Why You Should Have an Online Social Security Account
In monitoring your Social Security profile, you may help to thwart fraud.
Could your personal information soon be stolen? The possibility cannot be dismissed. Sensitive financial and medical data pertaining to your life may not be as safe as you think, and thieves may turn to a vast resource to try and mine it – the Social Security Administration.
Consider three facts, which in combination seem especially troubling. One, Social Security’s databases contain sensitive personal information on hundreds of millions of Americans, both living and dead. Two, more than 34 million Americans interact with the SSA online. Three, nearly 100% of Social Security benefits are disbursed electronically.1
The more you reflect on all this, the more you realize that cybercrooks could take advantage of you by creating a bogus online Social Security account in your name, in order to steal your benefits and/or your personal data.
Creating and maintaining a MySSA account may lessen the threat. Last year, Social Security advised all current and future benefit recipients to set up and actively use an online profile. The agency’s blog noted that this simple move could “take away the risk of someone else trying to create [an account] in your name, even if they obtain your Social Security number.” This is a case where you want to be first rather than second.1
Setting up a MySSA account is easy; the first step is to visit ssa.gov. Whether you have an existing account or not, you will want to review your mailing address, date of birth, and other essential pieces of information. If they are not correct, they demand attention.
Are you working full time in your late sixties? Then be vigilant. If you have reached Full Retirement Age (66 or 67) without filing for retirement benefits, your Social Security profile may be especially tantalizing to a cyberthief. In this circumstance, you are eligible to receive up to six months of benefits retroactively, as a lump sum. That could mean a payday of more than $10,000 for a criminal who assumes your identity.2
Make no mistake, cybercrooks have exploited Social Security accounts. While the SSA told Reuters this year that the incidence of fraud is “very rare,” a 2016 audit by the Office of the Inspector General found that during 2013, around $20 million in Social Security payments were directed to the wrong parties. That swindling involved about 12,200 MySSA accounts – less than 2% of the total in 2013, but certainly enough to raise eyebrows.1,2
The SSA tightened authentication standards in 2017. It added security codes to help certify the legitimacy of MySSA account users. It regularly analyzes MySSA transactions for fraud.1
What should you do if you suspect fraud? If you log in and it appears your monthly benefit has not been sent to you, contact the SSA at 1-800-772-1213 or call your local SSA field office. In addition, you can activate the “Block Electronic Access” option on your MySSA account; that will prevent anyone, you included, from accessing your Social Security records via computer or phone. Electronic access is only restored when you get in touch with Social Security to confirm your identity.1
Establish an online Social Security account and keep checking it. In logging on regularly, you may do your part to help the SSA detect and ward off criminals who could use your identity to collect or file for benefits.
Ronit Rogoszinski, CFP® may be reached at 800.773.9282 or rrogoszinski@slatestonewealth.com
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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
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To contact Ronit please feel free to reach her on 800-773-9282 or rrogoszinski@slatestonewealth.com
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Citations.
1 – reuters.com/article/us-column-miller-socialsecurity/social-security-online-accounts-safe-from-identity-theft-idUSKBN1FE296 [1/25/18]
2 – tinyurl.com/yb4wqgka [2/8/18]
Ronit Rogoszinski has been demystifying investment strategies for individuals, families and business owners for over 25 years. Specializing in transitioning widows and widowers, pre-retirees and divorced individuals through major life changes, Ronit’s expertise is translated to actionable, prudent strategies that are customized to each individual’s unique situation. As a result, Ronit has become a trusted advisor to her clients, developing lifelong friendships while partnering in the management of their financial plans.
Author: Ronit Rogoszinski
Ronit Rogoszinski is a passionate advocate of financial literacy for women who specialized in transitioning widows, pre-retirees and divorced individuals through major life changes. Applying her skills to each client’s circumstances enables her to translate recommendations into actionable, prudent strategies that are customized to each clients’ unique situation. As a result, Ronit has become a trusted advisor to her clients, developing lifelong friendships while partnering in the management of their financial plans. Ronit is a CERTIFIED FINANCIAL PLANNER ™ certificant who combines formal education with life long experience, which has led to a holistic all-encompassing approach for her clients and the creation of Women+Wealth Solutions. Individuals and families with inheritance, legal settlements, or sale of businesses who seek to become educated and confident in working with their financial advisor, look to Ronit for guidance in gaining financial knowledge, budget and cash flow management, portfolio and retirement solutions, as well as working with other outside professionals to best serve the client with guidance towards legal and tax solutions. Ronit’s calm, personal and relaxed nature helps put her clients at ease while remaining focused on the mission at hand, which is to help her clients realize their financial goals. Securities offered through...
