Social Security Scam

We recently found an important potential risk to your financial health and here is the information you need to protect yourself.

According to a recent issue of Investment News, another Social Security scam has been discovered.  It only affects SOME of those who have established online accounts with the Social Security Administration.

If you have established such an account, and have NOT applied for or started receiving benefits, you should sign in to your account.  What you’re looking for is one or both of the following:

  1. Your address has changed from that you supplied, or
  2. Your account shows it is already making payments or your application for benefits is pending.

Apparently, SOME people’s accounts have been hijacked, and the hijackers have applied for, or are already receiving, benefits on the victim’s accounts.  Because the hijackers changed the address in the Social Security System, the victim may never realize the scam has hit them until they receive a notice from the IRS about undeclared income.

If you find out your account has been compromised, call the Social Security Administration immediately at 800-772-1213.  Often when calling SSA, the caller has to wait a while for an answer.  A good option, that really works, is to let the Administration call you back.  It really works well.

Harold Sasnowitz

Harold Sasnowitz

Harold Sasnowitz

Harold Sasnowitz CFP®, MBA is a Financial Planner with BCR Wealth Strategies managing the New Jersey office.