December 23, 2024
By now, many individuals' Social Security numbers (SSNs)—a critical piece of personal data—have likely ended up on the dark web. Due to breaches at major corporations, government sites, and healthcare providers, millions of SSNs circulate among cybercriminals. While it's concerning, is it truly a significant issue?
Spoiler alert: it is. Here's why a compromised SSN can disrupt your life, how to check if yours has been exposed, and what actions to take if it has.
Is a Leaked Social Security Number Really That Serious?
In the U.S., your Social Security number is a crucial 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 you don't notice immediate effects, criminals can hold onto SSNs for years, waiting for the perfect opportunity 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: Fraudsters can use your SSN to open credit accounts, secure loans, or file false tax returns in your name.
- Employment Fraud: Your SSN might be used to obtain a job, potentially causing unexpected tax complications for you.
- Medical Fraud: Some criminals use stolen SSNs to receive healthcare under someone else's name, resulting in false medical records that can complicate future care.
Consider the Equifax data breach in 2017, which exposed the SSNs and personal information of 147 million people. Many victims faced issues ranging from fraudulent credit card applications to false tax returns, with some still dealing with the repercussions today. The Equifax incident exemplifies the seriousness of SSN exposure and proves it can happen.
Signs Your Social Security Number Has Been Stolen
Concerned 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: Unrecognized accounts or inquiries from unfamiliar sources on your credit report.
- Tax Return Issues: The IRS notifies you of multiple tax returns filed under your name, or you're denied an expected refund.
- Health Care Records: 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 these red flags or simply want to be cautious, here are steps to check and protect yourself:
- Monitor Your Credit Report: Check your credit report for any unfamiliar accounts. You're entitled to a free credit report annually from each major credit bureau (Experian, TransUnion, and Equifax). Regularly review 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 detect and respond to 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 through each of the three major credit bureaus.
- Sign Up for SSN Alerts: The Social Security Administration offers an option to set up alerts for specific activities, like changes to your Social Security account. While not comprehensive, it's an extra layer of awareness to help catch fraud early.
Steps to Take Immediately If Your SSN Is Leaked
If you confirm that your SSN is compromised, take these actions without delay:
- 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: Notify 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 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 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: Inform your bank and any other financial institutions where you hold accounts 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 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.
To protect sensitive information and prevent data leaks, ensure your business has a robust cybersecurity plan, including data encryption, network security, and employee education.
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 800-626-3223 to schedule a FREE Consultation and safeguard your business from costly cyberthreats.
