It happened in a matter of minutes. We were watching my son’s flag football game at church when someone broke into six cars in the parking lot — including ours. Unfortunately, my wife’s purse was inside with her key fob, which prevented the car from automatically locking.
The thieves stole her purse and its contents, including three credit cards, two debit cards, our checkbook, key fob, and several gift cards. Within minutes, they had already used a foreign cash transfer app to access our funds. What followed was a crash course in financial identity theft protection that no one ever wants to learn firsthand — but everyone should have a plan for.
Assessing The Damage
Fortunately, two of the cards taken sent immediate alerts about suspicious transactions, which let us know that something was wrong. After assessing our losses, we realized that they not only had our financial information but also had my wife’s driver’s license, a key to the car, and knew where we lived. Additionally, the HomeLink programmed in our car meant they could potentially access our garage, and with the checkbook, they had account numbers and routing information. The sense of violation was overwhelming, especially with the holidays approaching.
Our Immediate Response Plan
The first 24 hours were critical for identity theft recovery steps. We knew we had to act quickly. As a first step, we cross-checked which cards my wife and I each had. Anything we both carried, we immediately shut down. Additionally, we:
- Called our financial institutions to lock cards and report them stolen
- Filed a police report
- Contacted all three credit bureaus to freeze my wife’s credit
- Canceled our checkbook
- Rekeyed all locks in our home
- Deprogrammed the HomeLink so the transmitter wouldn’t work
The process added to what was already a stressful situation. However, I knew it was essential to systematically identify which financial accounts were exposed and what personal and physical vulnerabilities needed addressing.
Dealing with the Aftermath
In the first week, we replaced everything: two smart keys for our cars, all credit cards, and checkbooks. Then things became tedious. It wasn’t enough to physically replace what they stole. We also had to carefully review our online existence to identify all direct debits since our bank account and cards were compromised. We had to review our bills and scour through all of our transactions.
Some of those transactions were consistent and top of mind, like monthly bills. However, we quickly realized that some financial matters only happen periodically or even annually, making it difficult to pinpoint and remember. In fact, my wife’s life insurance payment, an annual charge, actually didn’t go through because of our account changes. We also realized that any outstanding checks wouldn’t clear. We had to methodically review statements and reverse our steps to catch everything.
Working with Financial Institutions
Working with banks and credit card companies throughout this ordeals taught me about financial security plans. Credit cards have fraud liability protection, but the practical implications weren’t always straightforward. Each institution had different procedures, some more cumbersome than others.
The credit freeze was particularly important. It’s different from credit monitoring; a freeze actually prevents anyone from opening new accounts in your name. This single step may have saved us from far worse identity theft issues.
Long-Term Protection Strategies
For months afterward, I felt concerned about someone breaking into our car or home—they had our address, after all. The financial cost was substantial: a few thousand dollars to replace the purse, gift cards, key fobs, locks, and other items.
We had to make practical decisions about how far to go with security measures. I prioritized:
- Stopping people from accessing our funds
- Ensuring the physical security of our home
- Replacing essential items
Lessons Learned to Protect Finances After Theft
This experience taught me several crucial lessons about certain things I hadn’t really thought about before. Some new practices we’ve implemented include:
- Only carry your checkbook when you know you will need it
- Keep car keys separate when possible
- Limit credit/debit cards you carry — 2-3 cards maximum
- Never carry your Social Security card (thank goodness she didn’t have that in her purse)
- Beyond credit/debit cards, only carry what you need in your wallet (ID, health insurance cards, etc.)
- Consider an RF-secure wallet to prevent digital theft
- Regularly review your credit report to know what accounts you have
The most startling realization was how quickly it all happened — in just minutes. Now I’m more vigilant than ever. I’ve created a comprehensive list of all credit cards we own, including those we rarely use.
Moving Forward
The most important thing to remember about identity theft is that it can happen to anyone. My mother once had her card stolen at a restaurant by someone who went on a flat-screen purchasing binge. And once, on a trip to California, someone scanned my wallet in my pocket and stole my credit card information without the card ever leaving my possession.
My point is this: None of us are immune. However, there are ways we can remain alert and vigilant. The key is compartmentalization and minimizing what you carry. Know what you actually need daily, which is surprisingly little.
While we can’t prevent every theft, we can make recovery faster and damage minimal through proper preparation. Identity theft isn’t just a financial issue — it’s an emotional violation that leaves you feeling vulnerable in your daily life. But with the right financial identity theft protection steps, you can regain your security and peace of mind.
This ordeal taught me a lot and has made me even more committed than ever to helping my clients preserve what matters most. Schedule a free consultation with Good Life Financial Advisors of NOVA today to learn more.
