Fraud Prevention Month - What's In Your Wallet? Learn What Shouldn't Be

A lost or stolen wallet filled with sensitive information is an identity thief's dream.  Check your purse today and cull it down to the essentials.

What should be in your wallet or purse:

• Debit card
• One or two credit cards
• Drivers licence
• Health care card
• Rewards cards
• List of medications/emergency contacts

What should NOT be in your wallet or purse:

• Your SIN card (you only need to provide your SIN when applying for a job or opening an investment account - this number is so sensitive that the Government of Canada has stopped issuing SIN cards)
• Birth certificate
• More than one or two credit or debit cards
• Other forms of ID
• Anything with your full address on it

Other things to keep in mind:

• Don't show your ID (such as your driver's licence) unless you absolutely have to.  I used to get asked frequently before CHIP and PIN technology with debit and credit cards but still do when traveling to the U.S., for example.  If the friendly clerk asking for your ID has an undetectable camera pointed at your while you make your purchase, exposing your credit or debit card wouldn't be devastating (you're protected by VISA, MasterCard and American Express and your bank so long as you abide by the terms and conditions of your agreement).  However, if you pulled out your driver's licence for example, the thieves would have a great deal of information about you - likely enough to commit some type of identity theft (now, they would have your full name, address, date of birth and drivers license number.)
• Keep documents that have your SIN or your child's SIN under lock and key (all RESP, RRSP, TFSA, tax documents and more)

To learn more about protecting your family from identity theft and fraud, check out my latest book, Protecting You and Your Money; A Guide to Avoiding Identity Theft and Fraud published by the Chartered Professional Accountants of Canada - click here.