Losing your cell phone might make you feel like you are cut off from the world, but before you panic there are steps you need to take to protect yourself and your wallet. If someone steals your cell phone, they could use your phone, resulting in a large telephone bill that you will be held responsible for paying. First you should exhaust all possibilities for finding your phone, and if you cannot find it, you must suspend or cancel your service to protect yourself.

Try to Find Your Phone

Call your cell phone from another phone. Listen for the phone where you think you have lost it. Retrace your steps from the last point you used your phone to the point where you realized it was lost. Check all clothing pockets, bags or purses, and vehicles you used during this period. Keep calling your phone from another line while you are looking for it. Contact any businesses or friends that you visited before you knew it was lost.

Report Your Phone Lost

If you have exhausted methods for finding your phone, or a few hours have passed, it is time to report the phone as lost. Call your service provider, and report your phone as lost or stolen. This strategy is the most important. If you do not report your phone as lost or stolen, someone can steal it and go through your emails, texts, phone numbers or any other personal information on your phone. This could compromise you or your friends. Whoever has your phone can use it, but you will be responsible for the bill. You will be responsible for the bill for any usage between the time you lost it and the time you reported it stolen. If you have insurance on your phone, your provider can usually replace your phone if you pay your deductible. If you did not have insurance, your company may be able to cell you a refurbished or older model phone at a large discount. You will also have the option to suspend your service. This will allow you to keep your phone number and your plan but suspend your phone service until you can replace your phone.

Source:

The Internet Patrol: What to Do If You've Lost Your Cell Phone or If Your Cell Phone Is Stolen or Missing

Cell Phones, Etc.: What Should You Do If You Lose Your Phone?