Social Security Data Breaches: What You Need to Know

🗞️ In the News: How have you come across news about Social Security number leaks?

Just this August, National Public Data, a third-party background check company, announced a data breach, potentially exposing Social Security numbers of over 270 million Americans.

Since Social Security numbers were first issued in November 1936, the Social Security Administration (SSA) has issued a total of 453 million numbers to date. If the 270 million figure from the National Public Data breach is accurate, this means more than 60% of Social Security numbers have been compromised. That’s alarming!

👀 Today’s Focus: Here are the common ways Social Security Numbers (SSNs) are exploited and how they can affect you:

1. Identity Theft: Your SSN can be used to impersonate you, allowing someone to open credit cards, take out loans, or apply for benefits in your name. This could even extend to medical identity theft, where someone uses your identity to receive medical treatment or prescriptions. This can damage your credit and leave you responsible for debts you didn’t incur.

2. Tax Fraud: Thieves can use your SSN to file false tax returns and claim refunds that should be yours.

3. Unemployment and Social Security Fraud: Your SSN can be used to fraudulently apply for unemployment or Social Security benefits, affecting your legitimate claims.

4. Access to Financial Accounts: With your SSN and other personal details, hackers can gain access to your bank or retirement accounts, making unauthorized withdrawals or transfers.

5. Criminal Identity Theft: Someone may give your SSN during an arrest or while committing a crime, leaving you with a criminal record under your name.

The biggest risk of a stolen SSN is that it can take years to resolve, causing significant financial damage. That’s why it’s important to protect your SSN and stay alert for any signs of misuse.

😎 Grandkid Tip of the Day:  How can you protect yourself from SSN data breaches?

Protecting yourself from stolen SSNs involves a combination of staying alert and taking quick action if a breach occurs. Here are the key steps:

1. Monitor your credit regularly: Sign up for credit monitoring services via free tools from major credit bureaus (Experian, TransUnion, Equifax).

2. Place a credit freeze or fraud alert: Place a credit freeze with the major credit bureaus (Experian, TransUnion, Equifax) to prevent lenders from accessing your credit report stopping identity thieves from opening new accounts.

3. File your taxes early: Identity thieves often use stolen SSNs to file fraudulent tax returns. Filing early reduces the chance of this happening to you.

4. Be cautious with sharing your SSN: Share your SSN when necessary and avoid carrying your Social Security card in your wallet.

5. Report identity theft immediately: If you suspect your SSN has been stolen, report it at IdentityTheft.gov.

Check out our post on Experian, TransUnion, Equifaxt o learn more about the free tools provided by these major credit bureaus to help protect your SSN."

⭐ Share a story by replying to this email! - If you or someone you know has been hacked or compromised, share your story! We are always looking to raise awareness within our community!

🚀 Sponsor a Newsletter! Do you want to sponsor a newsletter? Reply to this email to contact us.

Got this email forwarded? Subscribe below.