads and metros are awfully crowded, it is very likely that your wallet could get picked or you may lose your wallet. Let’s understand what to do if wallet is stolen with credit and debit cards.

Step 1: Inform Your Bank About The Loss Of Cards Immediately

The first thing you must do when you realize ‘I lost my wallet!’ is to immediately dial the call centre of the debit card/credit card issuer and inform them about the loss of the card. Quite often, people do not report the loss of a card and spend time searching for it rather than reporting the loss. They are apprehensive that by reporting the loss of the card, they will have to go through the rigmarole of blocking their cards, getting new cards issued, and disrupting financial activities for a few days. Despite the inconveniences involved, it is always best to immediately inform your bank about the loss.

Bank	24×7 Card-Loss Helpline
State Bank of India (SBI)	1800-1234 / 1800-11-2211
HDFC Bank	1800-2600 / 1800-1600
ICICI Bank	1860-120-7777 (debit) / 1800-1080 (credit)
Axis Bank	1860-419-5555 / 1860-500-5555

Step 2: Block The Cards Using Your Online Mobile Apps

As an additional measure of caution, you can also block the debit or credit card from your online banking interface or even your mobile app interface. In fact, if you have a mobile app interface, it is a lot easier as you can access your accounts with a simple 4-digit MPIN, rather than remember a complex algorithm of usernames and passwords. Even if you have the facility, it is always best to first inform the bank about the loss and then block your card via your online app.

Step 3: File An FIR with The Nearest Police Station

People normally ask if this is mandatory. While not all banks insist on this, it is always better to back up your card blockage with a first information report (FIR) filed at the nearest police station. Remember to file the FIR in the police jurisdiction under which the place of loss falls. That is the legal requirement. Once you file the FIR, you are given a copy of the FIR, and that will be useful when you apply for the issue of a fresh debit/credit card.

Step 4: Check Back For Any Misuse After A Few Hours

When unscrupulous elements get their hands on your card, they normally wait for a few hours before they use the card. They typically do small transactions that are not easily traced since most of us tend to ignore such transactions. Also, with the touchless facility available now, people can actually use their card for small transactions up to a value of Rs 2000. These things you can check, either with your online app or with the call centre.

Normally, when your card is blocked, transaction approval stops immediately. Hence, this risk is more pronounced in the case of any transaction that happens before you discover the loss of your wallet and report it to the bank. Check with your bank call centre about the insurance cover that you have in such cases, as it can be useful in reducing your losses.

Should I Inform The Bank First Or File An FIR With The Police Station?

It is always better to first call up your bank and block your card. When you report the loss of the card, you can tell them that you are simultaneously filing a FIR with the police and that a copy of the FIR would be faxed to them. This is good enough. The reason you must first inform the bank is that your liability on the card ceases the moment you inform the bank of the loss of the card.

Here Are Five Key Points To Remember In Such Cases

Here are five simple habits that make a huge difference when a wallet goes missing.

• Skip contactless tap-to-pay. Tapping a card feels quick, but it also lets anyone spend small amounts without a PIN. If a thief finds your card, those “harmless” swipes can pile up fast. Switch off the contactless setting in your banking app and rely on chip-and-PIN or mobile wallets that still ask for authentication.
• Insist on the OTP every single time. Online stores sometimes allow “card-on-file” payments that skip the one-time password. Turn that option off. An extra 10-second OTP step blocks fraudsters who might have photographed or skimmed your card details. Most Indian banks give you the choice of making OTP mandatory – use it.
• Spread your cards out. Carry only one primary card in your daily wallet and keep a backup card at home or in another pocket of your bag. If the wallet disappears, you still have immediate access to money, and you only have to hot-list one card instead of four. Fewer cards lost also means fewer replacement fees and less paperwork.
• Destroy and replace recovered cards. Even if your wallet miraculously comes back, cut every recovered card into pieces and ask the bank for new ones with fresh numbers and CVVs. You have no way of knowing whether someone copied the magnetic stripe or took photos before returning the wallet.
• Never store sensitive information inside the wallet. It may sound convenient to jot down PINs or passwords “just in case,” but anyone who opens the wallet then owns your digital life – bank apps, email, UPI, everything. Instead, commit PINs to memory and use a secure password manager on your phone (protected by biometrics) for anything complex.

Conclusion

Losing a wallet with debit and credit cards can feel overwhelming, but acting swiftly makes all the difference. By promptly informing your bank, blocking cards, filing an FIR, and monitoring transactions, you reduce risks significantly. Building safer habits like limiting cards carried and disabling contactless options adds an extra layer of security, ensuring peace of mind in such stressful moments.