In the old days, when your wallet or purse was stolen, thieves were after your cash and cards. Today, many thieves also want your identity. Steps to take if your wallet is stolen:

Call the cops.
Your liability for unauthorized purchases made using your credit card can’t exceed $50 under federal law. But if you report a card lost or stolen before it’s used, your liability is zero.

Call the cards. Call each card issuer and report the loss.

Call the bureaus.
Call the three credit-reporting bureaus—Equifax (888-766-0008), Experian (888-397-3742), and TransUnion (800-680-7289)—and ask each to place a fraud alert on your credit report.

Keep close tabs.
After you receive new cards from issuers, check your card statements carefully for fraudulent charges. Also order free copies of your credit reports (go to www.annualcreditreport.com).

Prepare for the next time.
Copy the front and back of everything you carry in your wallet so you know what has been stolen. Keep this information in a safe place. Also consider keeping a list of cards, card numbers, and their 800 numbers in a secure location at work in case you must report the theft from the office.