Raise your hand if you know everything you've stuffed into your wallet (no peeking!). No? Then it's time to do a wallet audit or inventory to make your life a lot less hellish if your wallet ever gets lost or stolen.

Donna Freedman writes on Get Rich Slowly about being mugged and realizing the ton of things she had in her wallet, now gone. Take ten minutes now to make a list of what's in your wallet and the 800 number for each credit card (don't write down the card number). Obviously, keep that list outside of your wallet, perhaps stored in a Google Doc or previously noted webapp designed for this job, Wallet Garden. When your wallet goes missing, you can cancel all your cards immediately—before thieves have a chance to use them. Make a note, also, of the recurring payments associated with each card, because you'll have to redo them.

Freedman offers lots more tips on doing a wallet audit, including keeping only the cards you need in your wallet and masking the numbers on your health insurance card (make a photocopy and Sharpie-out the last four digits).

In the unfortunate event your wallet does get lost, here's everything you need to do.

How to Do a Wallet Audit | Get Rich Slowly

Photo by Ed Hunsinger

People search sites can be really useful to help you find people you used to know but fell out of touch with, but unfortunately most of them are for-profit entities that have no real skin in the game when it comes to making sure the information they publish is positive or even accurate. If you've found data about yourself on these sites and would rather not have it public, or just want inaccurate information corrected, Safe Shepherd is a web service that can handle the job for you.

Sites like Spokeo and BeenVerified all rely on public databases and records when they charge you for the "background checks" or other detailed personal information they advertise. In some cases, the information is woefully out of date, in other cases it's just flat-out wrong, and in some cases it might be too close for comfort. If any of those scenarios make you a little uncomfortable, Safe Shepherd promises to do the legwork required to remove your personal information from those sites.

Most people search services offer individuals some method to opt out, but it often requires lengthy letter writing, phone calls, follow-up and a lot of time. The folks at Safe Shepherd do that legwork for you, write the letters on your behalf, follow up for you, and make sure your entries come down. Unlike other "reputation services" that essentially use search optimization tricks to trick engines into de-listing your information, these guys actually talk to the people publishing the data.

Safe Sherpherd lets you get started for free, and will do the initial search, alert you to the results, and scrub out most basic information completely for free. If you want monitoring to make sure your data doesn't come back, want on-demand privacy checks, or need someone to tackle the particularly troublesome search services, you may want to sign up for their paid plans, running from $14/mo to $65/yr. What do you think? Are services like this effective? Have you tried one? Share your thoughts in the comments below.

Safe Shepherd

It seems kind of ridiculous that if someone acquires a single number, your identity can be stolen. Even so, that's the unfortunate reality of identity theft. But how does it happen? And is there anything that can be done to stop these common causes? Let's find out.

How Identity Theft Works

First things first, your social security number isn't necessarily a magic ticket to your identity—it's really more like a cheat code. If you know where, when, and how to use someone else's number, you can effectively steal their identity and cause them significant hardship. Former public and now private investigator Randy Barnhart explains how easy it is to gain a line of credit in someone else's name if you know what to do:

Many retailers offer credit cards, most offer Visa and Master Card accounts as well. If I have someone's social security number, all I have to do is complete a one page credit application using the stolen SSN and hand it to a cashier that is 18-20 years old. The cashier enters the SSN into their system and a line of credit is issued. Depending on the victim's credit rating, the line of credit can be $1000 to $100,000. Usually the cashier hands me a temporary shopping pass with a limited balance that I can use immediately. If they have multiple identities, the thief can open several accounts and max out the credit line very quickly.

Barnhart suggests that this would be simple to stop, as additional security checks would be required, but this would involve the sacrifice of convenience—something we're not always eager to abandon. It's also not the sort of thing retailers want to give up because they make a lot of money off of providing you with a credit line.

Even still, that's just one example of the many problems that can arise from identity theft. We tend to concentrate only on the monetary damage, but much more can occur. Matt Davis, a victim advisor for the Identity Theft Resource Center, explains many of the other issues:

ID thieves can use an social security number to procure your medical benefits, social security, unemployment, file false tax returns, and even pawn off their criminal charges when they have run-ins with the law on you. The possibilities are limitless with the right information and an informed thief. A credit report will not show you if anyone is running up criminal charges as you, using your medical insurance to finance medical procedures, or creating a fraudulent job history report by working under your information.

Basically, your identity is valuable to different kinds of people for different reasons. You might be targeted for a line of credit or because an illegal immigrant needs "lawful" employment and health care. Monitoring your credit report isn't enough. You need to pay attention to everything if you're going to catch a thief.

How to Counter Identity Theft

There's no way you can stop a young retail cashier from processing a credit application they don't know is fraudulent, or much of anything that would stop the thief once they have your social security number. Your goal is to make sure that number stays with you and doesn't get in the hands of anyone you don't trust. The easiest way to procure a social security number from a victim is by going through their trash, as your mail will sometimes have your number on it. There are also other ways your number can leave your protection. As a result, you'll want to do the following:

• If your social security number does appear on any documents, destroy them before you throw them out.
• Never give out your social security number to any third-party unless you know they need it (e.g. a credit application) and you trust the organization. Before handing it over, you may want to ask what measures they take to ensure social security numbers are not recorded. For example, a friend of mine works in a sales job. They're not allowed to have cellphones or any devices connected to the internet. They can't use computers, either, aside from the one provided. This is to make it virtually impossible for them to record any credit card numbers they receive from a customer. While a company is not going to outlaw pencil and paper, therefore not completely eliminating the possibility of your social security number leaving the building, they likely take several countermeasures to help protect you. If you're worried, ask. Whoever is requesting the number likely knows about them since they live with them every day.
• Before handing over your social security number to any company, ask if it will ever appear on a document they send you in the mail. Also find out how it is securely stored on their servers so it will be protected in case of a hack.
• Avoid entering your social security number online unless you are absolutely sure you're on a secure connection and dealing with a company you can trust. If you're not, call them to verify or don't do it.

For more tips, read our guides on protecting yourself from identity theft both online and offline.

How exactly does someone take advantage of knowing your social security number? | Quora

Photos by Christopher Titze (Shutterstock), Diego Cervo (Shutterstock), and Valeriy Lebedev (Shutterstock).

Dear Lifehacker,
I don't know how it happened, but when I got home today I realized I didn't have my wallet with me. All my credit cards, IDs, and club cards were in there. What do I need to do to make sure my identity isn't stolen?

Sincerely,
Empty Pockets

Dear EP,

Man, that stinks! Losing a wallet with all your info is no good and it's not easy to replace everything you keep in there. If you have the time, the first thing you need to do is retrace your steps and call any stores you might have left it at. If calling fails to turn up your wallet it's time to start the process of cancelling and replacing everything you had in there. Let's go through a step-by-step process for what you need to do to cancel, check, and replace the contents of your wallet.

Step 1: Cancel Your Credit/Debit Cards

The first thing to do is call and cancel your credit cards. We've noted before that it's a good idea to keep your credit card company's phone number on hand, but if you didn't do that you can visit their website to get the phone number. Explain to them your card was lost and they'll go over the last five or six transactions with you to make sure nobody has tried to use your credit card.

Next, they'll cancel your current cards and your bank will issue you a brand new number. When you're calling your banks don't forget about any department store credit cards you might have. Photo by Richard Masoner / Cyclelicious.

Step 2: Call the Police

Calling the police because you lost your wallet might seem like overkill, but it's an essential step for fraud prevention. No, the police will not actually be able to do anything about a lost wallet, but you will get a police report stating your wallet was lost and it will come in handy if someone tries to steal your identity or use your credit cards.

Step 3: Make a List of All Your Subscription Services and Online Accounts

Automatic bill pay and subscription services like Netflix are awesome until you lose a credit card and have to go through each and every one to add your new information. If you happen to lose your card at the end of the billing cycle you have to go a few days without the service.

Your only real option is to start making a list of all the sites, services, and automatic billing subscriptions you use. When you get your new card and number in the mail you have to enter in your new information to ensure your service won't be disrupted. It's also worth thinking about any online purchases you may have made recently that haven't gone through yet. If you pre-ordered something where your card isn't charged until it's shipped, you have to update your card number.

Step 4: Get a New State ID

The least fun part about losing your wallet is losing your ID. Nobody wants to spend a day at the Department of Motor Vehicles. Every state has a different policy for the steps you need to take, but don't be surprised if you have to appear in person, file a police report, or pay a fee. You can find a list of the requirements for your state over at The Unofficial DMV Guide.

Step 5: Make a List of Everything Else in Your Wallet and Make Some Phone Calls

Depending on the variety of cards you had in your wallet, you may need to start making a bunch of phone calls to cancel them. Start by making a list of everything in your wallet. This means insurance cards, reward cards, retail cards, library cards, and everything else. Track down a phone number for the company and let them know your wallet was stolen and you want to cancel the card with your name attached to it. The last thing you want to get in the mail three months from now is a bill for overdue library books you didn't check out. Oh, and if you need to replace club cards, you may just want to start using Jenny's number instead. Photo by Martijn van Exel.

Step 6: Request a Credit Report and Initiate a Fraud Alert

Even after you cancel your credit cards it's a good idea to request a credit report and put a fraud alert on your account. You're entitled to a free credit report and fraud alerts after you lose your wallet. You can get your free credit report from Annual Credit Report and you can start a fraud alert at Experian, TransUnion, or Equifax. The service is free and will monitor your credit for 90 days. If you (or someone else) tries to set up a new account or take out a loan you'll receive a phone call to confirm it's you.

It's not a fun process, but if you take care of the above steps right away you can ensure your identity is safe and get your credit cards back quickly.

Sincerely,

Lifehacker

P.S. Ever lost your wallet (or purse) and realized you lost something that couldn't be replaced? Share your experiences and tips in the comments.

Have a question or suggestion for Ask Lifehacker? Send it to tips+asklh@lifehacker.com.

Title image remixed from R.Ashrafov (Shutterstock).