NerdWallet's Smart Money Podcast
SSN SOS: How to Keep Your Social Security Number Safe from Data Breaches
Oct 16, 2024
Lauren Schwahn, a NerdWallet writer with expertise in credit and budgeting, joins to discuss vital strategies for protecting your Social Security number from identity theft. She offers practical advice on freezing credit and monitoring reports to safeguard personal information amid rising data breaches. The conversation also touches on current financial news, including inflation trends affecting consumer spending and how health insurance costs are rising. Finally, they discuss Halloween spending habits, providing an intriguing snapshot of seasonal financial behavior.
11:50
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Quick takeaways
- To safeguard your Social Security number from identity theft, consider actions like blocking electronic access through the Social Security Administration and using the eVerify system.
- In the event of a compromised Social Security number, it’s crucial to monitor credit reports, report identity theft, and obtain an identity protection pin from the IRS.
Deep dives
The Vulnerability of Social Security Numbers
Social Security numbers (SSNs) are increasingly at risk due to recent hacking incidents, showcasing the need for heightened awareness and protection. A significant breach involved a data company linked to background checks, compromising nearly 3 billion records that were subsequently leaked on the dark web. Other notable breaches included attacks on retailers like David's Bridal and money transfer companies like MoneyGram, highlighting how widespread the risks are. The reliance of businesses on SSNs for identity verification makes them attractive targets for hackers, often putting individuals' sensitive information in jeopardy.
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