February 12, 2018

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SSA Must Modernize to Better Protect Consumers from Synthetic ID Fraud

Banks and payment companies look forward to working with Congress and the SSA to better protect America's most vulnerable consumers from the growing threat of synthetic identity fraud.

SSA Must Modernize to Better Protect Consumers from Synthetic ID Fraud
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SSA Must Modernize to Better Protect Consumers from Synthetic ID Fraud 

Commends bipartisan Senate letter urging administrative action

 

WASHINGTON—The Financial Services Roundtable (FSR) today commended a bipartisan group of Senators for sending a letter urging the Social Security Administration (SSA) to combat synthetic identity fraud by modernizing its infrastructure to enable real-time validation of Social Security Numbers.

“Banks and payment companies look forward to working with Congress and the SSA to better protect America’s most vulnerable consumers from the growing threat of synthetic identity fraud,” said FSR’s Vice President of Government Affairs for Payments, Jason Kratovil. “Today’s action from a bipartisan group of Senators highlights how rapidly this threat has grown and the need for swift action.”

The letter was sent by Senators Cassidy (R-LA) , McCaskill (D-MO), Scott (R-SC), and Peters (D-MI).

 

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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