U.S. banks and the Social Security Administration have agreed to share data in an effort to help banks verify identification for credit applications, Bloomberg reports. For years, the SSA had been reluctant to share the data as banks sought a solution to slow increasing cases of identity theft. The data will be used mostly for synthetic identity fraud, which cost the U.S. lenders $6 billion in 2016. "So much of synthetic identity fraud has been targeted around the inability of the private sector to validate whether the SSN matched to a real name. It’s going to have a pretty significant impact," Better Identity Coalition Coordinator Jeremy Grant said. (Registration may be required to access this story.)
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