IDENTITY & AUTHENTICATION CHECKS
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Social Security Administration’s Consent Based SSN Verification (CBSV)
Consent Based Social Security Number Verification (CBSV) service was developed by the Social Security Administration (SSA) in 2002 to protect vital business interests. It mitigates fraud and identity theft while reducing losses, bad/negligent hires, and unauthorized workers and applicants. CBSV is a unique service that offers:
– Direct access to the SSA Master File and Death Index for all business purposes
– Instant, online validation of personal identifiers:
Date of Birth
Death Indicator (We report if SSA records reflect the SSN holder is deceased)
– Accurate results to official governmental source records
– Absolute validation methodology used for:
a. Employment (both pre- and post-hire)
b. Applicants (customers/clients, policyholders, students, tenants, patients, more)
c. Loan originations (mortgage, auto, personal), depository accounts, insurance
d. Creditors (retail, utilities, telecom, etc.)
e. Fraud investigations / Collections / Special Investigative Units
– Premier compliance component for regulatory requirements (e.g., FTC Red Flags Rule, CIP, KYC, Fannie Mae Loan Quality Initiative, Dodd-Frank Protection Act, and more)
– Fraud and ID theft protection – reducing losses, net charge-offs, unauthorized applicants
– The best way to counter “SSN Randomization” which began June 2011 (SSN Trace algorithms not useful for SSNs issued since then)
Furthermore, current schemes being perpetrated by identity thieves (such as Credit Profile Numbers (CPN) and Synthetic Identity Theft) might not be detected by the use of SSN Trace algorithms, credit header information or other methods because all other verification alternatives are inherently flawed, contain polluted credit profiles, are easily manipulated by identity thieves, and contain stale data. Not so with CBSV; source data that is updated daily.
In 2007, the Federal Trade Commission said there are over 10 million more profiles in the system than there are consumers. CBSV thwarts fraud and identity theft by validating personal identifiers direct to the official governmental issuing authority. No other method is as effective as CBSV nor can any other method make this claim.
Gain a competitive advantage and receive the ultimate benefit of protecting your vital interests for all your validation and compliance needs.