January 2025 - Out With the Old

There is something about the new year that encourages us to make a fresh start. For some that could mean adopting a new, healthier routine; for others it could involve ridding themselves of old, worn-out possessions in place of newer varieties, starting with something as simple as changing out their purse or wallet.

If you fall into the latter category, remember there are certain things you should never carry in your wallet. Social Security cards, passports or passport cards, and birth certificates can be used to create a new identity and open lines of credit in your name. To prevent someone else from accessing your accounts, running up large charges, or cleaning out your bank account, consider also leaving the following home:

• Password lists.
• Multiple credit cards, including store cards. 
• Credit card receipts.
• Blank checks or checkbooks
• Gift cards with balances.

If your wallet is lost or stolen, taking the following steps can offer some protection:

• Cancel all cards starting with your debit card. Federal law allows two days to refute debit card charges vs. 60 days for credit card charges. Request replacement cards with new numbers.
• Freeze your accounts to prevent anyone from opening new lines of credit in your name. Contact all three major credit reporting agencies – Equifax, Experian, and TransUnion – requesting they not share your credit report.
• File a police report to establish a written, dated record of when the loss or theft occurred.
• Set up fraud alerts to catch unauthorized activity immediately.
• Update all auto-pay accounts to avoid missed payments and late fees.
• Watch all your accounts and be alert to small withdrawals. They can be a prelude to larger transactions.
• Replace all other documents you lost – insurance cards, social security card, driver’s license, etc.

While diligence may not prevent you from losing your wallet or having it stolen, it can lessen the consequences should that happen.

May 2025 be a year of fresh beginnings as you let go of the old and welcome in the new!