December 23, 2024
By now, many individuals' Social Security numbers (SSNs), which are among the most critical pieces of personal information, have likely appeared on the dark web. Major breaches at companies, government agencies, and health care providers have resulted in millions of SSNs circulating among cybercriminals. This situation is concerning, but is it truly as serious as it seems?
The answer is a resounding yes. Here's an overview of why a compromised SSN can disrupt your life, how to determine if yours has been exposed, and what steps to take if it has.
Is A Leaked Social Security Number Really That Serious?
Your Social Security number is a vital aspect of your identity in the United States. With just your SSN, a hacker can access a wealth of financial and personal information, enabling them to impersonate you, secure loans, and potentially gain entry to sensitive accounts. Even if you don't notice immediate consequences, criminals can retain SSNs for years, biding their time for the perfect opportunity to exploit them.
What Can Happen If Someone Has Your Social Security Number?
If your SSN falls into the wrong hands, it can result in:
- Identity Theft: Criminals can use your SSN to create credit accounts, obtain loans, or even file fraudulent tax returns in your name.
- Employment Fraud: Someone could leverage your SSN to secure a job, which could lead to unexpected tax complications for you.
- Medical Fraud: Some thieves use stolen SSNs to access health care services under someone else's name, leaving you with inaccurate medical records that could complicate your future health care.
Take the Equifax data breach of 2017 as an example. This incident compromised the SSNs and personal information of 147 million individuals. Many victims have since faced challenges such as fraudulent credit card applications and false tax returns, with some still dealing with the repercussions today. The Equifax incident exemplifies the serious nature of SSN exposure and serves as evidence that it occurs.
Signs Your Social Security Number Has Been Stolen
Concerned that your SSN may already be misused? Watch for these warning signs:
- Unexpected Mail: You receive credit card offers, debt collection notices, or bills for accounts you never opened.
- Credit Report Surprises: Your credit report reveals accounts you don't recognize or inquiries from unknown sources.
- Tax Return Issues: The IRS informs you of multiple tax returns filed under your name, or you are denied a refund you were expecting.
- 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 You Can Do To Protect It
Whether you've noticed any of these warning signs or simply want to check, here are some steps to take and ways to safeguard yourself from becoming a victim:
Monitor Your Credit Report
Start by reviewing your credit report for any unfamiliar accounts. You're entitled to a free credit report each year from the major credit bureaus (Experian, TransUnion, and Equifax). Make it a routine to check these reports for unusual activity.
Use An Identity Theft Protection Service
Services like Experian IdentityWorks or LifeLock can monitor your SSN and alert you if it's being used suspiciously. While they can't prevent identity theft, they can help you identify and respond to issues more quickly.
Freeze Your Credit
Freezing your credit is one of the most effective ways to combat fraud. A freeze limits access to your credit report, making it significantly harder for someone to open accounts in your name. You can freeze and unfreeze your credit for free through each of the three major credit bureaus.
Sign Up For SSN Alerts
The Social Security Administration provides an option to set up alerts for specific activities, such as changes to your Social Security account. Although not exhaustive, it adds an extra layer of vigilance that can help you detect fraud early.
What To Do Immediately If Your SSN Is Leaked
If you confirm that your SSN has been compromised, it's crucial to take the following actions right away:
File A Report With The FTC
Go to IdentityTheft.gov to file a report with the Federal Trade Commission. This site will help you create a recovery plan tailored to your situation.
Contact The Credit Bureaus
Inform the credit bureaus (Experian, Equifax, and TransUnion) that your SSN has been compromised. Place a fraud alert on your credit report to require lenders to take additional steps to verify your identity before issuing credit.
Freeze Your Credit
If you haven't done so already, freeze your credit report to prevent new accounts from being opened in your name.
File A Police Report
If the identity theft has caused financial loss or involves criminal activity, consider filing a report with your local police department. This documentation can be helpful for resolving issues with creditors.
Notify Financial Institutions
Reach out to your bank and any other financial institutions where you hold accounts to inform them that your SSN has been compromised. They can place alerts on your accounts and monitor for any suspicious activity.
Protecting Your Business: Why Cybersecurity Matters
For small and medium-sized businesses, safeguarding Social Security numbers and other personally identifiable information is vital for security. A compromised SSN can lead to various risks, including identity theft affecting employees and clients, unauthorized access to financial accounts, and potential data breaches. Since businesses typically store sensitive employee and client information, an SSN leak can expose not only individuals but also the business to legal and financial risks, as well as reputational harm.
Implementing a robust cybersecurity strategy, which includes data encryption, network security, and employee training, is the best way to protect sensitive information and prevent data breaches.
If you need help securing your business against data breaches and identity theft, our cybersecurity team is here to support you. Click here or give us a call at 214-845-8198 to schedule a FREE 15-Minute Discovery Call and safeguard your business from costly cyberthreats.
