Your Social Security Number Is Stolen, Now What?

There is a lot of jargon in the cybersecurity space, and many services claim to offer identity protection. While you might think that paying a monthly service fee protects your information from being stolen, all the service can do is notify you that your data has been stolen and offer assistance for dealing with those consequences. While that may not seem as ironclad as protecting your identity from thieves, there is value in having these services actively troll the dark streets of the internet and alert you if something is found.

If you have received a notification that your social security number has been stolen and used to re-create your identity, it is important to report the theft to the Social Security Office and the FTC. You can easily file your report online, and they will ask about the timing and nature of the theft. The more details you can provide, the better they can assist you.

It's important to freeze all your credit reports regardless of being notified of stolen identity. Even though a credit freeze is different from a credit report "lock," it is effective in preventing unauthorized use of your personal information to open a credit card. For most States, the credit freeze is free of charge. You can find the links to each of the credit reporting agencies below.

The easiest way to exploit someone's stolen identity is to obtain a few extra pieces of information. For example, if a thief already has your address, phone number, and social security number, they can do much damage with an account number or a PIN code. You might receive a text message indicating that a utility bill has not been paid and will be shut off if you don’t follow their instructions. Thieves will also use an urgent email to mimic a legitimate business or financial institution. The best course of action is to delete the messages and not engage. If you receive a message you believe could be legitimate, do not interact with the text message or email – simply call their customer support and talk to someone about your issue.

The best course of action when you discover that your personal information has been stolen is to continue to monitor your accounts closely. Financial institutions greatly appreciate prompt reporting of fraudulent charges and will take swift action to close the compromised account and prevent additional losses. They should also reimburse you for any confirmed fraudulent charges.

ID theft insurance does not prevent your identity from being stolen or exploited. However, since dealing with stolen or exploited identity can be expensive, the insurance company offers a product to help cover the costs of restoring your identity or helping you re-create your digital identity, usually up to $1,000,000 of coverage. But before you buy an ID theft protection policy, check with your insurance company to determine if you are already covered. You might be surprised to find out that it is already included as part of your homeowner's insurance coverage.