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Scam Targets Social Security Benefits

Wednesday, September 26, 2012 - 2:04 PM
From CNN Money via Yahoo Finance:
In a new scam targeting seniors and the disabled, identity thieves are fraudulently rerouting Social Security benefits to their own bank accounts and prepaid debit cards.

It's pretty straightforward: Identity thieves get their hands on the personal information they need, like a full name and bank account number. Then they contact the Social Security Administration and request that payments be rerouted to their own accounts.

[...] This scam is emerging at the same time the Social Security Administration is actively encouraging all beneficiaries to switch to direct deposit to meet a new regulation requiring the agency to stop sending paper checks, Patrick O'Carroll, Inspector General of the Social Security Administration, said in a Congressional hearing last week.

Read more to learn how one can instruct the agency to make no changes to an account unless you appear in person with sufficient ID.
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