A good friend of ours had the unimaginable happen. Someone stole his documents and filed a fraudulent Social Security state for benefits under his name. Because he previously not asked to start receiving his benefits, this theft of money and his identity continued for a while. As you can imagine undoing the harm is a laborious and long process.
In a stroke of good luck there were evidently enough warning flag raised at the lender selected to receive the fraudulently-filed benefits that they rejected all the transfer attempts. They alerted the Public Security Administration that there appeared to be a nagging problem. Even so, Social Security has to update his records showing he hasn’t filed for benefits and the money paid did not go to him. The process could take 90 days.
The takeaway is easy: if you are over 62 and have not started receiving Social Security benefits you are a excellent target of the lowlifes. It is vital that you make sure no one has submitted for your benefits. The following release from AICPA provides an excellent summary of the problem and what steps you should try keep your data files safe (or as safe as they can be in today’s world).
- When companies sell their receivables to others, the transaction is named factoring
- Government transfer payments
- My AU/NZ equities valued sharply
- Enter the amount from Form 8814, collection 2b2
The author experienced his benefits misdirected, too. As a CPA he dropped sufferer Even. In the next he is advising fellow CPA’s what to do. His suggestions apply to everyone. If you or your clients are in or nearing retirement, you need to know that hackers are concentrating on sociable security accounts. I found out the hard way.
My profession as a CPA Personal Financial Specialist was devoted to advising individuals and families on their most important financial goals, including tax, retirement, property, risk management, investment and retirement planning. After decades of helping my clients navigate and manage these important decisions, imagine my surprise after i received a letter in the mail soon after my 67th birthday congratulating me on initiating my Social Security benefits.
The trouble was, although I had developed inserted the glory years of retirement, I had not yet requested Social Security benefits, opting to wait until age 70 to get my benefits. 19,236 of my benefits. How did this breach take place? And easily was victimized, who else might be in danger? What is it possible to do to avoid this or respond should this happen to you or your clients? Who’s at risk? All individuals age group 62 to 70 who have not yet applied for benefits are in risk, especially if their personal information was open in the Equifax breach. For beneficiaries over age 66.5, the risk is better even.
The timing is not coincidental – in reality it reveals that the thief was sophisticated enough to understand the Social Security system. Individuals who’ve reached full retirement and have not applied for benefits can get a retroactive payment from Social Security of up to six months of benefits. So, starting at age 66.5 (for people blessed between 1943 and 1954), thieves can access the utmost amount of benefits back.