Social Security Recipients: New Rules for Updating Bank Information Revealed

The Social Security Administration (SSA) is introducing major alterations that will impact countless individuals who depend on the agency’s phone services.

Starting March 29, Social Security recipients won’t be permitted to modify their bank account details via telephone anymore. Authorities mentioned that this adjustment is an integral part of a larger effort aimed at decreasing fraudulent activities.

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The SSA continually examines and assesses possible dangers to enhance the security of our initiatives and safeguard those who receive benefits, according to the administration. in a statement. About 40 percent of Social Security direct deposit fraud cases involve individuals contacting SSA to alter their direct deposit banking details. The present method used by SSA, which relies solely on identity verification questions over the phone, is insufficient for preventing such fraudulent activities.

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Social Security recipients are required to update their bank details via the "my Social Security" website, which includes two-step verification for better protection. For those who prefer face-to-face assistance, they have the option to go to a nearby Social Security branch and handle this process directly with an agent.

The SSA stated that this new approach is consistent with what most major banks use. All other SSA phone services will stay the same.