I just ran across this story where a woman had her wallet stolen twice in one year. Talk about a painful experience. She reported all of her credit cards stolen, called her bank and filed an identity theft police report both times. What she didn’t realize is that doing all that wouldn’t protect her from having her identity stolen.
Did you know that when your wallet gets stolen, the least financially damaging thing you have to worry about is the cash that was in it? Protecting yourself from becoming a victim of identity theft is the long-term concern.
The FDIC provides some helpful tips to protect yourself from identity theft in the event that your wallet is ever stolen including:
1. Do not carry checks, credit cards or other bank items that you really won’t expect to use.
2. Don’t carry your Social Security number in your wallet.
3. Don’t ever leave your wallet unattended in a store, restaurant, office or other public place—not even for a few minutes.
What’s the lesson learned? Protect your wallet! It’s also a good idea to keep an inventory of your wallet contents. Photocopy the front and back of your credits cards so that you know exactly which cards were in your wallet when it was stolen. Keep this inventory list in a locked safe place and update it whenever you make changes to your wallet contents.