It's really no different than losing your wallet, with one HUGE advantage.
If you lose your leather wallet, everything in it has to be replaced.
If you lose your phone or LoopPay device, only the default card is exposed, (if you had Button Pay enabled.) One card is easily cancelled.
NONE of the other cards stored in the LoopPay device are at risk, nor do they need to be cancelled. LoopPay encryption protects them, and even if someone with a LoopPay account attaches to the device, that person cannot bind to it. It is bound only to your account. The binding, the encryption, your password and PIN all work together to protect your information.
Your LoopPay digital wallet is much more secure than your leather wallet ever was.
If you lose your device:
Cancel your default card if you had Button Pay enabled.
You can purchase a new one at http://www.looppay.com.
Install the app from the App Store or Google Play
Login with your existing account and re-swipe your cards.
That's all there is to it. We do recommend you change your password on your LoopPay account once in a while.