Protect Your Social Security Number: Risks & Safeguarding Tips
A Social Security number is a federally issued number used to identify consumers for tax, employment and credit purposes. Safeguarding this personal information can protect consumers against crimes like identity theft and other criminal activities.
Significance
According to the California Public Interest Research Group, an identity theft victim will spend approximately 175 hours and $800 trying to clear his record of fraudulent charges. This is normally a result of someone using another person's Social Security number with criminal intent to open up fraudulent bank accounts, credit card accounts or other personal loans in her name.
Types
Identity theft is no longer restricted to credit fraud, however. Identity theft using a consumer's Social Security number can result in medical identity theft, as a perpetrator could use a consumer's Social Security number to claim medical benefits and gain services.
In addition, employment fraud can also be committed. A consumer can be victimized by someone else using his Social Security number on W-4 forms for employers, resulting in IRS consequences come tax time.
Because Social Security numbers are often required to open up accounts, claim medical benefits, file for employment or even open utilities, an unscrupulous person with a stolen Social Security number can wreak havoc on several aspects of someone's life.
Considerations
When supplying a Social Security number to any merchant, consider whether or not it's really needed. Offer up alternative forms of identification such as a driver's license number or state identification number.
Make a point to destroy all documentation that has your Social Security number printed on it, as opposed to simply throwing it away in the trash. Above all, keep your Social Security number and card in a safe place, such as a fireproof safe or safe deposit box at a bank in order to make certain it doesn't fall into the wrong hands.
-
Check Your Social Security Benefits Online: Estimator & Information
Last week, I drove out to the box factory to see my brother Jeff and my cousin Nick. Ostensibly, I made the trip to check up on Moms financial situation. Really, though, it was an excuse to spend
-
Accessing Your Social Security Card: A Comprehensive Guide
Social Security gives us assurance against certain social conditions that may occur, such as retirement or the sudden death of a bread winner. Its funded through dedicated payroll taxes known as the F
budgeting
- Recovering a Lost Social Security Number: A Step-by-Step Guide
- Protect Your Identity: How to Block Your Social Security Number
- Understanding How Collection Agencies Access Your Social Security Number
- Protect Your Identity: How to Freeze Your Social Security Number
- Understanding Your Social Security Account: Benefits, Taxes & Access
- Protect Yourself: How to Detect Social Security Number Theft
- Accessing Your Social Security Statement: What You Need to Know
- Changing Your Social Security Number: Eligibility & Legal Credit File
- Protect Your Privacy: When You Don't Need to Share Your Social Security Number
-
Open a Bank Account Without a Social Security Number: Your OptionsHow to Open a Bank Account With No Social Security Number Just because banks always ask for a Social Security number doesn't mean they'll turn you away if you don't have one. Fina...
-
Understanding Time Horizon in Investing: A Comprehensive Guide
Time horizon definitionA time horizon is a way to assess your risk tolerance or risk capacity as an investor. At its core, a time horizon provides the answer to a critical question: When do you need ...