Social Security Number (SSN)
Overview
A Social Security Number (SSN) is a nine-digit identifier issued by the U.S. Social Security Administration to citizens, residents, and eligible workers. Originally created for benefits tracking, it has become a primary identifier in financial services.SSNs are widely used in KYC, tax reporting, and credit checks. However, their widespread use makes them a target for fraud and identity theft. Regulators require institutions to safeguard SSNs under data protection laws. Banks, fintechs, and employers verify SSNs through official databases and third-party services to prevent misuse. Moving toward stronger identifiers and multi-factor checks helps reduce SSN-related risks.
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FAQ
What is an SSN used for?
For identity, tax, and credit reporting in the U.S. financial system.
Why is it high-risk?
Breaches and leaks make SSNs a common target for fraudsters.
How is it verified?
Through SSA databases or authorized verification providers.
What safeguards apply?
Encryption, restricted access, and regulatory data protection rules.