A guard for a wallet or other item has a foldable panel with an inside and an outside. The panel is sized to encompass the wallet. The guard has a pair of exposed contacts mounted at opposite ends of the inside of the panel. An audible alarm in the guard is mounted on the panel and is serially connected to the contacts. Also included is a battery holder mounted on the panel and serially connected with the alarm and the contacts. The panel can fold about the wallet. Thus, the contacts are open unless the wallet is removed.