Having your social security number or card stolen isn’t quite the same as misplacing your bank account details. The significant difference is that you can get a new bank account number in a matter of minutes, while Social Security Administration rarely makes exceptions and issues another SSN.
If you aren’t sure why you need SSN, then here are a couple of things that you should know. The SSN is entirely different from the nine-digit number for identity-tracking purposes. So, whenever you start new employment, or you want to apply for government benefits, you will require a social security number. Also, you should keep in mind that only government institutions can perform SSN Search.
How does social security number theft happen?
If you ever wondered how someone finds and steals your identity, well it’s quite common, then you thought, and it can happen in a variety of ways. The thieves could acquire you SSN by exploiting data branches, going through personal documents, or using any number of their approaches. They can sell your identity to the highest bidder on the dark web.
Once an identity thief has your number, they can commit all kinds of frauds and potentially leave you on the hook for their behavior. Considering that SSN is wrapped in most aspects of Americans’ lives, such as employment, medicine, tax, education, bank accounts and many more, you need to be very careful how you store it. So, here are a couple of ways an identity thief can use your social security number.
Open financial account
You SSN is the essential piece of information a bank requires when extending your credit or opening an account. If he has your number, he can apply for credit cards or get loans, and when the time comes to repay them, it will damage your credit, not his. All missed payments are linked to social security number and they will end up in your credit report and could impact, your ability to apply for any types of loans in the future.
You can quickly notice suspicious transactions and get your credit scores and reports to detect fraud and put an end to it. Unfortunately, it will take you years to remove fraudulent information from your credit report and your credit score to recover.
If someone gets ahold of your social security number, it can also undergo medical treatment and effectively taint your medical record. False medical records can have deadly consequences. For instance, imagine you receive a treatment based on fraudulent medical history listing you aren’t allergic to any drugs when you are.
This can severely affect your health and in some cases lead to death. An imposter can also poach your health insurance coverage, which can leave you in bling when you actually need it. To prevent this action from happening, always check your medical records from time to time and if you notice any suspicious behavior, notify your care provider.