It’s Called Currency

I’ve heard before that you should photocopy everything in your wallet as a “backup” technique should it be stolen. Of course, there are privacy issues with photocopies made on copiers that have hard drives, and legal constraints on whether or not you can create color copies at 100% of certain types of ID. Here’s what I recommend:

• Create a photocopy with both sides of your driver’s license on a single page. When doing this, make sure that the copy is black and white and that the copier is not the type that stores files. Ancient copiers can often be found in libraries or grocery stores. Alternatively, you can use your own scanner to duplicate both sides and print them on one document, then store the file offline. Don’t give a hacker the opportunity to discover it online by storing it on any backup or photosharing service, no matter how secure it supposedly is. It’s much harder to recover from an identity theft than from having your wallet pinched by someone in need of quick cash.
• Pull out your bank and credit cards. Turn them all over. Make a list of the cards, their numbers and the phone numbers to call if they are stolen. Program the phone numbers into your phone, but not the card numbers. (You don’t want to give the numbers to someone who steals your phone, do you? The banks and card issuers can actually look up the accounts when you call.) Put the list in a secure location (home fire safe is best, household files is next best). You may also want to put a copy of the list into your safe deposit box. And while you’ve got these cards out, take a moment to consider if you are carrying ones that you don’t really need to, ones that you really don’t use all that often. They could be left in a secure location at home rather than padding your wallet, couldn’t they?
• If you are carrying your Social Security Card, remove it from your wallet today! I mean it, if you do nothing else after reading this post, do that. Giving your photo ID and your SSN to a thief is just asking to have months or years of aggravation trying to regain your own identity.
• What else is in your wallet, besides money? Voter Registration card? Health Insurance card? Birthday reminder card? Pocket calendar card? Evaluate whether you really need it be carrying it on a daily or weekly basis, and how much trouble it would be to replace if stolen. Make photocopies if necessary, and use the precautions listed above with sensitive items.

One of the reasons I asked you to think about whether or not you need to be carrying certain cards is because there are reports of doctors who are treating pain conditions that can be traced back to the hip pocket wallet that is crammed full and causes sciatic or low back pain. They often recommend carrying your pocket in the front to reduce or eliminate that pain (and pickpockets will also have a harder time if your wallet isn’t in your back pocket).

Another reason is identity theft. Used to be that a stolen wallet was emptied of its money and ditched almost immediately. These days, it may not be that easy. You may find, months down the road, that someone has used your information to open credit card accounts or even get bank loans in your name. The process of cleaning up your credit profiles can take years, and you may not even be able to write a check at the local grocery store any longer. A few simple precautions taken now will save you major headaches later.

Now, what about your checkbook? That’s one item I most definitely recommend you leave at home. I don’t carry mine at all anymore. Instead, I took two index cards, taped them together on three sides to create a pocket, and placed two checks folded in half into it. The check numbers are written on the outside and entered as placeholders into my check regsiter. When I write a check to someone, I write the name, date and amount on the outside of the pocket next to the number. When I get home, I record the details in my check register and put another folded check into my index card pocket. Why do I do this? Because, if someone steals my purse, I know that they only have two checks from my account and can stop payment on them immediately. This limits the risk of someone successfully forging a check considerably, as well as my liability if they do.

While you’re doing this task, look at any other personally identifiable information you’re carrying with a critical eye. Do you really need it on you every day? Does it add to your life, or has it just become a habit to have it with you? Could you leave it at home or get rid of it altogether? Does it help you control the flow of the currency in your life or is it something that really dams things up? Clear out the clutter and let the current run!

Tags: credit reports, identity theft, priorities, Thursday Task // 4 Comments »