I am an attorney who learned the hard way when my wallet was stolen. Within a week, the thieves ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record information online, and more. If this happens to you: 1.Cancel your credit cards immediately [keep the toll free numbers and your card numbers handy in a secure place so you know whom to call].
2.File a police report immediately. This proves to credit providers you were diligent, a first step toward an investigation.
3.Call the three national credit reporting organizations immediately to place a fraud alert on your name and Social Security number. The alert means any company that checks your credit has to contact you to authorize new credit.

Source: http://www.sans.org/tip_of_the_day.php?ref=40733 June 8, 2015