Social Security Fraud

07/15/2013

Pursuant to a new Federal regulation, as of March 1, 2013, the Treasury required almost all beneficiaries to receive payments through direct deposit. Paper checks are still available to some beneficiaries under limited circumstances. It has come to FineMark’s attention that individuals are fraudulently redirecting social security payments. These unauthorized direct deposit changes are affecting seniors all over the country and it is happening to FineMark clients.

Please take action if you receive a letter from Social Security Administration stating a change has been made to your account. If you have any concerns that your Social Security number may have been compromised, you can contact your local Social Security office or the National Line (800-772-1213) and they will be able to answer your questions. It is also a good idea to contact the credit bureaus about possible identity theft and have alerts placed on your file.

  • Equifax: 1-877-576-5734; www.alerts.equifax.com
  • Experian: 1-888-397-3742; www.experian.com/fraud
  • TransUnion: 1-800-680-7289; www.transunion.com

Your most important personal identifier is your Social Security number. To ensure it is safe guarded and to prevent identity theft, never give your social security number or bank account number to an unknown individual over the phone or via email. The growing incidence of fraudulent changes to Social Security beneficiary accounts is a serious issue facing the Social Security Administration. For more information and updates on the progress the Office of the Inspector General is making, you can visit http://oig.ssa.gov.

If you have any questions about this article, stop by or call your FineMark Office. We are always happy to help.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011-2014.