One of the most crucial pieces of data assigned to individuals is the Social Security number (SSN). Unfortunately, due to numerous breaches at major corporations, government entities, and even healthcare providers, millions of SSNs have found their way onto the dark web, accessible to cybercriminals. This situation is indeed alarming and warrants serious attention.
The gravity of a compromised SSN cannot be overstated. With access to an SSN, hackers can potentially unlock a wealth of financial and personal information, enabling them to impersonate you, secure loans, and potentially gain access to sensitive accounts. Even if you don’t see the immediate impact, criminals can hold on to SSNs for years, waiting for the right moment to strike.
The Consequences of Social Security Theft
Having your SSN in the wrong hands can lead to:
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Identity Theft: Fraudsters can use your SSN to open credit accounts, take out loans, or even file fraudulent tax returns in your name.
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Employment Fraud: Someone could use your SSN to obtain a job, which could leave you with unexpected tax issues.
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Medical Fraud: Some criminals use stolen SSNs to receive health care under someone else’s name, resulting in false medical records that can complicate your future medical care.
The Equifax case is the perfect example of how serious SSN exposure can be and proof that it happens. This incident in 2017 exposed the SSNs and personal information of 147 million people. Many victims faced issues ranging from fraudulent credit card applications to false tax returns, with some still grappling with the repercussions today.
Signs Your Social Security Number Has Been Stolen
Are you worried your SSN might already be in use? Here are some red flags to watch for:
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Unexpected Mail: You receive credit card offers, debt collection notices, or bills for accounts you didn’t open.
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Credit Report Surprises: Your credit report shows accounts you don’t recognize or inquiries from unfamiliar sources.
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Tax Return Issues: The IRS notifies you of multiple tax returns filed under your name, or you’re denied a refund you were expecting.
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Health Care Records: You notice unfamiliar medical bills or strange entries in your medical records.
How To Check If Your SSN Was Leaked – And What To Do To Protect It
Whether you’ve experienced some of these red flags or you just want to be rest assured, consider the following steps:
- Monitor Your Credit Report: Make it a habit to review your credit report for any unfamiliar accounts or activity. You’re entitled to a free credit report annually from the major credit bureaus (Experian, TransUnion and Equifax).
- Use An Identity Theft Protection Service: Services like Experian IdentityWorks or LifeLock can monitor your SSN and alert you to suspicious usage. While they can’t prevent identity theft, they can help you catch and respond to issues faster.
- Freeze Your Credit: A freeze restricts access to your credit report, making it more challenging for unauthorized parties to open accounts in your name. You can freeze (and when needed unfreeze) your credit for free through each of the three major credit bureaus.
- Sign Up For SSN Alerts: The Social Security Administration offers an option to set up alerts for certain types of activity, like changing details to your Social Security account. While not comprehensive, it’s an extra layer of awareness that can help you catch fraud early.
What To Do If Your SSN Is Leaked
If you confirm that your SSN has been compromised, take immediate action:
- File A Report With The FTC: File a report with the Federal Trade Commission. This site will guide you through a recovery plan based on your situation.
- Contact The Credit Bureaus Notify the credit bureaus that your SSN has been compromised, and place a fraud alert to make lenders take extra steps to verify your identity before issuing credit.
- Freeze Your Credit: If you haven’t done so already, place a freeze on your credit report to prevent new accounts from being opened in your name.
- File A Police Report: If the identity theft has led to financial loss or involved criminal activity, consider filing a report with your local police department. This can be useful documentation for resolving issues with creditors.
- Notify Financial Institutions: Inform your bank and any other financial institutions that your SSN has been compromised so they can monitor for suspicious activity.
Protect SSN – Protect Your Business
For small and medium-sized businesses, protecting Social Security numbers and other personally identifiable information is crucial. A compromised SSN can lead to various security risks, including identity theft for employees and clients, unauthorized access to financial accounts, and potential data breaches.
Implementing a robust cybersecurity plan, including data encryption, network security, and employee education, is essential to protect sensitive information and prevent data leaks.
If you need help setting up these precautions and to remain vigilant, our team is here to support you. Click here to schedule a FREE Security Risk Assessment and safeguard your business from costly cyber threats.
