What Social Security is Now Doing to Help Prevent Fraud

Social Security fraud is a growing problem. To help reduce that risk, the Social Security Administration is no longer processing bank account changes over the phone. That’s because about 40 percent of Social Security direct deposit fraud was conducted this way, and the previous protocol of asking identifying questions was not doing enough to prevent fraud.

According to an article by The Hill, as of now, if you want to update your bank information for direct deposit, you will need to do that either online using two-factor authentication via a “my Social Security” account or in person at a Social Security Administration office where you can verify your identity.

The Seniors Trust is committed to helping protect Social Security and that includes providing important information to seniors on how to prevent fraud. We also want to see Congress pass The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living (COLA,) increased minimum benefits, and will ensure the long-term solvency of the Social Security program.