The implication of having your social security number stolen is not a very favorable one. In fact, it exposes you to a whole lot of danger—kinda like having your credit card stolen. To make sure that you are on the safe side, there are things you MUST do if someone else happens to gain possession of your social security number. One of which is to report to the authorities.
Before we go further, I’d like to enlighten you on the meaning of a Social Security Number (SSN) and how it works.
Understanding SSN and How It Works
A Social Security Number is a numerical identity given to citizens and other permanent residents of the United States to track income and decide benefits.
The purpose of the nine-digit number was to facilitate retirement and disability benefits in 1936. The SSN was first intended to be used for benefit and wage tracking. These days, it’s utilized for more things, like monitoring credit reports and identifying people for tax purposes.
In order to get credit, create bank accounts, receive government benefits, make large purchases, and more, people in the United States are required to present their Social Security number.
How It Works
Every American citizen, permanent resident, and temporary or working resident has, with very few exceptions, a Social Security number. Even residents who are unemployed can obtain an SSN because businesses and government organizations use it.
Section 205(c)(2) of the Social Security Act (42 U.S. Code, Chapter 7, Subsection 405) establishes the legal foundation for Social Security number assignment. The Social Security Administration (SSA) is the organization that issues Social Security numbers and cards.
Nowadays, Social Security numbers are just a series of random numbers. Before 2011, though, the numbers served a purpose. The first three numbers in those years denoted the person’s birthplace or place of residence. Originally, the next set of numerals was supposed to stand for a person’s birth month or year.
Instead, the Social Security Administration chose to have it reflect a group number because they were worried that it could be forged. Although there have been a few instances where two people received the same Social Security number, no Social Security numbers have been used twice as of yet.
Find out what to do if your Social Security Number has been compromised.
In the United States, Social Security numbers are more than just an identification number. These figures are linked to employment and financial records across a lifetime, health insurance, tax forms, and government benefits. Your Social Security number allows you to apply for credit cards, loans, and passports, as well as government services.
Therefore, you must take the following actions when someone else obtains your social security number:
The immediate step is to notify the FTC and the police of your stolen Social Security number. To do this, visit identitytheft.gov and click on the Get Started button. Enter the essential information regarding the type of identity theft that occurred and what your personal information was used for.
To report identity theft to the police, go to your local station with all of the information you have regarding the theft. Bring your own identification, such as a driver’s license or passport. Also, ask for a copy of the report so you may lodge an extended fraud warning with the three major credit agencies (Equifax, Experian, and TransUnion).
Unfortunately, identifying and prosecuting identity thieves is extremely tough. However, by filing both an FTC and a police report, you will be able to prevent fraudsters from creating new financial accounts or obtaining credit lines in your name.
#2. Raise a fraud alert or a security freeze on your credit reports.
Raising a fraud alert or credit freeze on your credit and credit reports protects you and your finances by restricting anyone, including yourself, from creating a new credit account in your name. If your Social Security number was stolen, this is a lifesaver.
Credit freezes and fraud alerts do not preclude you from doing anything that may necessitate a credit check. While the freeze or alerts are in effect, you will be allowed to apply for jobs, rent an apartment, and apply for insurance; you may only require further identity verification or a temporary lift on the freeze.
Contact each of the three credit bureaus individually to place a credit freeze on your accounts:
- Equifax
- Experian
- TransUnion.
Unlike a credit freeze, a fraud alert requires only one bureau to file; fraud alert information is immediately shared among all three bureaus. Fraud warnings are valid for one year, but they can be extended to seven years with an authentic identity theft report from the FTC or police.
To report that your Social Security number has been compromised, call the Social Security fraud hotline at 800-269-0271. Keep the information you provide on your identity theft report on hand in case more information about the case is needed.
If you suspect identity theft has occurred in your name, you must also notify the Internal Revenue Service (IRS) at 800-908-4490. This can help prevent identity theft, particularly tax fraud, from being committed in your name.
Another thing to do when someone other than you obtains your Social Security number is to contact the institution or business where your Social Security number was used for identity theft. To prove that you are a victim of identity theft, you must provide evidence, which is why obtaining an official police record is critical. You can also offer additional identification and report any fraud alerts or credit freezes that you initiate.
You may be able to receive your money back in some instances. However, ensure to restrict any additional transactions or new credit accounts in your name from being opened with that institution. If orders have been placed but not processed, they should be canceled as soon as possible.
#5. Review your financial statements by monitoring your credit reports at annualcreditreport.com.
After you’ve reported your Social Security number as stolen and put a credit freeze on it, keep an eye on your credit reports on a regular basis. Check to ensure that no illegal accounts have been opened in your name and that no existing accounts have been updated without your permission.
You are usually entitled to one free credit report per year, but if you have a fraud warning, you can get credit reports more frequently. If you have an extended fraud alert, you can acquire a free credit report from the Annual Credit Report six times a year. Individual credit agencies also charge a fee if you need more than six reports in a year.
The biggest risk of losing your Social Security number is potential identity theft. It is true that the Social Security number alone will not give hackers access to your financial accounts, but the numbers are combined with other personal information, such as your name, date of birth, and address, which can lead to identity theft.
This means that you have to ensure additional security measures to protect your SSN.
To protect yourself from potential identity theft, here are some crucial security tips to safeguard your SSN:
Safeguard your online accounts: Use a strong, unique password for each online account, and keep them organized with a secure password manager.
Don’t give out your Social Security number. Use your Social Security number only when it is essential. The fewer people and organizations who are aware of it, the better.
Do not carry your Social Security card too often. Keeping your Social Security card on you at all times (for example, in your wallet) increases your chances of losing it.
Maintain the safety of your Social Security card. Place your identification documents in a safe, lockbox, or other secure location. Remember your SSN for future reference.
Consider using an identity theft protection service. Identity theft services monitor for security breaches of Social Security numbers and other sensitive information on a regular basis.
CHECK OUT SOME OF THE BEST IDENTITY THEFT PROTECTION SERVICE
Be wary of scammers. If you’re not careful, online fraud can result in a stolen Social Security number. Ignore any emails or texts that seem weird or too wonderful to be true. See our post on Cybersecurity training.
You can figure out whether your Social Security number has been stolen by analyzing the earnings listed on your Social Security statement, which you can see online through My Social Security. Alternatively, obtain free credit reports from each of the three credit agencies once a year to monitor your statements for unusual activity.
A stolen Social Security card or number can be used to create new lines of credit, get access to financial accounts, reroute Social Security checks, or obtain benefits. Your bank accounts may be depleted and your credit score may suffer as a result. They can also sell your Social Security number on the dark web, where data brokers and hackers can exploit it.
In conclusion, the Social Security Administration has given you a unique number that is associated with you. It has a significant impact on daily and financial decisions related to things like employment, credit approval, and retirement benefits. When managing your finances both short- and long-term, it’s important to know your Social Security number and how to keep it secure. Thus, be careful with it!
CREDIT LOCK VS FREEZE: What’s the Difference?
TOP 15 BEST COMPETITOR MONITORING TOOLS IN 2023
How Can I Track a Phone Number: Quick, Easy & Legally
HOW MUCH IS LIFELOCK: Lifelock Protection Plans Cost & Pricing
References
