Having your Social Security Number (SSN) stolen can be an alarming and overwhelming experience. This critical piece of personal information is the key to your financial identity, and if misused, it can result in severe repercussions such as identity theft, fraudulent accounts, and long-term credit damage. In 2023 alone, the Federal Trade Commission (FTC) stated that identity theft was the most common type of fraud in the United States, with over 1.4 million reported cases.
To safeguard your identity and take care of your financial well-being, it’s essential to act quickly and decisively if your SSN is compromised. Here’s a comprehensive guide on what to do if your SSN has been stolen.
Inform the Social Security Administration
If your Social Security Number (SSN) has been stolen, it’s essential to report it to the Social Security Administration (SSA) as soon as possible. To report the theft and receive further assistance, you can contact the SSA via their toll-free number at 1-800-772-1213 or visit their website.
Although the SSA typically does not issue a new SSN, they can help monitor for misuse of your number and provide important advice on protecting yourself.
Freeze Your Credit
A credit freeze or security freeze locks your credit file, making it inaccessible to new creditors. This measure is taken to stop identity thieves from starting new accounts in your name because potential lenders cannot check your credit report.
The credit freeze process is free and straightforward. You’ll be given a personal identification number (PIN) or password to unfreeze your credit when necessary, such as when applying for a loan or credit card.
Place a Fraud Alert on Your Credit Report
This is a security measure that prompts creditors to take additional actions to verify your identity before granting any credit in your name. If you place fraud alert on your credit report, it would indicate that you might be a victim of identify theft.
Contact any of the three major credit bureaus—Equifax, Experian, or TransUnion—online, by phone, or via mail to place a fraud alert. Once implemented, fraud alert usually lasts for one year. After that period, you can renew it if you still feel your identity is at risk.
Review Your Credit Reports
The three major credit bureaus lets you access free weekly online credit reports. Make use of this benefit and check your credit report regularly to be aware of any unauthorized accounts or suspicious activity early. You can request your credit reports from AnnualCreditReport.com, the only authorized site for free annual credit reports.
According to Experian, nearly 1 in 5 consumers has an error on at least one of their credit reports, underscoring the importance of regular monitoring.
Report Identity Theft to the FTC
Reporting identity theft to the FTC creates an official record of the theft and provides you with a personal recovery plan. The FTC will generate an Identity Theft Report, which can be used to prove to creditors and other entities that your identity was stolen.
You can report identity theft by visiting IdentityTheft.gov. The website guides you in reporting the identity theft and you’ll receive an Identity Theft Report and a recovery plan. The recovery plan may include placing a fraud alert, freezing your credit, and disputing fraudulent charges.
Contact the IRS
Identity thieves can use your stolen SSN to file fraudulent tax returns in your name and claim refunds. This type of tax-related identity theft can cause significant delays in your legitimate tax refund and create complications with the IRS.
If you suspect your SSN has been used to file a fraudulent tax return, you should immediately complete the IRS Identity Theft Affidavit (Form 14039). Additionally, the IRS may issue you an Identity Protection PIN (IP PIN).
File a Police Report
Submitting a police report is a crucial step in officially documenting identity theft. It can benefit when disputing fraudulent activities with creditors, financial institutions, or government agencies.
Explain the situation to the police and provide all the necessary documentation. Be sure to request a copy of the report for your records. The police report serves as official documentation to help the recovery process and prevent further damage.
Set Up Credit Monitoring
Credit monitoring services keep track of changes in your credit report, such as new accounts being opened, changes to your credit limit, or new credit inquiries. If something suspicious occurs, you’ll receive an alert, allowing you to take action before the situation worsens.
There are several credit monitoring services available, some are offered by the major credit bureaus. Some banks and credit card companies also offer credit monitoring services to their customers.
Use Two-Factor Authentication (2FA)
Two-factor authentication (2FA) adds an extra security layer to your online accounts by mandating two verification forms to log in. This could be something you know (like a password) and something you have (like a mobile device).
A Microsoft study found that 2FA can block up to 99.9% of automated cyberattacks, making it one of the most effective tools for securing online accounts. Today, most major platforms, such as banking websites, social media, and email services, offer 2FA as a security option.
Stay Alert to Phishing Scams
Phishing scams are attempts by cybercriminals to trick you into revealing personal information, such as your SSN, passwords, or credit card numbers, often by posing to be authentic companies or government agencies.
If you’re unsure about the legitimacy of a request, contact the organization directly using official channels, such as a phone number from their website, rather than responding to suspicious communication.
Update Your Passwords
If your SSN has been stolen, it’s crucial to update the passwords for your financial accounts, email accounts, and any other services containing sensitive information. Cybercriminals often use stolen SSNs in combination with other data to gain access to online accounts.
In 2023, a report found that 81% of hacking-related breaches were tied to weak or stolen passwords. A password manager can generate and store complex passwords for you, making it easier to use strong, unique passwords for each account.
Consider an Identity Theft Protection Service
Identity theft protection services offer comprehensive monitoring, alerts, and assistance in recovering from identity theft. These services can be especially helpful in navigating the complexities of identity recovery, providing peace of mind and support during a stressful time.
While these services should not be considered a substitute for other protective actions like setting up fraud alerts or freezing your credit, they offer an additional layer of security.