fbpx

Don’t Get Social With Your Social Security Number

If someone gets their hands on your social security number, they can wreak havoc on your life by using your social security number illegally and assuming your identity to create numerous financial problems.   When it comes to protecting you against items such as identity theft and tax fraud, keeping your social security number sacred is in my opinion the number one priority for confidentiality within your records.

  • Tax Returns- We have seen this type of theft escalate in droves over the past five years.  Someone who grabs your social security number can file a tax return in your social security number and get your refund before you even file a tax return.  In fact, you won’t even find out until you actually try to file your own return.
  • Getting Credit- Once a thief has your social security number, they can easily complete an application for credit.   Retailers make huge money off of store based credit cards, so this is a convenient opportunity to use your social security number to get quick access to money.
  • Medical Benefits-  If someone nabs your social security (and a little bit of other information), they could get medical treatment which could haunt your own medical records.
  • Open Doors- Getting a social security number can open doors to allow a thief access to your 401(k), open up a bank account, or even file for unemployment.   They may also try some other phishing scheme to get others to give away even more information until they complete the trifecta of information that allows them to access almost anything and everything.

While stealing your home address, driver’s license number, or your birthdate can create problems for you and your family, protecting your social security number will be the most important item to watch.  If your number is breached for some reason, you should immediately go to www.idtheft.gov and report the theft to the Federal Trade Commission as well as contacting the major credit reporting agencies.

Written by: Ted Jenkin Request a FREE consultation: www.oxygenfinancial.net

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

No Comments

Leave a Comment