True cost of losing your wallet

Over 46 million Brits leave home everyday carrying enough information to allow a crafty criminal to steal their identity according to new research by Capital One. Driving licences, bank statements and medical records are just a few of the personal details that we are carrying around in our wallets everyday which, if in the wrong hands, can leave us vulnerable to identity theft.

With identity theft on the rise, Capital One is calling on Brits to reconsider what they carry around in their wallets. No longer should we be primarily concerned about losing our spare change, but should take steps to ensure we are protecting our identities.

When asked what personal information we carry in our wallets, the research showed:

43.5 million people carry around credit and/or debit cards
24.5 million of us carry around their driving licence
23.5 million carry old receipts
1 million of us keep bank statements in our wallets
4 million carry around medical cards/records
8 million keep business cards in our wallets
1.5 million carry around payslips

Professor Martin Gill Criminologist from Perpetuity, a division of the University of Leicester said: “Identity theft is a serious issue, and one that can leave us exposed to a range of crimes. Would-be thieves only need a few snippets of information to start stealing an identity. By getting hold of personal information such as our address, bank details and date of birth a canny criminal can begin to create chaos within a matter of hours – applying for credit cards, securing loans, buying a mobile phone, applying for benefits for example - all under the stolen identity.

Sanjiv Yajnik, Principal Managing Director, Capital One says: “We’d urge everyone to have a thorough clean-out of their wallets and handbags to ensure they are only carrying the essentials. By taking a few simple steps we can protect ourselves against the risk of identity theft.”

By using a common sense approach, people can protect their wallets and themselves:

In the event of losing or having your wallet stolen, immediately contact your card issuers to cancel credit and debit cards

Avoid carrying your passport or driving licence with you as a matter of course, and if you do lose them, or have them stolen, notify the issuing body as soon as possible

Don’t carry receipts or bank statements in your wallet – either file them away securely or dispose of them by shredding

Get regular copies of your personal credit file from a credit reference agency so you can be sure you have not fallen victim to ID theft

Yajnik adds: “Anyone suffering from identity theft knows the stress and strain it can inflict, that’s why Capital One offers a named adviser for customers to provide advice and help at every stage of the resolution process. We are on-hand to help in every way possible.”