There are some Americans who think their wallet is the best place to organize their money. However, if ever lost or stolen, a wallet stuffed with important financial documents can give someone else the keys to your financial kingdom. While it’s important to retain certain information, such as receipts for LocalCashHelp cash loans, a wallet might not be the best place for storage.
Social Security Number
Losing your wallet can be stressful enough, but if you’ve been carrying around your Social Security number, putting this card in the wrong hands could seriously compromise your financial well-being, says Kiplinger. A savvy fraudster will be able to use this information to open various accounts and never pay for them. This can range from a cell phone plan to bank account.
In 2022, an estimated 8.6 million households had at least one person over the age of 12 fall victim to identity theft, according to the Bureau of Justice Statistics. This was a 6.4 percent increase from a year earlier.
Starting in 2005, state and federally issued ID cards are no longer allowed to contain this information. However, if you have an older ID, this nine-digit number might still be listed. Meanwhile, if you have a Medicare card, this will also contain the information.
Instead, try to memorize your Social Security number so you don’t have to keep this information on your person and leave your card in a secure location.
Rather than carrying around an entire checkbook, some consumers always keep a few blank checks in their wallet in case they ever need one. While this may seem like a smart idea, it can actually be very dangerous.
If you misplace your wallet, whoever finds it may be able to withdraw money from your bank account, says the website. In addition, even if a check is already filled out, it can still result in a loss if misplaced. A check lists your bank account and routing number. With this information, someone could try to wire money to their account.
Instead, try to only carry checks when you need them. If you anticipate you will need some during the course of your day, only bring the amount you need and leave the rest of your checkbook in a secure location.