Most people keep the keys to their financial lives in their wallets. But if yours are ever lost or stolen, this could give someone you don’t know instant access to sensitive information.
While general items, such as cash, credit and debit cards as well as a driver’s license are acceptable items to store in your wallet, other things are best left in a secure location at home, recommends Wise Bread.
If you make the mistake of carrying sensitive information and material in your wallet and it gets into the hands of the wrong person, you could find it difficult to pay necessary monthly expenses while you clean up the financial mess. In this situation, cash advance loans may be able to help you out until you get back on your feet.
Social Security Card And Birth Certificate
Although you may kick yourself in situations where you need your Social Security card and don’t have it, this document is best left at home. Carrying your Social Security card is ill-advised because with this information, someone can wreak financial havoc on your life.
For example, with a Social Security card a fraudster with a little knowhow may be able to open accounts ranging from bank to phone services. With these accounts open, the individual likely won’t pay the bill, which will ruin your good name.
Store And Restaurant Receipts
After you complete a credit card or cash transaction, the receipt should go into your pocket, purse or wallet. Just make sure to remove these items and store them in a secure location when you have a chance.
Receipts may appear useless to the untrained eye, but someone with bad intentions may be able to piece parts of the information disclosed to gain access to personal data and credit and debit card information.
Hanging on to your receipts is a good way to track your spending. With this information it becomes easier to formulate a budget to fit your financial lifestyle. Just make sure you are responsible with where you store these records.
Don’t Carry All Of Your Credit Cards
While an unexpected expense might call for the use of a credit card, it’s a good idea to only carry a few of these cards at any given time, especially if you have multiple accounts in your name.
If you misplace your wallet, it could be a serious headache to cancel and get new cards issued. In the time it takes to do this, there’s no telling what a fraudster can do with your credit cards.
Instead, carry only as many cards you think in necessary. If you leave your house with plans to purchase a certain item, then make sure to have a card with you. In contrast, if you go to the gym or take the dog for a walk, leave your cards in a secure location.
Don’t Store Anything With Your PIN Or Passwords
When someone finds a lost wallet containing credit or debit cards, they probably won’t want to rip you off. But if they find a slip of paper with your PIN number written on it, this could be a tempting opportunity.
Try to refrain from writing down this information. Sensitive information, including your PIN and passwords for other accounts, should only be written in one place – your head.
What’s Your Alternative?
Instead of carrying around all of your sensitive information and materials, keep these things at home in a locked fireproof box. Although losing your wallet will still be disheartening, this measure could help minimize any financial backlash.