Banks, Credit Companies to Get New Federal Anti-Fraud Tool (1)

The Social Security Administration is ready to lend a hand to banks and credit card companies in their fight against synthetic identity fraud.

Companies will be able to verify social security numbers with other consumer information through an online government portal beginning in June 2020, the agency said in a June 7 notice. The e-CBSV (consent based SSN verification) system will be open to a limited number of users initially and then expanded after six months.

“eCBSV will change the game in the fight against synthetic identity fraud, which costs the country more than $8 billion annually,” said Jeremy ...