When it comes to protecting yourself from fraud and theft, we’re often told the same things: lock your doors at night, never give out too much personal information online, hide your PIN when you use a bank card…the list goes on. But what if I told you that some of the common advice people get is not actually as effective as it seems? Today we talk about something that might seem obvious – but can make all the difference in safeguarding yourself against identity theft and financial crimes – what NOT to carry in your wallet. Sure, this may sound like common sense – but after hearing first-hand experience from actual fraudsters, there are thing you wouldn’t even consider carrying around with you! So, let’s dive right into it; buckle up so we can discover together just how important it really is to keep track of what not to carry in our wallets!
According to fraudsters and identity thieves, wallets are a prime target for stealing personal information. This is because wallets often contain a wealth of information, such as credit and debit cards, identification documents, and personal information. If a wallet falls into the wrong hands, the thief can use this information to steal the victim’s identity or commit financial fraud.
Here are some items that should never be carried in a wallet:
Social Security Card
This card contains your Social Security number, which is a critical piece of information that identity thieves can use to open new accounts, apply for loans or credit cards, and commit other forms of fraud. Instead of carrying your Social Security card in your wallet, keep it in a secure location such as a safe or locked file cabinet.
Passwords and PIN #’s
Never write down your passwords or PINs on a piece of paper and carry them in your wallet. If your wallet is lost or stolen, the thief can easily gain access to your accounts and personal information.
Spare Keys
It is never a good idea to carry spare keys in your wallet. If your wallet is lost or stolen, the thief will have access to your home or car. They have your address already from your driver’s license, so it is a very simple for them to wait for a good time to enter your home and rob you or look for additional info to access your financial accounts.
Checkbook or Loose Checks
If you still use checks, do not carry your checkbook in your wallet. This can provide a thief with access to your checking account and routing numbers, which can be used to drain your account. Thieves take this information along with other pieces of data from your driver’s license to impersonate you and access your accounts.
Birth Certificate
Your birth certificate is another critical document that should not be carried in your wallet. This contains your full name, date of birth, and other personal information that can be used to steal your identity. This belongs in a safe deposit box or kept away at home from prying eyes.
Too Many Credit Cards
While it is important to have a backup credit card in case one is lost or stolen, carrying too many credit cards can make you a target for thieves. It is best to carry only the cards you need and keep the rest in a secure location. When you open your wallet in public, a thief may get a glance of a wallet full of credit cards and make you a target to grab your wallet.
Receipts
Receipts may be something identify thieves could use should the vendor that printed the receipt not follow the rules according to the Fair and Accurate Transactions Act (FACTA).
According to the laws set by FACTA, vendors are prohibited from showing more than the last 5 digits of a credit card number on the receipts electronically printed by them. If any of the other digits are shown, even if the total number of visible digits is five, the vendor might be violating FACTA. It has got to be only the last 5 digits of the credit card. Additionally, the printing of any information pertaining to the expiration date of the credit card on the electronically printed receipts is strictly prohibited.
Unneeded ATM or Debit Cards
While some do use their debit card for all transactions and shun the use of credit cards, it is simply far safer to use a credit card for your purchases and then pay it off regularly from bank account. Using debit cards simply expose you to far too much risk. Think of going to a restaurant and the server takes your card in back to get your bill. You have just exposed your bank account to unknown people. A thief could easily duplicate that card and return yours to your table with a smile. Just use a credit card and you will be much safer. See this post for additional info.
In summary, it is important to keep your wallet organized and only carry the items you need. By following these guidelines, you can help protect your personal information and avoid becoming a victim of fraud.
