There are some things you should never carry in your wallet, not because they are contraband, but for safety. For one, some of these items can be used for incriminating activities when they fall into the wrong hands. In extremes, losing such items may lead to significant financial reverses.
Financial transactions and similar transactional activities have become easier thanks to advancing technologies. Unfortunately, as technology eases your ability to conduct transactions through things like a medical insurance card, it equally becomes easy for entities with nefarious intentions to exploit the system. According to Michael Sullivan, a personal finance consultant, “Anything that’s convenient for you would be convenient for a thief.”
So, endeavor to run through the following list of eight items and keep the highlighted items somewhere safe, not in your carry-on wallet.
Social Security Card
Fewer things are more painful than trying to claim the benefits of your social security and realizing a fraudster has exploited it. It may become even life-threatening if the scenario involves an emergency. For example, when a fraudster uses the details on your medical insurance card for themselves.
So, your social security card or any other form of identification or document that carries the social security number should be kept out of your wallet. Just as cops can run a full profile on a traffic offender by having access to their license, fraudsters can similarly access your personal information when they lay hands on your social security card or just the number.
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Checks and Entire Check Books
Yes, we understand that you may occasionally have to drop by your local bank branch to cash a check or deposit some cash. However, giving deposit slips and checks permanent residency in your wallet is not advisable. If you happen to lose your wallet or it gets swabbed by pickpockets, these financial documents are often laden with personal information that could be used for fraud.
“But it’s just a used deposit slip,” you say. Now, let’s break it down. Some checks and deposit slips carry your account number, name, mailing address, bank name, and routing number. This information is enough for a skilled fraudster to empty your account over time.
Multiple Credit Cards and Debit Cards
Some folks habitually keep all their debit cards and multiple credit cards in a wallet. Indeed, some even retain their old and expired ATM cards in the same wallet. This can be a dangerous practice. In this age of card swipe scams, you want to keep a maximum of one ATM card in your wallet, and only when necessary.
Besides, it’s even a tip for minimalistic finances when you leave your multiple credit cards at home. Doing this causes you to look the other way when impulse expenses stare you in the face.
Gift and Loyalty Cards
Gift cards and membership or loyalty cards are one of many other things you should never carry in your wallet. People tend to get a lot of gift cards during their birthdays and holiday seasons. Keeping stacks of these valuable items tucked away in your wallet would be ill-advised.
Using a gift card app is a better option to help keep gift cards out of your wallet. These apps allow you to transact business via a digital wallet with your preloaded gift cards. Similarly, do not permanently keep loyalty cards for retail outlets like Costco in your wallet. Only take them along when there’s a justifiable reason to visit the outlet.
Paper Slips With Scribbled Passwords
Despite having a vast storage capacity for information, the human brain tends to forget random things occasionally. So, some people habitually write down vital information like ATM personal identification numbers in paper strips and tuck it away in their wallets. The guff goes a notch higher when you leave the personal identification numbers and corresponding cards together in the same wallet.
Technology has gotten so sophisticated that you need not remember your personal identification numbers or passwords. Simply use a reliable and encrypted password manager, and your passwords and personal identification numbers will be secure and available at a click or tap.
Thick Wads of Unnecessary Cash
Carrying a bulky wallet around may seem like a status symbol. However, leaving unnecessary cash in a bank or at home is safe.
A bulging wallet attracts a pickpocket like high fences make burglars inquisitive.
Birth Certificate or Passport
Your birth certificate and international passport are too full of information to carry around in a wallet.
Whether you need the information in these documents or not, you can securely convey it by storing it electronically on your smartphone.
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Spare Keys
The last place you want to keep your spare keys is in your wallet. Hand it to a trusted friend or relative if you have to keep it outside the house, but never in your wallet.
This prevents criminals from targeting your home in the case of a wallet loss.
Besides lightening the overall weight of your wallet, keeping out all the items in this list of things you should never carry in your wallet will save you heartache when the leather accessory goes missing. In addition, sensitive details like your social security number can be used by criminal masterminds to perpetrate financial crimes. Likewise, your medical insurance card can be maxed out through medical identity theft without your knowledge.
