Despite playing the majority of the game with 10-men following Jude Smith’s early red card, East Fife showed a battling spirit which has perhaps been missing at times this season.
They regrouped and took the game to their visitors and could count themselves unlucky not to take anything from the game.
Wallace and his team mates left the pitch to the applause of the home support and says the atmosphere in the changing room after the game was one of resilience and defiance as East Fife aim to kickstart their survival hopes.
"Falkirk scored a goal which changes the game and then get the second late on, which happens when you’re chasing it,” said the 31-year-old.
"But, we said in the changing room that if we continue to put that effort in then I don’t see it being a problem.
"If we do that then we will pick up more points that we lose.
"We’re in the situation we’re in and have to keep going.
"There’s no point in feeling sorry for ourselves, if we do that we’re as well shutting the doors and moving on.
"We have to stick together and dig in and we’ll go again next week (against Peterhead).
“When you’re at the bottom of the league you just that bit of fortune and for something to go in off someone’s bum.
"We have a big game on Saturday and we’ll work hard in training to try and put it right.”