The Social Security Administration today announced a plan to reduce costs and enhance its Electronic Consent Based Social Security Number Verification, or eCBSV, which allows financial institutions and other permitted entities to verify if an individual’s Social Security number, name and date of birth combination matches Social Security records.
In a statement, SSA said it has sought input on improving the eCBSV system, including from the financial industry and the Big Tent Coalition, which the American Bankers Association founded and co-chairs. The agency has committed to implementing several recommendations to enhance the service’s effectiveness in combating synthetic identity fraud.
Among other things, the plan calls for a “phased approach” to reduce operating costs by as much as 40% by focusing on critical functions necessary for maintaining the eCBSV system. Annual fees charged to participating entities will be reduced by approximately 25%. SSA said it will also work to enhance the no-match results provided by the system, explore the integration of consent-based SSN verification with eCBSV, and continue to hold regular meetings with stakeholders.
“We are committed to enhancing the eCBSV service to better serve our stakeholders and effectively combat identity fraud,” said Lee Dudek, Acting Commissioner of Social Security. “By reducing costs and improving our processes, we aim to provide a more accessible and efficient tool for financial institutions and other entities.”
