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Lemon Wallet Could Be Sweet Deal for Consumers

iStockphoto/Thinkstock(NEW YORK) -- If you've ever lost your wallet, you know the immediate dread that sets in when you have to contact the DMV, the bank, credit card companies and anything else that might compromise your personal security.

Perhaps the worst part is trying to remember all the items you had in your wallet in the first place.

Well, worry no more.  There's a new app called Lemon Wallet that lets people make a digital copy of a wallet's contents by storing all in the information in a cloud for free.

And for a few dollars extra a month, Lemon Wallet will handle the cancellation of credit and bank cards if your wallet is lost or stolen.

So what could possibly go wrong since everything is secured safely and password protected?  The problem, say privacy experts, is that there have been plenty of companies before Lemon Wallet who've made the same claim about protecting your information only to have it fall into the wrong hands anyway.

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ABC News Radio