Latest news with #AccountVerificationService
Yahoo
24-03-2025
- Business
- Yahoo
Social Security retirement accounts are being sold online – What you need to know
An identity theft researcher at Georgia State University has found Social Security retirement accounts for sale online. 'They take over the SSA accounts. Then they change the account details on the Social Security Administration website, and then they funnel the payments,' said GSU Professor David Maimon. Maimon showed Channel 2 consumer investigator Justin Gray a video an identity thief posted bragging about his access to a retiree's account. 'You can see the name, date and the balance,' Maimon said. 'The whole point of the scam is to try to take over there those individuals Social Security payments.' The Trump Administration said new changes they are making this month to require more in-person identity verification are designed to prevent just this type of fraud. 'Americans deserve to have their Social Security records protected with the utmost integrity and vigilance,' said Lee Dudek, Acting Commissioner of Social Security. 'For far too long, the agency has used antiquated methods for proving identity. Social Security can better protect Americans while expediting service.' RELATED STORIES: New Social Security requirements pose barriers to rural communities without internet, transportation Social Security in-person identity checks opposed by advocates and retirees alike A list of the Social Security offices across the US expected to close this year Under the new SSA policy being rolled out over the next 2 weeks, SSA beneficiaries will no longer be able to verify their identity by telephone. People looking to claim benefits or change direct deposit who cannot use their personal 'My Social Security' account, which requires online identity proofing, will then need to visit a local Social Security office to prove their identity in person. Former Social Security Commissioner Martin O'Malley counters that cuts in staff by the new SSA leadership will hurt not help protect from fraud. SSA plans to cut 7,000 jobs even though its current staffing is already at a 50-year low. 'In one day, on one Friday, the entire leadership of the Cyber Security office left. What the public will see is longer and longer and longer and longer waiting times for everything,' O'Malley said. Maimon told Gray that his team started seeing an increase in the SSA accounts for sale before the change in administration, and it has continued after. 'Usually, we see things rising and falling and because of the absence of control, criminals and fraudsters, thrive in times of crisis and times of change,' Maimon said. Another step SSA says they are in the process of taking to limit fraud is using the Treasury Department's Account Verification Service for any direct deposit changes. The Treasury system is designed to verify the existence, status, and ownership of bank accounts before making payments, reducing the risk of improper or fraudulent payments.
Yahoo
19-03-2025
- Business
- Yahoo
Social Security requiring in-office visits for millions of recipients, applicants
(The Hill) — The Social Security Administration (SSA) said Monday that it will no longer allow individuals to verify their identity over the phone but instead require online authentication or in-person visits for those seeking benefit claims and direct deposit changes. 'SSA will permit individuals who do not or cannot use the agency's online my Social Security services to start their claim for benefits on the telephone. However, the claim cannot be completed until the individual's identity is verified in person,' according to their website. 'The agency therefore recommends calling to request an in-person appointment to begin and complete the claim in one interaction,' it added. Changes are set to go into full effect on March 31, impacting more than 72 million Americans who rely on the platform amid a slew of planned office closures across the country. The Department of Government Efficiency's (DOGE) website says it plans to shut down at least 47 Social Security field offices in places with large rural communities, including Kentucky, North Carolina, Louisiana, Texas and Florida. Many in those areas relied on the Affordable Connectivity Program for increased access to the internet through discounted services bills. However, the program shut down in June 2024 due to a lack of funding from Congress. AFT sues Education Department over removal of IDR student loan applications Now Social Security beneficiaries will be required to travel to alter their social security benefits and account services. DOGE said the changes will help prevent Social Security direct deposit fraud associated with 'fraudsters' calling SSA on the phone and changing the direct deposit bank account. The SSA added that it plans to implement the Treasury Department's Bureau of the Fiscal Service's payment integrity service called Account Verification Service, which provides instant bank verification services to prevent fraud associated with direct deposit change requests. It will also expedite processing for all direct deposit change requests to one business day. In the past, online direct deposit changes were held for 30 days. 'For far too long, the agency has used antiquated methods for proving identity. Social Security can better protect Americans while expediting service,' Lee Dudek, acting commissioner of Social Security, said in a Monday statement. The agency website said SSA will continue to monitor and, if necessary, make adjustments, to ensure it pays the 'right person the right amount at the right time' while safeguarding the benefits and programs it administers. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
19-03-2025
- Business
- The Hill
Social Security requiring in-office visits for millions of recipients, applicants
The Social Security Administration (SSA) said Monday it will no longer allow individuals to verify their identity over the phone but instead require online authentication or in person visits for those seeking benefit claims and direct deposit changes. 'SSA will permit individuals who do not or cannot use the agency's online my Social Security services to start their claim for benefits on the telephone. However, the claim cannot be completed until the individual's identity is verified in person,' according to their website. 'The agency therefore recommends calling to request an in-person appointment to begin and complete the claim in one interaction,' it added. Changes are set to go into full effect on March 31, impacting more than 72 million Americans who rely on the platform amid a slew of planned office closures across the country. The Department of Government Efficiency's (DOGE) website says it plans to shut down at least 47 Social Security field offices in places with large rural communities including Kentucky, North Carolina, Louisiana, Texas and Florida. Many in those areas relied on the Affordable Connectivity Program for increased access to the internet through discounted services bills, however, the program shut down in June 2024 due to a lack of funding from Congress. Now Social Security beneficiaries will be required to traves to alter their social security benefits and account services. DOGE said the changes will help prevent Social Security direct deposit fraud associated with 'fraudsters' calling SSA on the phone and changing the direct deposit bank account. The SSA added that it plans to implement the Treasury Department's Bureau of the Fiscal Service's payment integrity service called Account Verification Service, which provides instant bank verification services to prevent fraud associated with direct deposit change requests. It will also expedite processing for all direct deposit change requests to one business day. In the past, online direct deposit changes were held for 30 days. 'For far too long, the agency has used antiquated methods for proving identity. Social Security can better protect Americans while expediting service,' Lee Dudek, acting commissioner of Social Security, said in a Monday statement. The agency website said SSA will continue to monitor and, if necessary, make adjustments, to ensure it pays the 'right person the right amount at the right time' while safeguarding the benefits and programs it administers.
Yahoo
18-03-2025
- Business
- Yahoo
Social Security Will Require Identity Checks in Fraud Crackdown
(Bloomberg) -- The Social Security Administration will add new procedures requiring beneficiaries to prove their identity before claiming benefits or changing their direct deposit instructions, as part of an effort to crack down on fraud. ICE Eyes Massive California Tent Facility Amid Space Constraints How Britain's Most Bike-Friendly New Town Got Built The Dark Prophet of Car-Clogged Cities Washington, DC, Region Braces for 'Devastating' Cuts from Congress NYC Plans for Flood Protection Without Federal Funds The changes, which will go into effect next month, come as billionaire Elon Musk's Department of Government Efficiency seeks to root out waste and fraud across federal agencies. President Donald Trump has repeatedly cited debunked statistics that there are millions of Social Security recipients more than 100-years-old, suggesting rampant fraud in the pension system. Beneficiaries can either register for a 'My Social Security' account online or visit a Social Security office. Claims traditionally made by telephone — long a significant source of benefits fraud — will have to be completed online or in-person, the agency said. The moves to restrict assistance over the phone have the potential to hamper seniors living in rural areas or those who do not have easy access to transportation. The changes to 100% identity verification will have advantages, according to the Social Security Administration. Once enrolled, beneficiaries will be able to have funds deposited in one business day — down from the previous 30 days. 'For far too long, the agency has used antiquated methods for proving identity,' acting Social Security Commissioner Leland Dudek said in a statement. 'Social Security can better protect Americans while expediting service.' The agency is also moving to implement a Treasury Department program called the Account Verification Service, which confirms that bank accounts are legitimate before allowing payment. Tesla's Gamble on MAGA Customers Won't Work The Real Reason Trump Is Pushing 'Buy American' The Future of Higher Ed Is in Austin Snap CEO Evan Spiegel Bets Meta Can't Copy High-Tech Glasses Nvidia Looks Past DeepSeek and Tariffs for AI's Next Chapter ©2025 Bloomberg L.P.
