The contents of your wallet are a goldmine for fraudsters
THE everyday contents of our wallets and purses are potentially a goldmine for fraudsters, research suggests. We may effectively be handing fraudsters the “keys” to our finances by storing vital clues about our personal lives in our wallets.
Financial consultancy Enryo, which commissioned the research, suggest many people should give their wallet a detox.
One in 20 (5%) people surveyed keeps their Pin in their wallet, with the same proportion carrying online banking passwords in it – leaving them highly vulnerable to fraud if their wallet is lost or stolen.
Men are more likely than women to keep a note of Pins, with the biggest “culprits” being 18 to 34-year-olds. Those aged over 54 are less likely to write down passwords or Pin numbers and carry them around.
More than two-fifths (44%) of people carry their driving licence in their wallet, Enryo found, and one in 10 also has something else with contact details or addresses.
Fraudsters piece together information about victims like a jigsaw and use it to plunder accounts directly or commit identity fraud by applying for loans or credit in someone’s name.
Personal details such as names, addresses, ages, mobile phone numbers and bank account details give criminals important information.
Keeping a card together with a Pin and online banking passwords may put the victim in a difficult position when claiming back money from unauthorised transactions. The card provider may take the view that the victim did not take reasonable steps to protect their security and has been negligent.
If your cards are lost or stolen, tell your bank immediately so transactions can be blocked.
Common purse and wallet contents include cash – often more than £50 – debit cards, credit cards, loyalty cards, receipts, membership cards, stamps and 14% of us have photos of our family or ourselves.