The initial Social Security numbers were most likely issued in late 1936, and they were intended to be used solely by the US federal government to manage retirement and disability insurance payouts. However, in the 1960s, the use of Social Security numbers as universal identifiers skyrocketed as government agencies adopted automated data processing in their recordkeeping.
Today, if you apply for a credit card, buy a property, or even receive a pay cheque, you must provide your Social Security number. It's perhaps the most vital piece of identification you have, yet data breaches are increasingly exposing private numbers. According to the Los Angeles Times, hackers recently hacked background-checking organisation National Public Data, acquiring the personal data of 2.9 billion people, including the Social Security numbers of every citizen in the United States.
Due to the fact that almost all US citizens and permanent residents possess a Social Security number, cell phone providers, utility companies, and even retail establishments now require these numbers for authentication. They are therefore a very attractive target for identity theft.
How can you decide whether to disclose your Social Security number and when not to? We sought advice from the specialists.
When is sharing my social security number acceptable?
There are good reasons to share your Social Security number, even though it's crucial to keep it private.
"Your phone number is required by any company you apply to for a loan or credit line," stated Paige Hanson, head of cyber safety education at NortonLifeLock, in an interview.
According to Hanson, this covers banks and credit reporting agencies, but since a phone contract is similar to a line of credit, it might also refer to a cell service provider.
In addition, your Social Security number will be required for all tax-related transactions, such as your employer filing your income report to the IRS, according to Alan Butler, executive director of the Electronic Privacy Information Centre, a nonprofit organisation dedicated to protecting identity and privacy rights. If you have an investment adviser or are making a $10,000 or larger cash transaction, such as purchasing a home or vehicle, you will have to disclose it.
When should I not disclose my Social Security number?
There are numerous situations in which you should not disclose your Social Security number. With the growth of phishing attempts, never share personal information over email or phone.
"If you're not initiating the call, you should never share your personal information," NortonLifeLock's Hanson stated. "Even if it looks like it's coming from a legit company you do business with.”
Confirming the final four digits of your Social Security number is lowered risk, according to Hanson, because the company already has the data.
Not everyone asking for your phone number has malicious intentions.
"Some businesses just want your code just because it's a faster way to look up your account," Hanson pointed out.
But that's not a compelling argument for them to have it. Others may want it if they're asking you to sign a contract, such as a gym membership. "It's an easier way to go to a collections agency if they have to," Hanson added. "But there are other ways.”
Your Social can be requested by employers, but it "absolutely cannot be required to get a job," according to Hanson. Thus, it ought not to appear on a job application. Don't give them your personal information if they won't budge and you feel uneasy doing so.
Prevention tips
By the time you reach adulthood, your Social Security number has been placed into so many systems that it is hard to keep completely secure. However, there are methods that consumers can take to better protect their account information. Do not carry your Social Security card in your wallet or pocketbook. Keep it in a safe location at home. Also, instead of throwing away any documents or letters with your phone number, shred them. Also, find out why you're being asked for your social security number.
You can also secure your Social Security number by "freezing" your credit reports with Transunion, Equifax, and Experian. If someone attempts to use your phone number to open a credit card or obtain a loan, the request for your credit report will be denied. You can freeze your report indefinitely or specify a "thaw" date.
