Identity management system(s) (IDMS) do rely on tokens in order to function. Tokens can contribute to privacy or security risk in IDMS. Specifically, the characteristics of tokens contribute greatly to security and privacy risks in IDMS. Our understanding of how the characteristics of token contribute to privacy and security risks will help us manage the privacy and security risks in IDMS. In this article, we introduce a taxonomy of privacy and security risks contributing factors to improve our understanding of how tokens affect privacy and security in IDMS. The taxonomy is based on a survey of IDMS articles. We observed that our taxonomy can form the basis for a risk assessment model.