One of 10 Companies in Initial Roll Out to Help Financial Institutions More Effectively Fight Fraud
SAN DIEGO--(BUSINESS WIRE)--ID Analytics, LLC, a leader in consumer risk management, today announced that it has been selected by the Social Security Administration to participate in its new electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. ID Analytics is one of only 10 companies participating in the initial roll out in June 2020. 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. eCBSV returns a match verification of “Yes” or “No.” eCBSV does not verify a person’s identity.
“With the risk of synthetic fraud on the rise, the lack of a real-time SSN verification system was a significant challenge for lenders and service providers. This service is a vital, transformative step in helping financial institutions fight increasingly sophisticated fraud attacks,” said Ken Meiser, chief compliance officer, ID Analytics. “We welcome this opportunity to work with the Social Security Administration and leading U.S. enterprises to take a key step forward in creating a more streamlined and effective element in fraud detection and prevention.”
To learn more about ID Analytics fraud solutions, visit www.idanalytics.com.
About ID Analytics LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and near real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. 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. ID Analytics is a Symantec company. Visit www.idanalytics.com to learn more.
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ID Analytics, a Symantec company