Aside from trusting the bus company (and whoever they want to share it with) with your personal data. You may also end up sharing information with people with really bad reputations as in the recent TradeMe case where transaction data was provided to a prisoner as a result of police action.
Creating a false identity to avoid linking a trail of your movements directly to you is actually against the terms of use of the device
...When you order a Card, you must: provide all required information (and you must ensure that such information is complete and correct)....
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