Big things can come in small packages, and when in comes to packages as small as your purse or wallet, it doesn’t take much imagination to realize how their contents can quickly become a goldmine for identity thieves.
Why Steal Your Wallet or Purse?
Besides the obvious benefit of finding immediate cash, when a thief steals your wallet or purse, they gain immediate access to the information necessary to steal your identity. It may seem a low-tech method for obtaining your personal information, but the fact is, stealing your wallet or purse is still a major source of identity theft.
What Is the Cost of Stolen Wallet Identity Theft?
Of identity theft victims who knew how their information was stolen, 20% indicated it stemmed from a lost or stolen wallet. Further, this number skewed higher for those who were victims of existing bank account theft (26%) and multiple kinds of theft (29%). 1
Information thieves can collect:
- Driver’s license number
- Social Security number
- Credit and Bank account information
What thieves can do with this information:
- Identity theft
- Employment-related fraud
- Loan fraud/payday loan fraud
- Bank fraud
- Benefits fraud
- Tax fraud
- Other identity fraud
Stolen Wallet Statistics:
- 20% of identity theft victims who knew how their information was stolen said it was from a lost or stolen wallet.1
- 26% of victims who experienced theft from their existing bank account said it was due to a lost or stolen wallet.1
- 29% of victims who had multiple kinds of theft (bank, credit, other) indicated it was from a lost or stolen wallet.1