What You Should Remove From Your Wallet – Downeast Credit Union

What You Should Remove From Your Wallet

Posted on May 9, 2024 | Fraud Defense
According to the Social Security Administration, identity theft is one of the fastest growing crimes in America. This is a crime where someone steals your personal information, usually for financial gain. While a lot of identity theft is a result of skimmers, phone scams, and not practicing safe internet practices, a lost or stolen wallet is a dream come true for identity thieves. If you’re looking to reduce the chance or severity of your identity being stolen, you should consider removing these four things from your wallet:
Social Security Card: If someone gets your number, that person can use it to apply for loans in your name, open credit cards, file a tax return and claim a refund – among many other things that can severely damage your credit standing and get you in trouble with the law.
PINs and Passwords: It can be difficult to remember all of your passwords, as many have specific requirements or need to be reset after a certain time period. However, that cheat sheet could give someone access to all of your financial accounts.
Checks: If you do carry checks, it’s best to limit the amount that you carry in your wallet. Checks clearly state your account number, name, and address, which makes things very easy for identity thieves.
Multiple Credit Cards: Carrying more credit cards than you need gives potential thieves more op
portunities to steal your money or information. Plus, it’s more work on your end to reestablish accounts if you become a victim of identity theft.