December 23, 2024
By now, it's likely that many people's Social Security numbers (SSNs), crucial identifiers assigned to individuals, have ended up on the dark web. This is largely due to data breaches at major corporations, government websites, and healthcare providers, resulting in millions of SSNs circulating among cybercriminals. While this is concerning, is it truly a significant issue?
The answer is a resounding yes. Here's 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?
In the U.S., your Social Security number is a critical 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 retain 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 result in:
- Identity Theft: Criminals can use your SSN to open credit accounts, take out loans, or even file fraudulent 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 under another person's name, resulting in inaccurate medical records that could complicate future treatments.
Consider the Equifax data breach of 2017. This incident exposed the SSNs and personal information of 147 million individuals. Many victims experienced issues such as fraudulent credit card applications and false tax returns, with some still dealing with the repercussions today. The Equifax breach exemplifies the seriousness of SSN exposure and demonstrates that such breaches do occur.
Signs Your Social Security Number Has Been Stolen
Concerned that your SSN might 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: Discovering unfamiliar accounts or inquiries from unknown sources on your credit report.
- Tax Return Issues: 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 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're entitled to a free annual credit report from each of the major credit bureaus (Experian, TransUnion, and Equifax). Regularly checking these reports can help identify 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 detect and address issues more quickly.
- Freeze Your Credit: Freezing your credit is a highly effective way 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 offers alerts for certain types of activity, such as changes to your Social Security account. While not comprehensive, these alerts provide an additional layer of awareness to 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. The 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 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 be 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 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 personally identifiable 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. Businesses often store sensitive information, so an SSN leak can expose not only individuals but also 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 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 610-433-1000 to schedule a FREE Consult and safeguard your business from costly cyberthreats.
