The Social Security Administration has always implemented security steps to protect the confidential information of all citizens and backed by federal law these security measures have been made a requirement for all institutions that handle this information to follow in order to avoid social security theft. However, many of these institutions and organizations are not always successful in implementing the same measures to protect consumers. A stolen social security number can be worth a lot to an identity thief, since this information can open up a world of possibilities for an easy payday.

How do identity thieves steal social security numbers?

Much like they would a credit card or any other piece of information form unsuspecting victims. The truth about social security theft is in fact that we as owners of this information do not do enough to protect it. A social security number is not the same as a credit card number, credit card fraud is relatively easier to deal with and fix than social security number theft, the damage that can be done here is much greater.

A thief might simply steal a wallet or purse and get to work right away to make sure your information can produce immediate financial gains. This is most common if you carry your social security card in your wallet, which you should never do.

More experienced thieves can get your personal information when you provide it to an unsecured website. You should never put your social security number into any website unless you’re absolutely and positively certain that it is a safe place. Social security identity theft cases have increased due to the ease and availability of the internet to do business and exchange information.

Thieves can also get the information they need by rummaging through trash, again this is a method knows as “dumpster diving” and when paperwork you throw away is not properly shredded or destroyed it makes it a lot easier for a thief to find what they’re looking for.

The real threat behind a stolen social security number

Identity thieves know that once in possession of a social security number their chances for high gains increase significantly, especially if the victim’s credit record is in good standing. A lot can be done with this information.

Several types of accounts can be started with your social security number, such as credit card accounts, utility services, personal loans, auto loans and even mortgages. However these may seem like petty crimes compared to the damage that can be caused if the thief uses the stolen social security number for employment or to obtain medical services through Medicaid or Medicare or other means of medical benefit rendering service for which a social security number needs to be provided.

Medical identity theft is among the most dangerous forms of identity theft since it almost always permanently changes a person’s medical record and in some cases can endanger a person’s well being if the victim is give the wrong diagnosis due to the wrong medical history.

Another serious complication of social security identity theft, is that of being penalized by the IRS for not properly reporting your income. This happens when someone uses your social security number to get employment. This is often the case with undocumented workers who buy this information from where ever it is available to get employment. The IRS is not in the business of resolving identity theft issues for anyone, so if their records show that you owe back taxes, penalties will immediately apply and they will proceed with collecting until “you” can prove that the additional income was not produced by you.

If your social security number is stolen it can also end up for sale at one of the many online identity black markets, where thousands of social security numbers, credit card numbers and other information are often traded.

How to protect this social security number

Social security theft is on the rise, one of the downsides of technology is that while it makes life easier for many of us, it also creates opportunities for identity thieves to exploit vulnerabilities of online media. It seems that it is now easier than ever to farm this information online. The best solution to this ever growing threat is to take identity theft prevention steps in a consistent manner. Consumers are encouraged to be as proactive as possible with the protection of their social security numbers. It is in fact your most precious asset in the information age.

Identity protection is an extensive topic, and a person’s identity does not end with their social security number, though it is essentially the core of a person’s identity and most any identity theft protection service available today focuses heavily on monitoring this important piece of information for their subscribers. The most effective way to avoid social security theft and stop identity theft is to outsource the task to professional identity protection services, which are relatively inexpensive and provide a rather large number of security features.

Your social security statement should provide a great level of detail about what’s going on with your number’s activities, pay close attention to this piece of mail, start following the information closely.