December 23, 2024
By now, it's likely that many individuals' Social Security numbers (SSNs), one of the most crucial pieces of personal data, have ended up on the dark web. Due to breaches at major corporations, government websites, and healthcare providers, millions of SSNs are circulating among cybercriminals. It's a concerning situation, but is it truly significant?
The answer is a resounding yes. Here's why a compromised SSN can cause major disruptions in your life, how to determine if yours has been compromised, and what steps to take if it has.
Is a Leaked Social Security Number Really That Serious?
In the United States, your Social Security number is a vital component of your identity. With access to your SSN, a hacker can gain entry to a wealth of financial and personal information, enabling them to impersonate you, obtain loans, and potentially access sensitive accounts. Even if the effects aren't immediately noticeable, criminals can hold onto SSNs for years, waiting for the opportune moment to exploit them.
What Can Happen If Someone Has Your Social Security Number?
If your SSN falls into the wrong hands, it can lead to:
- Identity Theft: Criminals can utilize 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 get a job, which could result in unexpected tax complications for you.
- Medical Fraud: Some criminals use stolen SSNs to receive healthcare under another person's name, creating false medical records that can complicate future care.
Consider the Equifax data breach in 2017. This event exposed the SSNs and personal information of 147 million individuals. Many of these victims encountered issues ranging from fraudulent credit card applications to false tax returns, with some still dealing with the consequences today. The Equifax case exemplifies the severity of SSN exposure and proves its occurrence.
Signs Your Social Security Number Has Been Stolen
Concerned that your SSN might already be misused? Watch for these warning signs:
- Unexpected Mail: Receiving credit card offers, debt collection notices, or bills for accounts you didn't open.
- Credit Report Surprises: Your credit report lists accounts you don't recognize or inquiries from unknown sources.
- Tax Return Issues: The IRS notifies you of multiple tax returns filed under your name, or you are denied an expected refund.
- 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 some of 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 any unfamiliar accounts. You are entitled to a free credit report annually from each of the major credit bureaus (Experian, TransUnion, and Equifax). Regularly checking these reports for unusual activity is a good practice.
- Use an Identity Theft Protection Service: Services like Experian IdentityWorks or LifeLock can monitor your SSN and alert you to suspicious use. While they can't prevent identity theft, they can help you detect and address issues more quickly.
- Freeze Your Credit: Freezing your credit is an effective measure to prevent fraud. It restricts access to your credit report, making it more difficult 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, it's an additional layer of awareness that can help you catch fraud early.
What to Do Immediately If Your SSN Is Leaked
If you confirm that your SSN is compromised, take these immediate actions:
- 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 ensure lenders 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 resulted in financial loss or involves criminal activity, consider filing a report with your local police department. This documentation can be useful for resolving issues with creditors.
- Notify Financial Institutions: Contact your bank and other financial institutions to inform them that your SSN has been compromised. They can place alerts on your accounts and monitor for suspicious activity.
Protecting Your Business: Why Cybersecurity Matters
For small and medium-sized businesses, safeguarding Social Security numbers and other personal information is crucial 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. Since businesses often store sensitive information, an SSN leak can expose individuals and the business to legal and financial risks, as well as reputational harm.
Implementing a robust cybersecurity plan, including data encryption, network security, and employee education, is essential for protecting sensitive information and preventing 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 907-290-2571 to schedule a FREE Discovery Call and safeguard your business from costly cyberthreats.
