Stolen Wallet
Anyone who steals your wallet -- or even anyone who finds your wallet -- has a gold mine. Your driver's license is in there, your credit card is in there, and if you carry your social security card, they've got that, as well. That's a big deal. The thing of it is, they don't even need to physically take anything out of your wallet to rob you blind. If they write down your credit card info and your address from your driver's license, they can clean you out shopping online. And with your social security number, there's not much a person can't do by way of opening bank accounts and new lines of credit. You could get your wallet back later, with everything in it, and still be hung out to dry.
One instance of a lost wallet turning into full-on identity theft is the case of Margot Somerville, who lost her wallet on a San Francisco trolley in 2006. That kicked off an ordeal that lasted for a full five years, costing her $20,000 in fraudulent charges, another $60,000 trying to prove her innocence, and held the constant fear of prison in the back of her mind during her last years with her husband. All that because a woman was depositing fraudulent checks in Somerville's name, all the way over in California.
If you do lose your wallet, you need to go into lockdown mode, even if you do get it back. Have all of your credit cards reissued, notify credit bureaus of potential fraud, call the social security office and the IRS, and generally follow the stolen identity recovery handbook in full, because you're about as compromised as you can be.
Did you know...
- Want a money saving tip? Ditch credit and debit cards, and stick to carrying around cash. Studies show people spend between 12 – 18% more when using a plastic card as opposed to when paying for things in cash. If you physically have to dole it out, you’re much more aware that you are spending your hard-earned money!
- When it comes to counterfeiters, North Korea are pros. They have gotten so good at counterfeiting American currency (particularly the $50 and $100 bills) they their fakes are known as "superdollars." They require specialized Federal Reserve equipment to be identified. There are $45 million worth of North Korean fakes…that we know of.
- Paper money is actually pretty heavy. One pound would be worth $454 in $1 bills. That means $1 million comprised solely of $100 bills would weigh over 20 pounds. Those suitcases filled with money in movies must be hefty to lug around all that paper money. If you plan on robbing a bank, you better bulk up!
- It's an understatement to say that the odds when playing the lottery are not in your favor. You are statistically three times more likely to die in a car accident while driving 10 miles to buy a lottery ticket than you are to actually win. Even more astounding, over half the tickets in an average lottery draw are bought by only 5% of the participants.
- There are over 1.6 million automated teller machines around the world. And that really does mean the entire world. There are even two ATMs on Antarctica at McMurdo Station operated by Wells Fargo. Friday is the most popular day that ATMs are used worldwide, and the average withdrawal is around $80.