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With not only the banking sector going digital there are increasing opportunities for breaches and fraud that pose significant threats to customers and institutions. Identity theft in banking can lead to severe consequences, including financial losses, damaged credit, legal issues, and emotional distress. It also burdens financial institutions with losses, penalties, and trust issues. For example, in the Czech Republic penalties for cybersecurity breaches can represent a fine up to CZK 130 mil. In the case of AML non-compliance, the fine can be as high as 10% of the annual turnover. Moreover, banks risk potential banking license forfeiture.​ Addressing this issue is crucial in order to protect customers and maintain the financial industry’s stability and reputation.
Understanding the Dangers of the Dark Web and Your Social Security Number
The dark web is a part of the internet that is not indexed by traditional search engines, making it a hidden realm where illegal activities can thrive. One such activity is the trade of sensitive personal information, including your social security number (SSN).
You have the right to freeze and unfreeze your credit for free and as often as you’d like, but you’ll need to contact each credit bureau directly. Also, don’t forget to unfreeze or temporarily “thaw” your reports when you apply for a new credit card or loan. If that seems like too much work, you can add a fraud alert to your credit report that asks lenders to verify your identity before approving credit in your name. If you find unauthorized activity on your credit cards, new accounts in your name or other financial transactions you weren’t aware of, learn how to report identity theft.
Be vigilant, and you can reduce your chances of becoming a victim of identity theft. More than 15 billion login credentials are available for sale at any given time in underground identity markets. Consumers also willingly share them as part of phishing attacks and spoofed websites. Cybercriminals use automated tools that can attempt to access 500 accounts per second using stolen logins and passwords. According to Akamai’s new State of the Internet report, there were 193 billion failed attempts to gain access to targeted users’ accounts using stolen or reused login credentials in 2020. The number of login attempts using login credentials increased more than 310 percent, from 47 billion in 2019.
You can’t get a new Social Security number just because you’ve lost your card or are seeking to avoid debts. Similarly, the longer an ID thief uses your information, the harder it is to undo the damage. According to Allstate, it can take anywhere from 100 to 200 hours over six months to reverse identity theft. However, getting those questions to populate — and therefore the partial SSN — only took a name and current or former address. Lucky225 recreated his results experimenting with his own information and information from friends. In some cases, the form also asked for an alternate ID or account number but did not check if that number was authentic.
You can create a myEquifax account to place a fraud alert and security freeze on your Equifax credit report. Dewan Anton Williams, 47, of Detroit, is accused of going onto the dark web to purchase the social security numbers of identity theft victims. Officials said they later found personal information from about 7,000 people at Williams’ home. Identity protection software from McAfee can help keep your information out of the hands of cybercriminals. Some features of McAfee identity protection include expert security support, award-winning antivirus protection, a password manager, and firewall protection. Choose the plan that works best for you and keep tabs on your personal information.
For example, intelligence and law enforcement agencies, whistle-blowers, journalists trying to protect their sources, activists performing political protests, etc. Using the dark web comes with a great deal of anonymity and privacy compared to conventional websites. You can only access the dark web with specific browsers like TOR (The Onion Router).
What is the Dark Web?
The more information the identity thief has, the easier it is for them to commit the above crimes. For instance, if they have your name, address, date of birth and Social Security number, they can create a fake driver’s license and Social Security card with your information. From there, they can begin opening accounts that will be reflected on your credit report. American Express helps protect you from credit card fraud with its advanced fraud protection methods. Identity monitoring services can alert you to suspicious activity that might otherwise go undetected.
The dark web consists of websites that require specific software, configurations, or authorization to access. These platforms often serve as marketplaces for illegal goods and services, from drugs to personal data.
- With Identity Guard, you’ll also get three-bureau credit monitoring and robust protection against hackers, along with Safe Browsing tools and a secure password manager.
- Your personal information is nothing less than the key to your identity.
- The dark web is the third and deepest internet web layer, and it isn’t accessible by regular search engines.
- Once accessed, the Dark Web presents a host of opportunities for hackers and thieves.
Why is the Social Security Number Valuable?
Your social security number is a unique identifier that links you to your financial and personal history. Its value in the dark web ecosystem includes:
- Identity Theft: Criminals can use your SSN to open credit accounts, file taxes, or commit fraud in your name.
- Financial Fraud: With your SSN, hackers can access bank accounts and make unauthorized transactions.
- Medical Fraud: Your personal information can be used to obtain medical services, costing you significant money and affecting your health records.
How is Your Social Security Number Sold on the Dark Web?
Once an individual’s social security number is compromised, it can be sold or shared among cybercriminals in various ways:
- Hacked databases from companies.
- Data breaches from social media platforms.
- Phishing scams targeting unsuspecting individuals.
How to Check if Your SSN is on the Dark Web
If you’re concerned that your social security number might be on the dark web, consider the following steps:
- Use identity theft protection services that monitor the dark web for your SSN.
- Check if your information has been involved in any data breaches through services like Have I Been Pwned.
- Regularly review your credit report for any unfamiliar accounts or inquiries.
Protecting Yourself from Dark Web Threats
There are several proactive measures you can take to protect your social security number from being exploited on the dark web:
- Use Strong Passwords: Ensure your accounts are secure by using complex passwords and enabling two-factor authentication.
- Limit Information Sharing: Be cautious about the personal information you share online, especially on social media platforms.
- Regularly Monitor Your Accounts: Keep an eye on your bank and credit account activities for any suspicious transactions.
- Consider Freezing Your Credit: A credit freeze can prevent new accounts from being opened in your name.
FAQs About Social Security Numbers and the Dark Web
What should I do if my SSN is found on the dark web?
If your social security number is found on the dark web, take immediate action. Contact your financial institutions, consider placing a fraud alert or credit freeze, and report the incident to the authorities.
Can I completely remove my SSN from the dark web?
Unfortunately, it is nearly impossible to completely remove your social security number once it has been compromised and spread on the dark web. The best approach is to mitigate further damage and monitor your information closely.
How can I improve my online security?
Improving your online security involves implementing strong passwords, being cautious with personal information sharing, and using secure connections (like VPNs) while browsing.
In conclusion, the risks associated with the dark web highlight the importance of safeguarding your social security number. By remaining vigilant and taking preventative measures, you can help protect your identity and financial well-being.
