$520,000,000,000 – OVERPAYMENT TO SOCIAL SECURITY BY FRAUDULENT EMPLOYEES USING STOLEN SOCIAL SECURITY NUMBERS

In Congressional testimony on 7/26/06 covered by CSPAN Congressman Xavier Becerra revealed that the total amount of payments to the Social Security Administration by illegally employed persons fraudulently using another persons Social Security Number exceeded $520 billion. Since these over-contributions are the result of fraudulent employment (often by undocumented workers or illegal aliens) the funds are unlikely to ever be paid in benefits.

KnightsBridge Castle finds that over 30% of all the identity thefts reported to us for recovery are as a result of false employment by identity theft using our client’s social security number. The consequences of continued fraudulent use of your SSN can be catastrophic if left unresolved. Often the IRS will detect that your SSN (used as your taxpayer ID) is used for several jobs and that your income tax payments were for only one job. Tax liens often follow. Other crimes are also facilitated by the use of a SSN in fraudulent employment such as medical insurance fraud, driver’s license fraud, loan fraud, and fraudulent property transactions.