TruStage RISK Alert: SSN Verification Service Focuses on Reducing Fraud

August 23, 2023 CU Solutions

Over the past few years, synthetic identity fraud and identity theft have become the fastest-growing form of fraud in the world. A primary driver is that customer verification systems to detect and prevent synthetic identity thieves are not sufficient. To assist, the Social Security Administration has developed an online solution to identify social security numbers, date of birth, and names called the Electronic Consent Based Social Security Number Verification (eCBSV) Service.

To help financial institutions reduce the risk of identity fraud or synthetic identity theft; the Social Security Administration has developed an online tool that is API-based to allow financial institutions to verify a name, date of birth and social
security number (SSN) combination. This technology tool is Electronic Consent Based SSN Verification Service or eCBSV.

By using this service, credit unions can help reduce the possibility of a new account being used for fraudulent purposes by identifying if the SSN, date of birth and name are suspicious or do not match according to the information provided. Many institutions are using this service at account opening to confirm
the applications and flag those that are identified as high risk.

To read the full alert, go to: T rustage.com

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