The Social Security Number (SSN) is often considered the top id verification tool. Consumers are told at length of the importance of maintaining the secrecy of their SSN, and to be wary of providing it in full to even the most trustworthy sources. Businesses regularly rely on SSN lookup to provide a unique identifier for transaction security. But a new study has provided evidence that could change the way the SSN is utilized.
Carnegie Mellon University released Predicting Social Security Numbers from Public Data earlier this month with disturbing evidence in favor of identity thieves. Findings indicate Social Security numbers can be accurately predicted using basic personal information that is widely accessible via the Internet. These fraudulently acquired SSNs can be verified using legitimate online services for purposes of later exploitation.
This new evidence further reinforces the need for businesses to invest in a comprehensive Red Flag Rule-compliant identity solution. With the tools for fraudulent SSN access readily available online, it’s more important than ever for businesses to put measures in place to detect and respond to fraudulently acquired personal information.
Read more about the implications of the study at Realtime IT Compliance blog, or more about Red Flag compliance at Electronic Verification Systems.