The Social Security Administration announced this week that beneficiaries will no longer be able to change their direct deposit bank information through a phone call, part of what it says is a crackdown on fraud.
According to an SSA statement, 40% of Social Security direct deposit fraud is associated with someone calling the administration to change direct deposit bank information. SSA will no longer allow beneficiaries to change their bank information through a phone call. Instead, beneficiaries must use two-factor authentication with SSA’s “my Social Security” service or visit a local Social Security office to prove their identity.
“These methods align with most major banks,” it said.
