The Social Security Administration (SSA) is implementing significant changes that will affect millions of people who rely on the agency's telephone services.
Effective March 29, Social Security beneficiaries will no longer be able to update their bank account information over the phone. Officials stated that this change is part of a broader initiative to reduce fraud.
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"SSA continuously investigates and analyzes potential threats to strengthen and secure our programs and protect people who receive benefits," the administration said in a statement. "Approximately 40 percent of Social Security direct deposit fraud is associated with someone calling SSA to change direct deposit bank information. SSA’s current protocol of simply asking identifying questions by telephone is no longer enough to prevent fraud."
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Social Security beneficiaries must now update their banking information through the "my Social Security" online service, which incorporates two-factor authentication for enhanced security. Alternatively, individuals can visit a local Social Security office to make these changes in person.
The SSA said this new method aligns with most major banks. All other SSA telephone services will remain unchanged.
