Payroll stubs, bank statements, and contracts are not the only papers that should be shredded. Unfortunately, many forget that invoices and receipts can hold information useful to identity thieves.
Why Should I Shred Invoices and Receipts?
Sensitive information like your name, address, phone number, payment details, and purchase history are found on invoices and receipts. If this information falls into the wrong hands, it could be used for identity theft, credit card fraud, or other forms of financial exploitation.
This includes opening new accounts, making unauthorized purchases, impersonating you, and committing crimes. These actions could not only ruin your credit score, but you could also be prosecuted for the wrongdoings of the thieves.
Even if the last four numbers of your debit or credit card are the only account info on the receipt, fraudsters can use this in many ways.
How are the Last Four Numbers of My Debit or Credit Card used by Thieves?
These four numbers, also called partial card numbers, as used to help identify a certain card. Using only these four numbers is much safer than the complete 16-number string.
It may not seem like a big deal to many people, but these numbers can do serious damage in the wrong hands. Here are a few ways:
- Phone Scams: Scammers can use the last four digits of your card to impersonate you over the phone and trick customer service representatives. This often leads to them revealing sensitive information or making unauthorized transactions.
- Phishing Scams: Thieves use them in phishing emails or text messages to convince you to reveal your full card number, security code, or other information.
- Card Skimming: Card skimming is a type of credit card fraud where a device is placed on a card reader to steal your card information. If a criminal obtains the last four digits of your card, they may be able to use that information in combination with other stolen data to make fraudulent purchases.
How Long Should I Hold on to Invoices and Receipts?
The length of time depends on the type of receipt or invoice. For tax purposes, seven years is the recommended time. It is also true for businesses and organizations. One year should be enough if the receipts are for large personal purchases. For small ones, keep the receipts until your bank has settled the transaction.
How Can I Protect Myself and My Information?
Shredding old receipts and invoices keeps your information safe and away from anyone who may use it maliciously.
It’s also important to keep your partial card number private and only share it with trusted sources. Also, monitor your bank and credit card statements regularly for suspicious activity. If you notice any unauthorized transactions, report them to your bank or credit card company immediately before you lose money or your identity.
Contact the shredding professionals at Jessica’s Shredding Team to learn more about how to keep your data secure.
