Buzz
Photo: Steven Puetzer/Getty ImagesA wallet is an essential item you likely carry everywhere, but it can also make you vulnerable to identity theft if not managed wisely, as noted by Eva Velasquez, CEO of the Identity Theft Resource Center. Velasquez points out that many people unknowingly carry unnecessary items with sensitive details in their wallets. “Holding onto more personal information than required at any given time increases your exposure to potential security threats,” she emphasizes.
To reduce risks, it’s advisable to carry only the essentials, especially in case of loss or theft. Velasquez suggests approaching your wallet like you’re preparing for a trip. “When traveling, you likely minimize your belongings to the essentials. Adopting this mindset in your daily life can help enhance your security,” she recommends.
Begin by eliminating these items from your wallet:
Social Security Card
Your social security number is highly sensitive, and carrying the card is often unnecessary, according to Velasquez. With just this single document, someone could fraudulently open credit accounts in your name, potentially devastating your credit score.
Passport
While a passport serves as a valid ID, it’s safer to keep it at home unless you’re traveling abroad or it’s your main identification. (A skilled cybercriminal could exploit a stolen passport on the dark web.) “To reduce risk, I recommend carrying only one form of identification,” Velasquez advises.
Bank Cards
If your debit card is used fraudulently, the money is immediately deducted from your account, leaving you without access to those funds. While banks usually refund the amount during their investigation, they might reverse the refund if they find your claim invalid—even if your card was genuinely stolen. “Imagine it’s the first of the month, and you’re thinking, ‘I need to pay rent or my mortgage,’ but you’ve lost access to your cash,” Velasquez explains.
Old Receipts
While old receipts may not seem sensitive, they can provide scammers with enough details to execute social engineering attacks. “Fraudsters use information from receipts to make their schemes appear legitimate,” Velasquez notes. For instance, if your wallet is stolen and contains receipts, a thief might pose as your credit card company and call you about a fraud alert. Using details like the store name, purchase amount, or the last four digits of your card, they can manipulate you into revealing personal information, such as your social security number.
Spare Keys
Carrying a spare house key in your wallet essentially hands thieves easy access to your home. If your driver’s license is also in your wallet, they’ll likely have your address, making it simple for them to break in.
Passwords
Memorizing every password for every account can be challenging, but storing them on a sticky note in your wallet is a risky habit, as Velasquez points out. “It’s highly unlikely you need access to all your passwords at every moment,” she emphasizes.
And 3 Things You Should Have in Your Wallet
Identification
But limit it to just one! There’s no reason to carry multiple forms of ID like a passport, social security card, and driver’s license.
Credit Card
Credit cards generally offer stronger fraud protection than debit cards, as Velasquez explains. It’s wise to carry a single credit card for everyday expenses.
Emergency Contact Card
Keeping a small card with an emergency contact’s name and phone number in your wallet is a smart move. This ensures that someone can assist in reaching out to your loved ones if you’re in an accident or lose your wallet.
