First, file a police report to establish a record of your loss. They\'ll need to know when it was lost or stolen, what you think happened and what was in the wallet. Call your bank. You may need to close and reopen your accounts, and you\'ll definitely need to cancel your ATM card and get a new one. If you report the loss before someone uses your ATM/debit card, you have zero liability – but your liability increases in other instances: if you report it within two days, your liability is $50; between two and 60 days, your liability is $500, and after 60 days your liability is unlimited. If your ...