Top Five Things You Don't Know about Your Social Security Number
WALTHAM, Mass.--(Business Wire)--IdentityTruth, the leading provider of a new breed of services to
help consumers safeguard their Privacy and Identity, today reported
that a recent analysis of consumer information shows there are a
number of issues with U.S. Social Security Numbers (SSNs) for citizens
of all ages. The company's analysis illuminates that this unique
identity number is not as safe as people may perceive it to be.
IdentityTruth combines real-time detected suspicious activities,
fraud schemes, credit requests, related data breaches, and the
individual's specific profile to offer a more complete picture of a
consumer's identity risk--from credit information to SSN tracking. It
reports suspicious events in the past, predicts possible fraud that
could impact the individual in the future, delivers on-going alerts
about any changes to the individual's credit and identity profile, and
reports on any related regionalized data breach that could have
impacted the individual's identity.
IdentityTruth's analysis of billions of points of consumer data
shows the following alarming trends:
-- An average of 1 in every 20 adults share their SSN with at
least one additional individual, even after accounting for
data input errors of the number. This shared SSN often means
that your personal information has been compromised and you
are probably a victim of identity theft. There have even been
cases where up to 6 people share the same SSN.
-- An individual with two or more SSNs is also a common
occurrence, with 1 of every 16 adults having that information.
This process happens in cases of synthetic identity theft,
where the identity thief uses one person's SSN and another
person's mailing address.
-- Children are among the highest at risk for identity theft or
compromises to their SSN. From 2003-2006, the FTC reported a
66% increase in identity theft cases involving children.
Children are a favored target because identity theft is often
not discovered until years later when the child applies for
their first job, applies for a credit card or student loan.
-- The most common way people protect against identity theft is
via credit report monitoring. However, the use of an alternate
SSN is not something that can be easily detected through a
credit report. Examining your credit report will not allow you
to discover multiple SSNs or dual usage of your SSN unless the
account has gone to collection and you have been contacted.
-- While sometimes theft related to a SSN is a single-time
occurrence, it is more often much more serious. IdentityTruth
has found cases where the SSN is tied to an address where half
of the residents at that address also have a shared SSN, a
sign of an organized effort to perpetrate identity theft.
These identity theft rings are growing in numbers.
Despite the clear abuse of an individual's real SSN, the Social
Security Administration is reluctant to assign a new SSN unless the
damage to the real owner's credit cannot be repaired and is
continuous. A SSN permeates many aspects of an individual's life. Even
if the administration is able to assign a new SSN, this can sometimes
be as painful as someone sharing the number. Individuals have to
contact virtually every account or service they use, as most use the
SSN as a way to locate an individual on their computer systems.
"The consumer understanding of risk around Social Security Numbers
is still somewhat limited," stated Steven Domenikos, CEO of
IdentityTruth. "Consumers need to be more proactive in taking
precautions to protect themselves from identity theft well beyond
credit monitoring services, which is only a small piece of the puzzle.
Understanding a full digital imprint of personal information like SSNs
is the only way to stop identity theft early on."
The truth about identity is that the alarm is currently sounded
after the identity theft has already occurred. The consumer is left
confused and defenseless about remediation options and methods to
restore their identity health. Armed with precise actionable
information from IdentityTruth, consumers can proactively reduce the
risk of misuse of their identities through better understanding of
where their personal data exists. This knowledge affords individuals
the opportunity to act sooner, rather than later, in the case of
misuse. Early detection is the only protection.
IdentityTruth offers users an initial free check of their identity
health by registering at www.identitytruth.com. A premium service is
available to consumers for $9.99 per month.
About IdentityTruth
IdentityTruth is the leading provider of a new breed of service to
help consumers safeguard their Privacy and Identity. Through
innovative technology, individuals receive the earliest possible
notification(TM) in advance of potential misuses of their identities
so they can take better control. Early detection is the best
protection. IdentityTruth is a privately held, VC- funded company
headquartered in Waltham, Massachusetts. Investors include Argonaut
Ventures and Stata Venture Partners. For more information, go to
www.identitytruth.com or call 781-684-1300.
Kel & Partners
Laura Ackerman, 508-366-2099, ext. 125
laura@kelandpartners.com
Copyright Business Wire 2008
