Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Social Security’s ID Problem

Published on: Oct 12 2018

For decades Americans have been identified by their Social Security numbers. That’s become a problem in the digital era, because hackers have compromised many numbers. That’s why, as this article describes, people are at work considering ways to replace or supplement the old SSN.

The problem: “If we look at how well we’re doing right now with Social Security, an estimated 60–80% are already compromised,” said Candace Worley, McAfee vice president and chief technical strategist. That’s because the online world has opened up previously unavailable potential for hackers to steal and sell Social Security numbers.

The problem with solving the problem: There’s an obvious next step to solving the problem — using the Social Security number like a username and using something else as a password or changing the number to something harder to steal, like a biometric.

 

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