ID Analytics Selected to Participate in Electronic Social Security Number Verification Service
Summary
ID Analytics can provide the service to a select group of qualifying lenders to help them identify potentially fraudulent uses of Social Security Numbers. The Social Security Administration is creating eCBSV, a fee-based electronic SSN verification service, to allow select financial institutions and service providers, called “permitted entities” and including subsidiaries, affiliates, agents, subcontractors, or assignees of a financial institution, to verify if a person’s SSN, name, and date of birth combination matches Social Security records. Social Security needs the person’s written consent and will accept an electronic signature in order to disclose the SSN verification to the permitted entity. This service is a vital, transformative step in helping financial institutions fight increasingly sophisticated fraud attacks,” said Ken Meiser, chief compliance officer, ID Analytics. Every day, many of the largest U.S. companies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings and protect customers.
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