It’s a nightmare no consumer wants to face. Either you can’t find your wallet, or you open it to find one or more credit cards missing. What do you do?

First of all, don’t panic. Thoroughly search for any missing card, especially if you have a habit of misplacing them (such as putting it in a pocket rather than your wallet). If you still cannot find your credit card, there are a few steps you should take:

1. Contact your credit card company immediately.

Once you’re sure the card is really lost or stolen, call your issuing bank. Don’t wait long, as a delay in calling them can affect your personal liability if there are unauthorised charges on the credit card (as per The EFT Code). Let them know the date you discovered the card missing (ideally the same day you’re calling them), and tell them when you last saw the card (if you haven’t used it in days, it may have gone missing sooner than you think).

2. Review the recent account history.

When you’re talking to a representative of your credit card company, ask for a rundown of the most recent charges on the account. This will let you know immediately if fraudulent charges were placed using your credit card since the time you last used it personally.

3. Prepare for a wait.

Your credit card company should disable any cards reported as lost or stolen. While some offer paid expedited services to have a new card and account opened for you (such as HSBC credit cards), you should expect it to take at least a week in most cases. Make sure you have other payment methods available (such as a bank card) to make routine payments. If you have automatic payments setup on your missing credit card, call those companies right away to update your details. Otherwise the problem could get worse when those payments fail and you’re hit with late fees.

No one expects to lose their credit cards, but it can happen. The best way to protect yourself is to prevent it in the first place. Locate your credit cards daily to verify that they’re secure, whether or not you’ve used them. Review your statements regularly (you can usually access your account 24 hours a day online), and let your issuing bank know the moment you spot anything irregular or have determined that your credit card is really missing.