A physical wallet separation alert system capable of detecting, alerting, and defining a potentially-dangerous separation between a physical wallet and a mobile communication device is disclosed. In one example, the potentially-dangerous separation involves a user-defined “excessive” separation (e.g. a few meters, ten meters, twenty meters, etc.) between the physical wallet and the mobile communication device that may suggest a potential loss or theft of the physical wallet or the mobile communication device during a real-time tracking of the separated distance by a wallet separation prevention application executed by the mobile communication device. A physical wallet separation alert may be visual, aural, textual, or a combination thereof. The physical wallet separation alert system is capable of simultaneously tracking multiple physical wallets that are registered with the system. Furthermore, each registered physical wallet integrates a wireless tag configured to be accessed by an RFID reader incorporated into the mobile communication device.