Why it’s Wise to Do a Wallet Purge

We all have one — a wallet. It’s meant to hold your ID, cash, and credit card. But it seems many people are carrying a lot more and a Real Simple article says that could be dangerous.

Identify theft experts warn that carrying extra personally identifiable information is a security risk. They recommend bringing just the bare minimum and leaving everything else at home.

Here’s what you should take out of your wallet:

• Social Security card – If an unscrupulous person gets hold of your Social Security Number they can apply for credit cards in your name.
• Bank cards – Credit cards offer some protection, but the article points out that “if someone fraudulently uses your debit card, the funds are instantly taken from your account, meaning you’ve lost that money.”
• Old receipts – This may seem innocent enough, but experts caution that “scammers can use the information from your receipt, such as a purchase, store, and the last four digits of your credit card number, to make their lies seem convincing.” They might call you and pose as the fraud alert department and trick you into revealing sensitive information.
• Passwords – It seems everything is password protected these days and it’s hard to remember all the unique passwords you create. You might be tempted to keep a cheat sheet, but you definitely don’t want this information to get into the wrong hands.

The experts recommend you purge your wallet, keeping just a driver’s license, one credit card and an emergency contact card.

The Seniors Trust is committed to improving the financial well-being of older Americans. We are working diligently to get Congress to enact the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.