You may have read or watched on the news recently that hackers have committed a significant data breach and leaked their findings onto the “dark web.” The data leak included the personal information of millions of people, including their Social Security numbers and addresses.

In today’s technology-driven world, cybercrime remains a prevalent and persistent threat. While many hackers and thieves look for an easy payday through phishing or credit card spoofing, they can also play a longer game by impersonating others.

To do this, they need your private information—and most of these scams can start through a Social Security number. Here’s what to know about the importance of your Social Security number and what you can do to protect yourself from fraud.

Why Thieves Want Your Social Security Number

A Social Security Number (often shortened to SSN) is a unique number every US citizen receives. It is used to identify you and is also used in various transactions. Governments, financial institutions, and corporations may need your SSN to fulfill a variety of legitimate transactions, including:

• Applying for loans or credit
• Opening bank accounts
• Applying for employment
• Filing tax returns
• Receiving health care
• Getting government benefits

It is because of these listed transactions that thieves value SSNs so much. Fraudsters often use this information to commit identity theft, opening accounts and receiving services in others' names. Stealing a person’s identity allows them to participate in more fraudulent behavior while leaving the victim to clean up after their mess.

How Thieves Steal Your Social Security Number

Thieves can steal Social Security numbers in different ways. Some may feel more “old school,” while others might require using digital technology.

As it turns out, Social Security fraudsters use tactics that may remind you of phishing scams or even petty theft. Since many everyday transactions require a computer or mobile device, it’s not surprising that thieves use that same technology against us. Take for example:

• Phishing attempts: A thief may send you an email or text claiming they are from the IRS, SSA, or law enforcement. They may sound vaguely threatening and will demand that you provide information to prevent a bad result. This may lead to the recipient getting tricked into complying or visiting a phishing site to surrender personal or account information.
  
• Stealing a wallet or purse: It might sound archaic today, but SSNs are still printed on cards that may end up in people’s wallets or pocketbooks. As such, pickpockets still see these items as high-value targets. If your SSN card is in your wallet or purse, chances are it also has your cash, credit cards, and driver or traveling identification—everything a thief could want to commit fraud in one place.
  
• Digging up old records: As the saying goes, one person’s trash is another person’s treasure. Bank statements, reports, and medical records may contain sensitive information facilitating identity theft. Thieves may dig through the trash to find private data.
  
• Data breaches and dark web sales: Cybercrime is a big business. While petty thieves may not need an SSN alone, they might be part of a more extensive operation. Hacking groups are always looking for ways to infiltrate organizations to steal information that can be sold on the dark web.
  

The latest major data breach has shown us that identity theft is possible even if the victim has not interacted with a thief. Therefore, it is necessary to be vigilant and spot signs of trouble immediately. You must also be prepared to act if you suspect your personal information has been compromised.

Take a Proactive Stance Against SSN Theft

Social Security number theft is dangerous because a thief can drain your finances and ruin your credit. From the financial side, your SSN can be used to do many things. This data can be used to:

• File taxes
• Open new bank accounts
• Apply for loans and credit cards
• Enroll in health insurance

The consequences of identity theft are wide-ranging. Therefore, it might be best to check your private information to spot suspicious behavior. Here are a few things you can do now.

Run a credit report. The three major credit bureaus are Equifax, Experian, and TransUnion. They furnish the reports to financial institutions to determine a person’s creditworthiness when opening an account or applying for a loan. This also includes a person’s history related to financial products and services. 

You can periodically request a free credit report from these bureaus. Run an Internet search to find out where to request these reports and how often you may request them.

Report suspicious activity. When you receive your report, look for suspicious activity. If you spot any accounts or records that seem unfamiliar, contact the related institutions for more information or to explain the situation. These organizations should also have a fraud department to assist with these issues. If you suspect something is wrong, don’t hesitate to report it.

You can also go to IdentityTheft.gov, an entity the Federal Trade Commission manages. It provides ways for victims to report and recover from identity theft.

Request a credit freeze. If you believe your personal information has been stolen, requesting a credit freeze may be sensible. A credit freeze prevents creditors from retrieving a report from a credit bureau, effectively stopping the opening of new accounts in your name.

You’ll have to request a credit freeze separately from each of the major bureaus. Additionally, a freeze stops everyone from checking your credit, including if you are applying for something legitimately. You must request to unfreeze your credit to apply for a loan.

Evaluate your online security. Incidents like data breaches uncover vast swaths of information. You may also want to change your login credentials on accounts that have used your Social Security number. Key accounts to change your password include your financial institution, healthcare provider, and government websites. You can also enable multi-factor authentication (MFA) where it is available.

First Florida is committed to helping you stay SAFE against identity theft and cybercrime. Visit our Scam and Fraud Education page to stay updated on the latest threats.