We’ve all been there – stuffing our wallets with various cards, documents, and pieces of paper, thinking it will make our lives more convenient. However, this habit can actually put us at greater risk of identity theft and financial fraud if our wallets get lost or stolen. Financial security experts strongly recommend never carrying certain items in your wallet to protect your personal and financial information. Let’s discuss each below.
Should I Carry My…
- Social Security Card? Your Social Security number is the holy grail for identity thieves. It’s the key that unlocks access to your entire financial life. Carrying your Social Security Card puts you at unnecessary risk if your wallet is lost or stolen. Even though you may need your physical Social Security card in select scenarios, in most cases, it’s perfectly sufficient to provide your number (or the last four digits) verbally.
- Checkbook or Blank Checks? In today’s digital age, it’s rare for businesses or organizations to request check payments. Checks contain sensitive information like your bank account and routing numbers, making them prime targets for forgery and fraud. Store your checkbook at home and opt for carrying a more secure form of payment instead, like a debit or credit card.
- Password List? It might seem convenient to carry a list of your usernames and passwords, but this is a massive security risk. If your wallet falls into the wrong hands, a thief will have access to all your online accounts. Keep your passwords secure and memorized, or use a password manager app. Android and Apple devices both have built-in password managers that are secure — use them liberally!
- All Debit/Credit Cards? While it’s tempting to carry all your cards for convenience, this increases your risk if your wallet is stolen. Limit yourself to one debit and one credit card you use most frequently, and store the rest in a secure location at home. This way, if your wallet is compromised, you’ll only need to cancel and replace one or two cards.
- Passport? Your passport contains a wealth of personal information, including your full name, date of birth, and passport number. Carrying it puts you at risk of identity theft if lost or stolen. Of course, if you are traveling abroad, carry your passport — but keep it stashed in a secure part of your bag.
- Birth Certificate? Like your passport, your birth certificate is a valuable document that can be used for identity theft. Keep it safely stored at home unless you have a specific need for it.
Stay Vigilant to Reduce Risk of Financial Fraud
Identity theft and financial fraud are serious threats that can have long-lasting consequences. By being mindful of what you carry in your wallet, you can significantly reduce your risk and protect your personal and financial information. Keep your wallet lean and mean, carrying only the essentials you need for the day. Leave sensitive documents and unnecessary cards at home in a secure location. And if your wallet does go missing, act quickly to report the loss and take steps to safeguard your accounts. In today’s digital age, it’s more important than ever to be vigilant about protecting your personal information. By following these simple tips, you can enjoy peace of mind and minimize the chances of becoming a victim of identity theft or financial fraud.
Minimize the Damage Caused by Carrying Sensitive Information
If the worst happens and your wallet is lost or stolen, having a record of its contents can help minimize the damage. Create a list of everything you typically carry in your wallet, including credit/debit cards, IDs, insurance cards, and other important documents. Store this list in a secure location at home. If your wallet goes missing, you’ll have a handy reference to quickly report the loss and cancel any compromised cards or accounts. This list can also remind you of personal items you’ll need to replace, such as a library card or prescription card.
Bank of the James Takes Security Seriously — and You Should, Too!
Here at Bank of the James, we know your personal data is precious. We prioritize safeguarding all your banking info, and we’re always happy to share security tips so you can reduce your risk of experiencing financial fraud or identity theft. If you’re a current customer and have safety questions, our team is happy to help.
Visit your local branch today or call to schedule an appointment!