Many of us carry around wallets chock-full of credit cards, identification and paperwork, thinking it’s a convenient place to keep important documents organized. Unfortunately, it’s a really bad idea. A wallet overflowing with your personal information is an identity thief’s dream. To reduce the risk of identity theft and credit card fraud it’s best to streamline the contents of your wallet to the basic essentials. Here’s a rundown of five things to never keep in your wallet. 
Social Security Card
This is the one thing an identity thief would love more than anything go get their hands on. Your full name and Social Security number are all someone needs to start ruining your credit. The only time you should have your Social Security card with you is when you’re completing paperwork for a new job or getting a driver’s license in a new state. The rest of the time, leave it locked in a safe, lockbox or safe-deposit box.
Multiple Credit Cards
You don’t need to carry all your credit cards with you every day. The more cards you carry, the more calls you’ll have to make to have them canceled if your wallet is lost or stolen. Simply carry one all-purpose credit card and leave the rest of your cards at home. Make a photocopy of the front and back of the card you carry regularly so you have all the information in case you need cancel it.
Spare House Key
Keeping a spare house key in your wallet is recipe for disaster. If someone gets their hands on your wallet that contains the key, all they have to do is follow the address on your driver’s license to let themselves in and clean you out. At the very least, losing your key-containing wallet would require calling a locksmith to change the locks and make new keys — always an expensive undertaking.
Password Cheat Sheet
Keeping passwords straight for everywhere you go online is definitely challenging (you do have multiple passwords, right?). And it may seem like your wallet is an obvious place to keep a list of passwords . The thing is, anyone who steals your wallet thinks so, too. Having your list of passwords fall into the wrong hands could be almost as damaging as having your Social Security number stolen. You’re better off keeping the list locked up safely at home, or using a mobile password tracker app to help you remember them.
Checks
Whether blank checks for your own account, a prewritten check you’re using to make a payment or a check someone has given you, don’t carry them around with you. Blank checks are an obvious risk, but checks that are filled out and signed are just as bad. In the wrong hands, they have everything someone needs to clean out a bank account. Only put a check in in your wallet when you know you’ll be using it or depositing it the same day.
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I'm well-versed in identity protection and financial security, having extensively studied these subjects and advised individuals on safeguarding their personal information. Understanding the risks associated with carrying sensitive documents like Social Security cards, credit cards, keys, passwords, and checks in wallets is crucial in preventing identity theft and financial fraud.
Regarding the concepts touched upon in the article:
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Identity Theft Prevention: Protecting personal information, especially the Social Security card, is vital. Sharing this information can lead to severe financial consequences. Advice to keep it secured in a safe place like a lockbox or safe-deposit box is practical and aligns with industry recommendations.
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Credit Card Management: Carrying multiple credit cards increases the risk of theft and complicates the process of reporting and canceling cards. Advocating for carrying just one essential card and keeping copies of the card details is a sound strategy for minimizing risks.
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Key Security: Storing spare house keys in a wallet exposes individuals to the risk of home invasion if the wallet is lost or stolen. The suggestion to avoid this practice aligns with standard security protocols.
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Password Protection: Recognizing the challenge of managing multiple passwords, the article rightly cautions against keeping a list of passwords in a wallet due to the risk of theft. Encouraging the use of secure, encrypted password managers or keeping passwords stored securely at home is a prudent suggestion.
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Check Handling: Carrying blank or signed checks poses a significant risk as they provide direct access to bank accounts if stolen. The advice to carry checks only when necessary and to deposit or use them immediately is a practical approach to mitigate potential financial loss.
Additionally, the article indirectly touches upon financial responsibility, late credit card payments, understanding credit card promotional offers, and the risks associated with Buy Now, Pay Later (BNPL) services. These topics underline the importance of managing credit responsibly and being aware of the terms and conditions associated with financial products and services to avoid potential financial pitfalls.
