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Hackers Have Probably Stolen Your Social Security Number: The Financial Implications

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By Olumide Akinlaja - - 5 Mins Read
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Cyber criminal | Pixabay

In a shocking revelation, the National Public Data has confirmed a massive data breach involving the Social Security numbers and other personal data of Americans. This massive data leak was said to have occurred around April 2024. For a data leak of such magnitude, there could be staggering consequences, especially financially. So, what are the financial implications of such a breach?

Sadly, this is not the first time we are witnessing the issue of data leaks in the United States. Identity theft is on the rise in the United States of America. Over 12% of Americans aged 16 and above have had platforms containing their personal information experience a data breach since 2021. Experts predict that we may see more AI-driven identity theft scams in the coming years.

Whether you've experienced a Social Security Number hack or you are trying to avoid getting caught in the web, here's a vital explainer showing how to secure yourself from any further cyber theft, shield your details online/offline, and what to do if you think you’ve been exposed in a hack.

What is a Social Security Number (SSN)?

Your Social Security Number (SSN) is a unique nine-digit numerical identifier the US government assigns to US citizens and residents to track their income and determine benefits. Protecting your SSN means keeping your identity.

How Hackers Can Steal Your SSN

Have you ever wondered how someone could steal your SSN from a National Public Data (NPD) database or other sources where you voluntarily disclosed your identity? Here are the top likely ways an identity thief can get your SSN.

  1. Stealing wallets, purses, mails (with bank and credit card statements)
  2. Thieving personal data you supplied at unsecured online sites - say, professional, business, or personal data
  3. Scanning trash - public trash dumps, businesses’ trash cans, or your home trash for personal information 
  4. Purchasing personal information from “internal” sources - like a store employee who can access your credit card details or someone close to you 
  5. Posing by phone or email as someone with a legitimate need for your information - say a potential employer, landlord, or government agency.

The Financial Implications of Losing Your SSN in a Hack

If someone steals your Social Security Number, they can use it to open bank accounts, take loans under your name or use a credit card that bears your name. They can even file your tax return or commit various other malicious purposes under your name. That’s scary!

Should you lose your Personal Identifiable Information (PII) to a hacker, a threat actor can apply for credit under your name, empty your bank account, set up utilities, file tax returns, obtain free medical care, and steal other financial benefits. Besides thieving benefits exclusive to your identity, cyber theft can leave lasting effects like damaged credit, debt, financial loss, a marred reputation, and even a potential criminal record.

You often might not be aware of a Social Security Number hack until you attempt to get a new credit card and find that you hold bad credit/financial standing you're oblivious of. Besides, repeated calls requesting you to meet up with loan repayments you didn't initiate, other similar inexplicable signs could jar you into the reality that a cyber-fraudster has gone rogue on your identity.

What to Do If You Suspect Someone Already Hacked Your SSN?

If you think someone might have stolen your SSN, there's nothing Social Security can do to resolve the problem. However, there are several things you can do to alert relevant authorities:

  • Contact credit reporting agencies (Experian, TransUnion, and Equifax) 
  • Report the identity theft on IdentityTheft.gov
  • Contact the Internal Revenue Service (IRS).
  • File an online complaint with the Internet Crime Complaint Center (IC3) at www.ic3.gov

However, if you've done all you can to fix your problem but someone is still using your number, note that you may receive a new number. That said, you can only get the SSN for the right reasons and not to subvert the law or other legal processes.

Final Thoughts

Your SSN gives the holder access to unique financial benefits that accrue to your name as a US citizen or resident. Protecting your SSN from a hacker is vital to keeping an unadulterated public identity and protecting your financial records. If you think someone has stolen your SSN, report it to the relevant authorities to prevent further harm.

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