What you keep in your wallet will determine how at risk you are
for identity theft in the chance you lose it. Here are 10 items experts
suggest keeping at home.
We all make sure we've got our keys,
wallet and phone before we head out the door, but more often than not,
we are carrying around things that are better left at home. Some items
we carry on a daily basis can be virtually impossible to replace, and
others may leave us at risk for identity theft in the event of loss. We
checked in with the personal finance experts at LearnVest to find the top 10 things you shouldn't carry in your purse or wallet.
Social Security Card
"You may carry it around thinking
you need a back-up source of ID, but these days you don't really need
it," says Maria Lin, editor in chief at Learnvest. If your Social
Security card gets in the wrong hands, someone could open a credit card,
apply for a loan, or even buy a car with the information. It's nine
digits, just memorize it.
Your Passport
If you're
traveling internationally, of course you can't leave your passport at
home, but you can leave it in the hotel safe. When you are abroad, make a
photocopy of your passport to have in your wallet for identification
along with your driver's license. "If you lose your passport or get
mugged in a foreign country, it's such a horrible hassle," says Lin.
"You have to go to the embassy, and it's a vacation nightmare." If
you're traveling in the U.S., use your driver's license instead. "Your
passport is such a primo document for your identity, if someone gets a
hold of it, you can really put yourself at risk for identity theft,"
says Lin.
Passwords/Pass codes
Although most PIN
numbers are only four digits long, some people still write them down so
they don't forget. "If you store any type of ATM password or even a code
for your home alarm in your wallet, you have basically gifted a thief
with access to your life," says Lin. If you absolutely can't remember
important pass codes, store them digitally on a password-protected
phone, but never write them down and leave them in your wallet or purse.
A Non-Password Protected Phone
Today, many people have
smart phones that allow them instant access to bank accounts, PayPal
accounts, medical records, and more. Even if your phone only accesses
e-mail, a thief could easily search for banking or ATM passwords or
addresses, according to Lin. "Think about all the things you have
digitally stored on your phone. You have to have it behind password
protection. This way a thief can still erase your phone's memory and use
it for themselves, but they won't have access to your data."
Your Checkbook
"As
innocuous as it seems, your checkbook has your bank account number and
routing number on it, your address, and possibly imprints of your
signature," says Lin. Lin says that if you know you're going to need to
write a check one day, peel off one check out of your book and take it
with you. If you know you're going to need to write multiple checks in
one day, go ahead and take your checkbook, but don't get into the habit
of carrying it around with you all the time, Lin says. "You want to
prevent someone's ability to just start writing out your blank checks
and cashing them."
Too Many Credit Cards
"A lot of
people put all their cards in their wallet and carry them with them at
all times," says Lin. "But if your wallet gets lost or stolen, that
means you're going to have to sit and cancel every single one, and wait a
week without any credit cards before you receive a replacement." Only
carry the one or two cards you use on a daily basis and a backup, and
leave others at home. Also make sure you keep photocopies of the front
and back of each card at home, Lin advises. The 1-800 number to call and
report a lost or stolen card is very often on the back of your card --
which doesn't do you a lot of good once the card is no longer in your
possession.
Too Much Cash
Lin offers the following
rule of thumb when it comes to carrying cash: Bring only as much with
you as you're willing to lose. "It's good to have a little cash on you
at all times for emergencies, but you don't want to carry so much that
you're going to feel a real hit if your wallet gets stolen." For people
on a "cash diet," Lin recommends bringing only as much cash to cover the
day's expenses.
Gift Cards/Certificates
"A lot of
people carry these around thinking, 'I never know when I'm going to be
passing this store,' but chances are, you're going to forget about it
anyway, and if your wallet gets stolen, it's one of the first thing
thieves are going to use," Lin says. Gift cards and gift certificates
are just like cash -- they don't require ID for use. "Try to leave it at
home and take it with you only when you are consciously going to shop
at that store," Lin says. "Make it a special excursion; it's a treat to
have free money to spend."
Jewelry or USB Devices
"It
may sound silly, but if you're changing earrings or heading from a
business meeting, it's very possible you may forget and toss these
things in the zipper compartment of your wallet," says Lin. USB devices
can be bad news in the hands of thieves if they contain confidential
files. "It would be horrible to get your wallet stolen any day, but if
you're also losing your grandmother's earrings or a presentation you've
been working on for months, it's even worse!"
Receipts
Sometimes receipts can have your credit card information on them, as
well as your signature, which thieves could do a lot of damage with.
Additionally, if you've just purchased a big-ticket item like a new
computer or jewelry, you may need that receipt for warranty purposes.
"If you're planning to use your receipts for expense purposes at work,
those few hundred dollars of business receipts can just vanish and your
employer might not be so understanding," says Lin. "Get in the habit of
taking out your receipts every night instead of carting them around with
you."
