Ways to Secure Your Wallet and Prevent Identity Theft

In his 1978 song “The Gambler,” Kenny Rogers sings “Know when to hold ‘em. Know when to fold ‘em.”

Later he adds “…the secret to survivin’ is knowin’ what to throw away and knowin’ what to keep…”

It turns out, that’s sound advice for your wallet, too.

Even in this age of email spam and phishing, your physical wallet, if lost or misplaced, can be a source of personal information for scammers. They can combine disparate data to form a composite of your financial identity from the old receipts, cards, and other detritus in your wallet.

This article from the American Association of Retired Persons (AARP) offers valuable tips about emptying your wallet of all but what you need day to day.

I took their advice and sorted through my wallet, finding a few receipts, a merchant ID card with an old telephone number and address, a rarely used credit card, and a few other items that I never use. My wallet is much thinner now, easier to carry in my pocket, and a bit less revealing!