Bloomberg Law
June 25, 2018, 10:30 AM

Banks, Card Companies Seek Fraud Fix From Social Security Admin.

Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

Cracking down on a growing and sophisticated form of credit card identity fraud could depend on something as simple as a database.

Digital access to the Social Security Administration’s record of valid Social Security numbers (SSNs) would help banks and credit card companies crack down on synthetic identity fraud, according to the industry. The schemes are a type of slow-burn fraud combining real and fake identity data, including SSNs, to simulate real people. The fraud overwhelmingly affects children who aren’t using their SSNs to apply for credit.

“This is one of the few fraud problems that actually has a solution,” ...