Social Security Card and 4 Other Things You Should Never Keep in Your Wallet
Social Security Card and 4 Other Things You Should Never Keep in Your Wallet
Cameron Huddleston Wed, October 6, 2021
Years ago, while I was at a crowded outdoor market, someone reached into my purse and plucked my credit card and debit card from my wallet. I didn’t even know they were missing until I got home and discovered a message on my answering machine from my card company, alerting me that there had been suspicious activity on my account.
I quickly canceled my cards, contested the fraudulent charges and recovered — without a financial loss — from the incident. However, I consider myself fortunate. The situation might have been far worse if I’d been carrying other things in my wallet — items that could have created a financial nightmare for me if thieves had gotten their hands on them.
Although large data breaches like the recent one at credit reporting agency Equifax tend to grab headlines, more than 40 percent of identity fraud cases stem from a stolen or lost wallet or purse, according to claim data from insurance company Travelers. So, if you’re carrying around these things in your wallet, you’re likely putting your identity and finances at risk — learn how to protect yourself.
1. Social Security Card
The No. 1 thing you should never carry in your wallet is your Social Security card.
“Your Social Security number is the most vital piece of information for identity thieves, and the damage resulting from identity theft can impact your finances for years to come,” said Michael Bruemmer, vice president of consumer protection at Experian.
If someone gets your number, he or she can use it to apply for credit in your name, file a tax return and claim a refund or get a job and earn income that’s reported to the IRS — which will create problems for you at tax time, according to the Social Security Administration. For these reasons, Bruemmer says that losing a Social Security card can be devastating. It takes a lot of hard work for tax scam victims to clear their names with the IRS.
While you can get a new Social Security number, you must have evidence that someone is using your current one. However, some government agencies and businesses, such as banks, might still associate you with the old number — even after you make the switch.
2. Birth Certificate or Passport
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https://news.yahoo.com/social-security-card-4-other-200851869.html