When Gloria called to tell me she lost her wallet, we immediately took steps to protect her identity.
In addition to her license, debit, and insurance cards, Gloria lost a couple of unexpected things. One was her late husband’s wedding ring. She carried this so he could be with her everywhere she went. Another was her safe deposit box key. She had not gotten around to finding a secure place at home to keep it. Now she will pay the bank to have the box drilled and the lock replaced.
A lost or stolen wallet is a gold mine to a thief. With the information it contains, thieves can steal your identity, open loans in your name, and steal your money. The effects can be devastating. One line of defense is to be judicious about what you carry in your wallet. (My blog post, When Your Wallet Goes Missing, lists the steps to take should you lose your wallet.)
In addition to personal, irreplaceable items, here are nine other items you should not keep in your wallet.
Social Security Number
Your Social Security card and any other forms of identification that have your social security number are a golden ticket to identify theft. Your Social Security number, combined with your license and other information in your wallet, provide thieves with the information they need to do pretty much anything in your name. Keep your Social Security card in your safe deposit box.
Excess Credit and Debit Cards
Keep in your wallet only the one or two cards you need day-to-day. The greater number of cards you carry with you, the greater number of calls you need to make to cancel them. Keep store credit cards at home and bring them only when you are going to that store.
Blank Checks
Your checks contain a significant amount of valuable information: your name, account number, bank name, routing number, and frequently your address and phone number. With this data, a thief can drain your account electronically. A crook could also forge the check and use it.
Receipts
Credit and debit card receipts have the last four or five digits of your card number. Thieves only need the merchant’s name and those few digits to phish for your full account number.
Passport
Stolen passports can be used to steal your identity. When at home, keep your passport safely secured. When traveling in a foreign country, keep your passport locked up in your hotel and carry only a photocopy of the picture page.
Passwords and PINS
If thieves were to get hold of your passwords, they can easily hack into your online accounts. A PIN combined with a debit or ATM card is free access to your bank account. Security experts recommend using a digital password safe such as LastPass or Dash Lane. If you write your passwords down, keep the list at home in a safe place. For more on passwords, see my blog post, Be Smart About Your Passwords.
Excess Cash
Carrying large amounts of cash can make you a target for thieves. Cash is non-traceable. When it’s gone, it’s gone. Carry some cash, however, for smaller purchases or emergencies.
Gift Cards
Gift cards are like cash. They can be used without identification, making them usable by anyone who holds the card. If you can’t use the gift card online, carry it with you when you intend to shop at that particular store or use a gift card app where you can scan and upload your gift card to digital wallet.
Spare Keys
A spare house key combined with a piece of identification with your home address and provides carte blanche access for a thief to enter your home. A safer alternative is to leave a spare key with a trusted friend, neighbor, or relative.
You do need to carry your driver’s license (or another government-issued ID card) and insurance cards.
Before placing anything in your wallet, think about what it would mean if it were stolen. Would it jeopardize your personal identity and security? Is it replaceable? Do you really need to carry it? Many stores, for example, keep your loyalty card information on file.
Fortunately, in Gloria’s case we had removed her Social Security card from her wallet a few years ago. We needed to replace her driver’s license, insurance cards, and AAA card. When the replacements arrive, we will make photocopies – front and back. Her husband’s wedding ring, however, is gone forever.
The names of the individuals in this article have been changed to protect their privacy.
This blog is published to provide you with general information only and is not intended to provide specific or comprehensive advice. Money Care, LLC encourages individuals to seek advice from competent professionals when appropriate.
