Your Social Security number is one of the most valuable pieces of personal information you possess. It serves as a key identifier for many financial transactions, from opening bank accounts to applying for credit. However, this value also makes your number a prime target for identity theft. Protecting it is crucial to ensuring your financial security and privacy.
Here are tips for safeguarding your number and reducing your risk of identity theft.
Only Share Your Number When Absolutely Necessary
Many organizations request your Social Security number, but not all truly need it. Before providing your number, ask why it is required, how it will be used, and if there is an alternative identifier you can provide.
Common situations where you may need be required to provide your number include:
- Applying for a loan or credit card
- Opening a bank account
- Filing taxes or working with government agencies
If you’re unsure whether it’s safe to share your number, don’t hesitate to ask questions – and when in doubt, don’t.
Lock Your Credit to Prevent Unauthorized Use
One of the most effective ways to protect your Social Security number is by locking or freezing your credit. When your credit is frozen, lenders cannot access your credit report, making it difficult for identity thieves to open new accounts in your name.
You can freeze your credit with all three major credit bureaus—Equifax, Experian, and TransUnion—at no cost. You’ll need to unlock your credit when applying for new loans or lines of credit, but the added layer of security is well worth the effort.
Here’s how to lock your credit:
- Contact each of the major credit bureaus.
- Set up an account and request a freeze.
- Receive a PIN or password to unlock your credit if needed.
Keep in mind that credit locks and freezes only prevent new accounts from being opened in your name; they won’t affect your existing credit accounts.
Opt Out of Pre-Approved Credit Offers
Pre-approved credit offers, while convenient, can also be risky if they end up in the wrong hands. Thieves can intercept these offers and attempt to open new accounts using your information.
You can protect yourself by opting out of pre-approved credit offers. This can be done through the official opt-out website – optoutprescreen.com – or by calling 1-888-5-OPT-OUT (1-888-567-8688). By doing so, you reduce the likelihood of your personal information being used without your consent. Click here for more information from the FTC.
Be Wary of Phishing Scams
Phishing scams often target people by asking them to provide their Social Security number or other sensitive information via email, phone calls, or text messages. These scams can be disguised as official communications from trusted organizations, including banks, credit card companies, or government agencies.
To avoid falling victim to phishing scams:
- Never provide your Social Security number or financial information in response to unsolicited emails or phone calls.
- Verify the legitimacy of any communication by contacting the organization directly through an official phone number or website.
- Look for signs of phishing, such as suspicious links, urgent requests for action, or grammatical errors in the message.
Regularly Monitor Your Credit Reports
Even if you’ve taken steps to protect your Social Security number, it’s important to regularly monitor your credit reports for any suspicious activity. You are entitled to one free credit report per year from each of the major credit bureaus through AnnualCreditReport.com.
When reviewing your credit report, look for:
- New accounts you did not open
- Hard inquiries you don’t recognize
- Any discrepancies in your personal information
If you spot any issues, report them immediately to both the credit bureau and the company associated with the fraudulent activity.
Store Your Social Security Card Safely
Your Social Security card is a physical representation of your SSN, and it should be treated with care. Never carry your Social Security card in your wallet or purse unless you need it for a specific purpose. Instead, store it in a secure location, such as a safe, and only retrieve it when necessary.
If your Social Security card is lost or stolen, report it to the Social Security Administration and monitor your credit closely for signs of fraud.
Protecting your Social Security number is a critical part of safeguarding your identity. By limiting how and when you share it, locking your credit, opting out of pre-approved offers, and remaining vigilant against scams, you can reduce your risk of identity theft.
At Winchester Co-operative Bank, we prioritize your financial security and are here to help. If you have any questions or concerns about protecting your personal information, please don’t hesitate to contact us.
