• Chris Stein, CFP®

Fraud Protection and Social Security

The Social Security Administration announced (again) that it was going to step up the fraud protection of online SS accounts.

Text Message Verification

If you pay attention to Social Security issues, you know that unscrupulous people will sometimes fraudulently access online SS accounts and file claims. The SSA is aware of this issue and wants to protect people’s privacy. In the spring of 2016, the SSA tried to improve the security for online accounts by requiring a two step login process; a password and a security code. The password was created by the user but the security code was texted to the user’s cell phone by the SSA when he or she attempted to log in to their account.  This required access to a cell phone to receive the text message from the SSA.

Unfortunately, because of this dual login process some seniors were locked out of their my Social Security accounts. Many seniors didn’t have access to a cell phone with text messaging or didn’t know how to use the text features on their phones. Within 2 weeks of implementing the new security feature, the SSA had to backtrack and remove the text authentication.

New Security Feature

Although the previous security feature didn’t work out, the fraud problem didn’t go away, so starting June 10th the SSA will launch a new fraud protection feature. Under the new system, the SSA will re-deploy the cell phone text authentication and add an email feature. You will be able to receive an authentication code either by text message or via email. Since you need to have an email address to set up your my Social Security account online, everyone will be able to acces the authentication code. (Surprisingly enough, the SSA took an entire year to come up with this new solution.)

After June 10, you have to have either text messaging or email verification in order to access your SS account info. Since only one phone number or one email address can be linked to a particular SS number, this should prevent someone that isn’t you accessing your account.

For more information on this topic, please use the play button below.


Podcast: Play in new window | Download

Subscribe: Android | RSS

2 views0 comments

Recent Posts

See All

Jim's best friend Mosby

  • Facebook
  • Twitter

Check out the background of firms and investment professionals on FINRA’s BrokerCheck.

Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524
© 2020 Jim Saulnier, LLC. All rights reserved.

Ed Slott Advisor recognition requires an advisor to be well versed on the rules and regulations regarding IRAs.
The advisor must attend two live training sessions and pass two written exams annually to remain in the program.

Jim Saulnier, Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC to residents of: CO, IA, IN, MA, NY, TN, TX, WI and WY. No offers may be made to or accepted from any resident outside the specific states mentioned. Jim Saulnier, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Financial Planning services offered through Jim Saulnier and Associates, LLC., a Registered Investment Advisor. Cambridge and Jim Saulnier & Associates, LLC are not affiliated.