December 23, 2024
By now, the majority of Social Security numbers (SSNs), one of the most critical pieces of personal data, have likely surfaced on the dark web. Due to breaches at major corporations, government platforms, and healthcare providers, millions of SSNs are circulating among cybercriminals. While this is concerning, is it truly a significant issue?
The answer is a resounding yes. Here's how 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 Compromised Social Security Number Really That Serious?
In the US, your Social Security number is a vital component 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 the effects aren't immediate, criminals can hold onto SSNs for years, waiting for the perfect opportunity to exploit them.
What Can Occur If Someone Obtains 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, secure loans, or even file fraudulent tax returns in your name.
- Employment Fraud: Someone might use your SSN to gain employment, potentially causing unexpected tax problems for you.
- Medical Fraud: Some criminals use stolen SSNs to receive healthcare under someone else's identity, leading to inaccurate medical records that can complicate future care.
Consider the Equifax data breach in 2017, which exposed the SSNs and personal information of 147 million individuals. Many affected individuals faced issues such as fraudulent credit card applications and false tax returns, with some still dealing with the aftermath today. The Equifax case exemplifies the gravity of SSN exposure and demonstrates its occurrence.
Indicators Your Social Security Number Has Been Stolen
Concerned that your SSN might already be misused? Here are some warning signs:
- Unexpected Mail: Receiving credit card offers, debt collection notices, or bills for accounts you didn't open.
- Credit Report Anomalies: Your credit report shows unfamiliar accounts or inquiries from unknown sources.
- Tax Return Problems: The IRS notifies you of multiple tax returns filed under your name, or you're denied an expected refund.
- Healthcare Record Discrepancies: Noticing unfamiliar medical bills or strange entries in your medical records.
How to Check If Your SSN Has Been Leaked and Protect It
Whether you've noticed these warning signs or just want to be cautious, here are ways to check and protect yourself:
- Monitor Your Credit Report: Begin by reviewing your credit report for unfamiliar accounts. You're entitled to a free credit report annually from each major credit bureau (Experian, TransUnion, and Equifax). Regularly examine these reports for unusual activity.
- Use an Identity Theft Protection Service: Services like Experian IdentityWorks or LifeLock can monitor your SSN and alert you to suspicious activity. While they can't prevent identity theft, they can help you identify and address 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 with each of the three major credit bureaus.
- Sign Up for SSN Alerts: The Social Security Administration provides an option to set up alerts for certain activities, like changes to your Social Security account. While not comprehensive, it's an additional layer of awareness that can help you detect fraud early.
Immediate Actions if Your SSN is Leaked
If you confirm your SSN is compromised, take these steps immediately:
- File a Report with the FTC: Visit IdentityTheft.gov to file a report with the Federal Trade Commission. This site will guide you through 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 extra steps to verify your identity before issuing credit.
- Freeze Your Credit: If not already done, place a freeze on your credit report to prevent new accounts from being opened in your name.
- File a Police Report: If identity theft has led to financial loss or involves criminal activity, consider filing a report with your local police department. This can serve as useful documentation for resolving issues with creditors.
- Notify Financial Institutions: Contact your bank and any other financial institutions where you hold accounts to inform them 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 personally identifiable information is crucial to maintaining business security. 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. Since businesses often store sensitive employee and client information, an SSN leak can expose not only individuals but also the business itself to legal and financial risks, as well as reputational damage.
Implementing a robust cybersecurity plan, including data encryption, network security, and employee education, is the best way to protect sensitive information and prevent data leaks.
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 760-770-5200 to schedule a FREE Quick & Easy Call and safeguard your business from costly cyberthreats.
