December 23, 2024
By now, it's likely that many people's Social Security numbers (SSNs)—one of the most crucial pieces of personal information—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. While it may seem alarming, is it truly a significant concern?
Spoiler: Yes, it is. Here's why a compromised SSN can cause serious issues in your life, how to check if yours has been leaked, and what steps to take if it has.
Is a Leaked Social Security Number Really That 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 the effects aren't immediate, 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 result in:
- Identity Theft: Fraudsters might use your SSN to open credit accounts, take out loans, or even file false tax returns under your name.
- Employment Fraud: Someone could use your SSN to secure employment, leading to unexpected tax complications for you.
- Medical Fraud: Criminals might use stolen SSNs to receive healthcare under someone else's name, creating false medical records that could complicate your future care.
Consider the Equifax data breach in 2017, which exposed the SSNs and personal information of 147 million people. Many victims faced issues like fraudulent credit card applications and false tax returns, with some still dealing with the consequences today. The Equifax incident underscores the seriousness of SSN exposure and proves that it can happen.
Signs 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 Surprises: Discovering accounts you don't recognize or inquiries from unfamiliar 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's how 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 credit report annually from each of the major credit bureaus (Experian, TransUnion, and Equifax). Regularly reviewing these reports can help you spot 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 an effective way to prevent fraud. A freeze restricts access to your credit report, making it 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 activities, such as changes to your Social Security account. While not comprehensive, these alerts provide an extra 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 other financial institutions where you have accounts to alert 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. Since businesses often store sensitive information, an SSN leak can expose not only individuals but also the business to legal, financial, and reputational risks.
Implementing a robust cybersecurity plan that includes 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 419-678-2083 to schedule a FREE 10-Minute Discovery Call and safeguard your business from costly cyberthreats.
