December 23, 2024
By now, it's likely that many people's Social Security numbers (SSNs), one of the most crucial pieces of personal data, have surfaced on the dark web. Due to breaches at major corporations, government websites, and healthcare providers, millions of SSNs are circulating among cybercriminals. While alarming, is this really a major concern?
The answer is a resounding yes. Here's why a compromised SSN can cause significant problems, how to determine if yours has been exposed, and what steps to take if it has.
Is a Leaked Social Security Number Truly Serious?
In the US, your Social Security number is a vital part of your identity. With just your SSN, a hacker can access a wealth of financial and personal information, enabling them to impersonate you, secure loans, and potentially access sensitive accounts. Even if you don't notice immediate effects, criminals can hold onto SSNs for years, waiting for the perfect opportunity to exploit them.
Potential Consequences of Someone Obtaining Your Social Security Number
If your SSN falls into the wrong hands, it can result in:
- Identity Theft: Criminals can use your SSN to open credit accounts, obtain loans, or file false tax returns in your name.
- Employment Fraud: Someone might use your SSN to secure a job, which could lead to unexpected tax complications for you.
- Medical Fraud: Some criminals use stolen SSNs to receive healthcare services under another person's name, leaving you with incorrect medical records that could complicate future care.
Consider the Equifax data breach in 2017, which exposed the SSNs and personal information of 147 million individuals. Many victims faced issues such as fraudulent credit card applications and false tax returns, with some still dealing with the consequences today. The Equifax breach highlights the seriousness of SSN exposure and demonstrates that it is a real threat.
Indicators Your Social Security Number Has Been Stolen
Concerned that your SSN might be misused? Look out for these warning signs:
- Unexpected Mail: Receiving credit card offers, debt collection notices, or bills for accounts you didn't open.
- Credit Report Anomalies: Discovering accounts you don't recognize or inquiries from unfamiliar sources on your credit report.
- Tax Return Problems: Receiving IRS notifications about multiple tax returns filed under your name or being denied an expected refund.
- Health Care Records: Noticing unfamiliar medical bills or unusual entries in your medical records.
How to Check if Your SSN Was Leaked and Protect It
Whether you've noticed some of these red flags or just want to be cautious, here are ways to check and protect yourself:
- Monitor Your Credit Report: Start by reviewing your credit report for unfamiliar accounts. You're entitled to a free annual credit report from each of the major credit bureaus (Experian, TransUnion, and Equifax). Make it a habit to check these reports for unusual activity.
- Use an Identity Theft Protection Service: Services like Experian IdentityWorks or LifeLock monitor your SSN and alert you to suspicious activity. While they can't prevent identity theft, they can help you detect and respond to issues more quickly.
- Freeze Your Credit: Freezing your credit is one of the most effective ways to prevent fraud. A freeze restricts access to your credit report, making it much 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 offers alerts for certain activities, such as changes to your Social Security account. While not comprehensive, this adds an extra layer of awareness to help catch fraud early.
Immediate Steps if Your SSN Is Leaked
If you confirm that your SSN has been compromised, take these actions immediately:
- File a Report with the FTC: Visit IdentityTheft.gov to file a report with the Federal Trade Commission. The site will guide you through a recovery plan tailored to your situation.
- Contact the Credit Bureaus: Notify Experian, Equifax, and TransUnion that your SSN has been compromised. Place a fraud alert on your credit report to ensure lenders take extra steps to verify your identity before issuing credit.
- Freeze Your Credit: If you haven't 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 resulted in financial loss or involves criminal activity, consider filing a report with your local police department. This can provide useful documentation for resolving issues with creditors.
- Notify Financial Institutions: Inform your bank and other financial institutions where you hold accounts that your SSN has been compromised. They can place alerts on your accounts and monitor for suspicious activity.
Protecting Your Business: The Importance of Cybersecurity
For small and medium-sized businesses, safeguarding Social Security numbers and other personal information is critical for security. A compromised SSN can lead to various risks, including identity theft for employees and clients, unauthorized access to financial accounts, and potential data breaches. As businesses often store sensitive employee and client information, an SSN leak can expose both individuals and the business to legal, financial, and reputational risks.
Implementing a robust cybersecurity plan, including data encryption, network security, and employee education, 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 952-941-7333 to schedule a FREE Consult and safeguard your business from costly cyberthreats.
