Social Security Number (SSN)

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.