Times are changing, and Social Security is implementing their own changes. Beginning in 2021, the Social Security Administration(SSA) is extending a new electronic verification system for Social Security numbers (SSN). The electronic Consent Based Social Security Number Verification Service (eCBSV) is currently available for certain participants to distribute to selected customers. The Administration plans to provide this system to more participants in 2021.
The commissioner of Social Security, Andrew Saul, claims that eCBSV “is an important online service that helps us provide participants and their customers with fast, secure and more efficient SSN verifications”. He also stated that the “new electronic SSN verification service helps reduce synthetic identity fraud by comparing agency records with data provided electronically by approved participants”. In other words, the eCBSC will become a safer and more convenient way to verify important personal information of Social Security members, including their Social Security number, name, and birth date. This method will be able to correctly identify and match an individual’s personal information with their Social Security records.
In order to use the electronic system, the Social Security Administration states that Social Security will require the person to provide written consent, which will disclose their Social Security number verification to their participating company. The SSA writes on their website that eCBVS will then return a matching verification of either “Yes” or “No”. They also note that the electronic verification will not verify someone’s identify. Eligibility requirements for the electronic Consent Based Social Security Number Verification Service are listed on the SSA’s website. They require that qualified companies are permitted entities and that they have an implemented employer identification number (EIN). An EIN identifies a business entity, and it is sometimes referred to as a Social Security number for businesses. Financial companies can provide eCBVS in partnership with Social Security, or they can select another source, such as a service provider, to conduct the transactions through the business.
As listed by the Social Security Administration, there are multiple companies that are currently participating in this electronic system. Since October 25, 2019, ten companies have been selected by the SSA to permit eCBVS. Some of the companies include financial institutions, such as Navy Federal Credit Union, University Bank, Discover Financial Services, and Synchrony Financial. In addition, eCBVS will also include service providers, subsidiaries, affiliates, agents, subcontractors, or assignees of financial institutions, which are also listed on the SSA’s website. They include SentiLink Corp., ID Analytics, LLC, Computer Information Development, LLC, Early Warning Services, LLC, Capital One Services, LLC, and Experian Information Solutions, Inc. As previously mentioned, the SSA plans to expand their program to more participants and customers in 2021. As a result, more financial companies may join this list to provide eCBVS.
Currently, the electronic Consent Based Social Security Number Verification Service is available for its initial rollout. The Social Security Administration only authorized the initial rollout to ten institutions. The SSA will provide eCBVS to limited customers until 2021, which they plan to extend the program in order to be available to more people. Additional information about the electronic Consent Based Social Security Number Verification Service (eCBVS) is available on the SSA’s website.