One of the worst feelings is reaching for your
wallet and finding it's not there. There is panic as you try to remember
where it might be. Did you leave it at home, or drop it somewhere? Were you the
victim of a pickpocket? If your wallet
is stuffed fat with personal and financial information, know that much of that
information can be exploited by identity thieves.
When you leave your
house in the morning, you probably grab the same list of things repeatedly:
your keys, your phone, and your wallet. Before you hurry out the door with all
of your most important documents and paperwork jammed into your back pocket,
consider taking a moment to ask yourself whether that's a good idea. It’s
important to remember that wallets get lost often. While wallets are there for a reason and many things do belong in them (money, credit cards, and your driver’s license) there are many more that absolutely don't. 6.7 million victims of identity fraud lost a total of $16.8 billion in 2017. If you take into account the list of things you should never carry in your wallet, it could help reduce your odds of identity theft and financial damage if you lose your wallet (or have it stolen).
Birth Certificate-Your birth certificate, stolen, won't get
anyone very far. If they have it in combination with other types of fraudulent identifications
(IDs), thieves could do some major damage to your credit. Be especially vigilant on the rare occasions
when you're required to carry all of your most sensitive documents at the same
time. One example of that is at a mortgage closing, when you might need
to bring your birth certificate, SSN card, and passport. Don't let them out of
your sight, and take them straight home before you celebrate that closing. It's
not a good idea to leave them in your car.
Checks-Some of us still write checks, though they are far
fewer. And for emergency purposes, our
parents said, carry a blank check in your wallet, "just in case."
That's not good advice. Blank checks are risky. In the wrong hands, a blank check could be used to quickly drain money
from your bank account. And even if the stolen check isn't used, the
check has on it your bank account and routing numbers, a target for electronic
withdrawals from your account. To pile on, that blank check will also likely
have your home address on it (and some people have added their SSN another bad
choice).
The better option is to only carry with you the
check (or checks) you think you might need immediately, and leave the checkbook
at home. Checks and
deposit slips are on the list of things to never keep in your wallet because
they have more information on them than you think, which include your name, address, bank name, routing
number, and account number. Even if it’s a check that’s already been filled out
and used, that can still lead to a fraudulent transaction.
Excess Cash-It may be nice to have
cash available at all times, but excess cash could be considered a thing to
never keep in your wallet since it can make you an attractive target for
thieves. When you take out your wallet to make a purchase and sift through a
wad of bills, a crook could be watching. Instead, carry a small amount of money
for emergencies or small purchases. Why anyone would want to carry a wad of
$100 bills, which could be a huge financial hit if you lose your wallet. It
doesn’t typically make much sense to carry anything larger than a $50.
Gift Cards-Many of us carry gift cards in our wallets just
in case we happen to end up in the retailer or restaurant that the card is good
for. That's not such a great idea. Retailers don't ask for ID when using gift
cards because your name isn't on them. That
means anyone who rifles through your lost wallet can redeem those gift cards same as cash no
questions asked.
The
smarter way to use them is to leave them at home until you know for sure you
are headed to that destination where you can use those gift cards. If you’re carrying a number of gift
cards, you are basically risking giving the value of those cards away if you
happen to lose your wallet. To strike this item off the checklist of things to
never keep in your wallet, consider using a gift card app.
With some of these apps, you can scan
and upload gift cards to a digital wallet so that when you shop they can be
conveniently accessed from one central spot. Some retail stores also allow you
to save gift card information on their apps or websites after logging in, so
when you’re ready to make a purchase you can retrieve the gift card for
checkout.
Medicare Card-Many retirees still may have old Medicare cards with their SSN
printed on them in their wallets. Carry only your new Medicare card. Medicare has stopped issuing Medicare cards with Social Security numbers on them and replaced them with new, paper cards. The new Medicare cards have a number on it
that's unique to you. If you have an old Medicare card with your SSN on it, remove it
from your wallet and replace it with the new card. Shred the Medicare card that has your
Social Security number on it.
Multiple Credit Cards-You could slim down that plump wallet by having
with fewer credit cards in it. That way, if your wallet is lost or stolen, you
won't have as many credit cards that you'll have to cancel. Our recommendation:
Carry one debit card for everyday
purchases as well as a backup credit card for emergencies. As we
mentioned, photocopy the front and back of everything in your wallet for filing
reports with the appropriate government agencies and financial institutions, or
record the cancellation phone numbers or websites for your credit cards on a
piece of paper at home.
The "lost or stolen" number is
typically on the back of your credit card, but if your credit card is stolen,
that won't do you any good. Consider that less could be more when it comes to the number of credit
cards you carry. This practice could also be a great way to curb impulse
shopping and a tip
to living a frugal life. You won’t be tempted to use that store credit card if you don’t have
it on you.
Passport-ID theft experts warn that it could be used to travel in
your name, get a new copy of your SSN card, or open bank accounts. If you're
thinking, "Who carries their passport book in their wallet?" there are passport wallets with slots for
cash, credit cards and more. When traveling in the U.S., have with you only
your driver's license or other personal ID. Leave your passport book and
wallet-size passport card in a secure place such as a fire-proof home safe. When traveling abroad, experts advise, carry
a photocopy of your passport and leave the original in a hotel safe.
Password Cheat Sheet-For
73% of people, according to a 2017 survey by the Pew Research Center, it's a
cheat sheet. The average American uses
at least seven different passwords to access everything from Automated Teller
Machines (ATMs) to credit card accounts. Have
individual passwords made up of unique combinations of numbers, letters and
symbols that you change regularly. But how do you remember them all? One of the
worst places for a password cheat sheet with your ATM card's Personal
Identification Number (PIN) is your wallet. There are better options: If you
have to keep passwords jotted down somewhere, keep them in a locked box in your
house.
You should also explore a digital password manager. One to
consider is Last Pass. The basic service is free, or you can upgrade version for $3 per month. It's also a good idea to enable two-factor authentication on any account
that allows you to. You'll enter your username and password as usual,
but the account will then confirm your identity by asking you to enter a code
that has been sent to your smartphone or e-mail address.
Social Security Number Card
(SSN)-Once stolen,
identity thieves could use those nine digits to get loans in your
name, obtain credit cards, or file a tax return and claim
a refund. For that reason,
identity theft experts say, never carry your SSN card or even a piece of paper
with your SSN on it. If you need it for identification purposes like closing on
a home loan or filing for benefits, go home directly from that appointment and put
it in a secure location.
That task done, make sure nothing else in your wallet has your SSN on it, including
other forms of ID. States can no longer display your SSN on newly issued
driver's licenses, state ID cards and motor-vehicle registrations. If you still
have any old photo IDs with your SSN on them, request a new ID immediately.
Even if there's an additional fee, it's worth it to protect your identity.
Spare Keys-A lost wallet containing your spare house key
along with your ID that shows your home address is an invitation for real-world
thieves to break into your home. Security experts say don't put your property,
and your family, at risk. (And even if your home isn't robbed after losing a
spare key, you'll likely spend over $100 to pay a locksmith to change the locks
for peace of mind.) Plan to keep
your spare keys with a trusted friend or relative to avoid putting your
property and family at risk.
Store Receipts-You don't need all those receipts jammed into
your wallet. While businesses have not been allowed to print on paper receipts
more than the last five digits of your credit card number for years, ID theft
experts say skilled thieves could use those last five digits and merchant
information on receipts to phish for the remaining numbers on your credit card
(quite often, your name is also on those receipts).
Remove those receipts from your wallet daily and
shred them. If you need to retain
receipts, for possible returns or warranties, ask the merchant to skip the
paper and send you a digital receipt instead. Most retailers will. If
you have a printed receipt you need to keep, consider making it digital and
storing it securely in the cloud. Apps that do this include Shoeboxed, which lets you create and categorize
digital copies of your receipts and business cards. Plans start at $29 per
month.
“Put a picture in your wallet of what you're wishing for. That way every time you go to pay for something it will be staring you in the face. “(Olivia Mellan)[i]
[i] Sources used:
·
“10 Worst Things to Keep in Your
Wallet” by Bob Niedt
· “13 Things You Should Never
Keep In Your Wallet” By Alexander Breindel
·
“7 Things You Should Never Carry in Your Wallet” by
Discover
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