Don't panic. You can help minimize the potential damage when your wallet does go missing. Immediately, contact your credit and debit card companies to cancel your cards. Setting up fraud alerts, filing a police report, and changing your passwords will further protect you from any loss. If you lose a license or insurance card, contact the DMV and insurance companies to notify them and get cards reissued. For more details, check ou 6 things to do if you misplace your wallet.