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NAFCU today will discuss the implementation of the synthetic identity fraud provision housed in the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) during a meeting at the U.S. Chamber of Commerce.

NAFCU Senior Regulatory Affairs Counsel Ann Kossachev will attend today's meeting.

Synthetic identity fraud is a technique used by some identity thieves in which they apply for credit using some accurate information of an existing person mixed with false information – creating a "synthetic identity."

Today's meeting will discuss a path forward for the Social Security Administration (SSA) as it works to prevent synthetic identity fraud while putting in place a new provision in S. 2155.

This provision directs the SSA to allow certain financial institutions to receive customers' consent by electronic signature – as opposed to the currently required physical written signature – to verify their name, birth date and Social Security Number with SSA. The provision also mandates that the SSA modify databases and systems to allow for the financial institutions to electronically request and receive verification of data.

The SSA is reaching out to various financial trade associations, individual companies and other industry experts to gather input on the best way to implement these changes. Today's meeting is hosted by the American Bankers Association, the U.S. Chamber's Center for Capital Markets Competitiveness and BITS/Bank Policy Institute.