Attention Social Security beneficiaries: This is the change coming in March that will affect direct deposit and telephone service

With numerous changes happening at the federal level, one important policy shift could impact Social Security beneficiaries and others relying on programs managed by the Social Security Administration (SSA). The SSA will no longer allow changes to direct deposit information to be made over the phone, citing fraud concerns as the primary reason for the change.

In a press release, the SSA clarified that its telephone services will remain intact, with the only policy change being the prohibition on updating bank account information over the phone. “SSA is increasing its protection for America’s seniors and other beneficiaries by eliminating the risk of fraud associated with changing bank account information by telephone,” the statement reads.

The agency reported that approximately 40 percent of direct deposit fraud involving the SSA originates from phone calls, where scammers impersonate account holders to request bank account changes. However, the full scale of the issue remains unclear.

How to Update Your SSA Bank Account Information

Starting this week, beneficiaries will need to update their direct deposit information online through their 'my Social Security' profile. To ensure security, two-factor authentication must be activated before new bank details can be submitted. This added layer of authentication further protects sensitive information.

For those uncomfortable with making updates online, changes can still be made in person at a Social Security field office. However, Elon Musk’s newly formed “Department of Government Efficiency” has announced plans to suspend leases for nearly 50 of these offices, limiting access for residents in affected communities. In 2023, SSA field offices served an average of over 100,000 visitors per day.

The SSA continues to assess potential threats and strengthen its security measures to protect beneficiaries. The agency acknowledges that its previous practice of verifying identity over the phone was no longer sufficient to prevent fraud, prompting the recent policy change.

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