Skip to headerSkip to main contentSkip to footer
Get our Free E-newslettersGet our Free E-newsletters
Kiplinger logoLink to homepage
Get our Free E-newslettersGet our Free E-newsletters
Subscribe to Kiplinger
Subscribe to Kiplinger
Save up to 76%
Subscribe
Subscribe to Kiplinger
  • Store
  • Home
  • Investing
  • Retirement
  • Taxes
  • Personal Finance
  • Your Business
  • Wealth Creation
    • Podcasts
    • Economic Outlooks
    • Tools
    • Kiplinger's Personal Finance Magazine
    • The Kiplinger Letter
    • The Kiplinger Tax Letter
    • Kiplinger's Investing for Income
    • Kiplinger's Retirement Report
    • Store
    • Manage My E-Newsletters
    • My Subscriptions
Skip advert
  • Home
  • Scams
Scams

Worst Things to Keep in Your Wallet

Storing a spare key, your passport book or card or any of these other important items in your wallet leaves you open to identity theft – or worse.

by: Bob Niedt
May 4, 2022
Wallet on concrete in parking garage (focus on wallet)

Getty Images

Skip advert

Nothing gets your heart and mind racing like reaching for your wallet – and discovering it’s gone. Missing. Lost. You check your car seat. The top of the dresser where you usually keep it.  Did you drop it? Or were you the victim of a pickpocket? Following our advice on what not to keep in your wallet won’t eliminate that feeling, but it may lower the panic level

If your wallet is bursting with personal and financial information, you should know that much of that information can be exploited by identity thieves. All the bad guys need to get started is your name and Social Security number. That alone can lead to bogus loan applications and the opening of fraudulent accounts. It can get worse if they can steal from your wallet your government-issued photo ID, including your passport or passport card, and doctor the image.

We reached out to consumer protection experts to identify the things you should immediately purge from your wallet. Oh, and one quick tip before we dive in: Photocopy the front and back of whatever documents you continue to keep inyour wallet. Put that photocopy in a safe place at home, where you can easily retrieve it. If your wallet is lost or stolen, you can at least quickly and easily file reports with the appropriate government agencies and financial institutions.

  • 10 Things You’ll Spend More on in Retirement
Skip advert
Skip advert
Skip advert

1 of 10

Don’t Carry Your Social Security Card in Your Wallet

Social Security card and license in wallet

Getty Images

Skip advert

Losing protection of your full Social Security number is a fast track to identity theft. Once it’s loose, identify thieves will exploit it to get loans in your name, obtain credit cards or other financial chicanery. For that reason, identity theft experts say, never carry your Social Security card – or even a piece of paper with your Social Security number on it. If on rare occasion you need it for identification purposes – say, closing on a real estate loan or filing for benefits – go straight home and stow your Social Security card back in a secure location.

Make sure nothing else in your wallet has your Social Security number on it, including other forms of identification. States can no longer display your SSN on newly issued driver’s licenses, state ID cards and motor-vehicle registrations. However, if you still have any old photo IDs with your Social Security number on them, request a new ID immediately. Even if there’s an additional fee, it’s worth it to protect your identity.

  • 11 Best Things to Keep in a Safe Deposit Box
Skip advert
Skip advert
Skip advert

2 of 10

Don't Carry a Password Cheat Sheet in Your Wallet

Password cheat seat on wall

Getty Images

Skip advert

We might not want to admit it, but many of us have them, somewhere: password cheat sheets. That’s because the average American uses at least seven different passwords to access everything from ATMs to credit card accounts. The smart play, experts say, is to have individual passwords made up of unique combinations of numbers, letters and symbols that you change regularly. But how do you remember them all? For 73% of people, according to a survey by the Pew Research Center, it’s a cheat sheet. And one of the worst places for a password cheat sheet with your ATM card’s PIN is your wallet.

There are better options: If you have to keep passwords jotted down somewhere, keep them in a locked box in your house. You should also explore a digital password manager. One to consider is LastPass. The basic service is free, or you can upgrade to the premium version for $3 per month. That gets you a whole lot more features and storage.

It’s also a good idea to enable two-factor authentication on any account that allows you to. You’ll enter your username and password as usual, but the account will then confirm your identity by asking you to enter a code that has been sent to your smartphone or e-mail address.

  • 9 Things You’ll Regret Keeping in a Safe Deposit Box
Skip advert
Skip advert
Skip advert

3 of 10

Don’t Carry Spare Keys in Your Wallet

Set of house keys

Getty Images

Skip advert

Be careful with your home security. A lost wallet containing your spare house key along with your ID that shows your home address is a treasure map for thieves to find their way into your house. And even if your home isn’t robbed after losing a spare key, you’ll likely spend more than $100 to pay a locksmith to change the locks for peace of mind.)

The best move is to keep your spare key with a relative or friend. If you’re ever locked out, it may take a little bit longer to retrieve your backup key, but that’s a relatively minor inconvenience. Or, consider a smart digital lock such as Google’s Nest x Yale Smart Lock.

  • 10 Things You'll Spend Less on in Retirement
Skip advert
Skip advert
Skip advert

4 of 10

Don’t Carry Blank Checks in Your Wallet

The tip of a pen lies on a blank check

Getty Images

Skip advert

Some of us still write the occasional check, though far fewer than back in the day. And for emergency purposes, our parents told us, always carry a blank check in your wallet, "just in case." That’s not good advice.

Blank checks are risky. In the wrong hands, a blank check could be used to quickly drain money from your bank account. And even if the stolen check isn’t used, the check has on it your bank account and routing numbers, a target for electronic withdrawals from your account. To pile on, that blank check will also likely have your home address and maybe telephone number on it (and some people have added their Social Security numbers, too, another strict no-no).

The better option: Only carry with you the check or checks you think you might need immediately, and leave the checkbook at home.

  • The Best Bank for You
Skip advert
Skip advert
Skip advert

5 of 10

Don’t Store Your Passport or Passport Card in Your Wallet

Passport, wallet and sunglasses

Getty Images

Skip advert

A passport or passport card, like any government-issued photo ID, can be a weapon used against your finances if it falls into the wrong hands, ID-theft experts warn. It could be used to travel in your name, get a new copy of your Social Security card or open bank accounts.

If you’re thinking, "Who carries their passport in their wallet?" there are passport wallets with slots for cash, credit cards and more, along with the passport.

And passport cards, helpful for Americans who cross the northern or southern borders frequently, are about the same size as a driver’s license and easy to forget that you keep it in your wallet.

When traveling in the U.S., have with you only your driver’s license or other personal ID. Leave your passport book and wallet-size passport card in a secure place such as a fire-proof home safe. When traveling abroad, experts advise, carry a photocopy of your passport and leave the original in a hotel safe.

  • 40 Ways to Earn Extra Cash in 2022
Skip advert
Skip advert
Skip advert

6 of 10

Don't Carry Multiple Credit Cards in Your Wallet

A fan of credit cards

Getty Images

Skip advert

You could slim down that bulging wallet by rolling with fewer credit cards in it. That way, if your wallet is lost or stolen, you won’t have as many credit cards that you’ll have to cancel. Our recommendation: Carry one rewards card for everyday purchases as well as a backup card for unplanned purchases or emergencies.

And as we mentioned, photocopy the front and back of everything in your wallet, or write the cancellation phone numbers or websites for your credit cards on a piece of paper at home. The "lost or stolen" number is typically on the back of your credit card, but if your credit card is stolen, that won’t do you any good.

Skip advert
Skip advert
Skip advert

7 of 10

Don’t Store Your Birth Certificate in Your Wallet

Passport, fingerprint card, driver's license, social security card and birth certificate isolated on white with a wallet and US Currency

Getty Images

Skip advert

Your birth certificate, stolen, won’t get anyone very far. But if they have it in conjunction with other types of fraudulent IDs, security experts say, thieves could do some major damage to your finances.

Be especially vigilant on the rare occasions when you’re required to carry all of your most sensitive documents at the same time. One example of that is at a mortgage closing, when you might need to bring your birth certificate, Social Security card and passport. Don’t let them out of your sight, and take them straight home before you celebrate that closing. It’s not a good idea to leave them in your car.

  • Romance Scams: “I Love You; Send Money”
Skip advert
Skip advert
Skip advert

8 of 10

Don’t Carry a Stack of Receipts in Your Wallet

Pile of receipts

Getty Images

Skip advert

You don’t need all those receipts jammed into your wallet. While businesses have not been allowed to print on paper receipts more than the last five digits of your credit card number for years, ID-theft experts say skilled thieves could use those last five digits and merchant information on receipts to phish for the remaining numbers on your credit card (quite often, your full name, taken from the credit card you used, is also on those receipts).

Remove those receipts from your wallet daily and shred them. If you need to retain receipts, for possible returns or warranties, ask the merchant to skip the paper and send you a digital receipt instead. Most retailers will. If you have a printed receipt you need to keep, consider making it digital and storing it securely in the cloud. Apps that do this include Shoeboxed, which lets you create and categorize digital copies of your receipts and business cards. Plans start at $18 per month for your first year.

  • 9 Things You’ll Regret Keeping in a Safe Deposit Box
Skip advert
Skip advert
Skip advert

9 of 10

Don’t Carry Your Medicare Card in Your Wallet

Medicare Health Insurance Card in medical office with Xray

Getty Images

Skip advert

Many retirees still may have old Medicare cards with their Social Security numbers printed on them in their wallets. Carry only your new Medicare card. Medicare has stopped issuing Medicare cards with Social Security numbers on them and replaced them with new wallet-size paper cards. The new Medicare cards have a number on it that’s unique to you.

If you have an old Medicare card with your Social Security number on it, remove it from your wallet and replace it with the new card. Shred the Medicare card that has your Social Security number on it.

  • These Healthcare Stocks Should Thrive in 2022
Skip advert
Skip advert
Skip advert

10 of 10

Don't Keep Gift Cards in Your Wallet

Florida, Miami Beach, Office Depot, gift card display.

Getty Images

Skip advert

Many of us carry gift cards in our wallets just in case we happen to end up in the retailer or restaurant that the card is good for. That's not such a great idea.

Retailers don't ask for ID when using gift cards, after all, because your name isn't on them (even though the Home Depot gift card you got on your birthday does say "To Dad" on the back). That means anyone who rifles through your lost wallet can redeem those gift cards same as cash -- no questions asked. The smarter way to use them is to leave them at home until you know for sure you are headed to that destination where you can use those gift cards. Or redeem them online.

  • Beware of Gift Card Scams
Skip advert
Skip advert
Skip advert
  • personal finance
  • Scams
Share via EmailShare on FacebookShare on TwitterShare on LinkedIn
Skip advert
Skip advert
Skip advert
Skip advert

Recommended

HSAs Make Health Care More Affordable
health savings accounts

HSAs Make Health Care More Affordable

Tax-advantaged health savings accounts allow you to save for a broad range of short-term and long-term medical expenses.
May 26, 2022
This Couple Tackles Love and Money as a Team
Getting Married

This Couple Tackles Love and Money as a Team

Fyooz Financial, the husband and wife team of Dan and Natalie Slagle, have carved out a niche advising other couples with the money questions that com…
May 24, 2022
COVID’s Financial Toll Isn’t What You Think
Coronavirus and Your Money

COVID’s Financial Toll Isn’t What You Think

From a grandma’s retirement in ruins to a troubled teen inheriting too soon, COVID’s effects will last for generations. While nothing can prepare you …
May 21, 2022
What Older Adults Should Know about Getting Divorced and (Maybe) Remarried
Divorce

What Older Adults Should Know about Getting Divorced and (Maybe) Remarried

Gray divorce is on the rise, and couples parting ways at this stage of life should know there are important financial and estate planning issues to co…
May 19, 2022

Most Popular

Which States' Taxes Are Going Down
Tax Breaks

Which States' Taxes Are Going Down

State lawmakers are cutting income, sales and property taxes to return budget surpluses to residents.
May 25, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
Why Are Gas Prices Still Going Up?
spending

Why Are Gas Prices Still Going Up?

The cost of a gallon of gas is at an all-time high. What’s driving the surge and will gas prices go down anytime soon?
May 23, 2022
  • Customer Service
  • About Us
  • Advertise With Us (PDF)
  • Privacy Policy
  • Cookie Policy
  • Kiplinger Careers
  • Accessibility
  • Privacy Preferences

Subscribe to Kiplinger's Personal Finance

Be a smarter, better informed investor.
Save up to 76%Subscribe to Kiplinger's Personal Finance
Do Not Sell My Information

Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site www.futureplc.com
© Future US LLC, 10th floor, 1100 13th Street NW, Washington, DC 20005. All rights reserved.

Follow us on InstagramFollow us on FacebookFollow us on TwitterConnect on LinkedInConnect on YouTube