A Social Security number is your identity, and it is one of the most valuable pieces of information to an identity thief. They can use your Social Security number to open new credit accounts, apply for loans, file taxes, and even steal your medical benefits. In this blog, we’ll talk about what an identity thief can do with your Social Security card and how to protect yourself from identity theft so that you can keep your information secure.
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Open new credit accounts
An identity thief can use your Social Security number to apply for a new credit card or open a new account in your name. They can use the credit card to make purchases, take cash advances, and even transfer the balance to another account. To protect yourself, sign up for credit monitoring services that will alert you when new accounts are opened in your name.
File taxes
An identity thief can file a fake tax return in your name and claim your refund. This can be devastating, particularly if you’re counting on that refund to pay bills or cover other expenses. To prevent this from happening, file your tax return as soon as possible and keep an eye on your refund status. If you receive a notice from the IRS that your tax return was already filed, contact them immediately.
Apply for loans
Identity thieves can apply for personal loans, car loans, or mortgages using your Social Security number. They will take out the loan and never make any payments, leaving you with debt and a ruined credit score. To protect yourself from this, check your credit report regularly and report any discrepancies immediately.
Steal your doctor visits
Medical identity theft is on the rise, and an identity thief can use your Social Security number to get medical care or get prescriptions filled in your name. They may even use your insurance to pay for their medical care. To protect yourself, carefully review all your medical bills, explanation of benefits (EOB) forms, and insurance statements to ensure they match your actual medical care.
Obtain employment
An identity thief can use your Social Security number to gain employment. If they work under your Social Security number, their earnings will be reported to the IRS as yours, and you may end up liable for taxes on earnings you never received. It is essential to review your annual Social Security statement to make sure your work history is correct.
Conclusion:
Your Social Security number is one of the most valuable pieces of information to an identity thief. They can use it to open new accounts, apply for loans, file taxes, steal medical benefits, and even gain employment. Preventing identity theft is crucial, and it starts with keeping your Social Security card safe and secure. Keep a close eye on your finances and credit report so that you can detect any problems early. If you notice any signs of identity theft, act quickly to minimize the damage. Remember, prevention is always better than cure when it comes to identity theft.