The Social Security Administration, in order to eliminate the risk of fraud related to updating bank account information by telephone, is increasing its protection. In this way, RSDI (Retirement, Survivor, and Disability) and other recipients will be safer.
Since the Agency has realized that there are potential threats, it is going to strengthen and protect all American recipients. Almost 40% of fraud associated to direct deposits is linked to someone calling to change direct deposit bank information. Asking identifying questions does not seem to be enough.
What to do if you want Social Security to change your bank account information
If a Social Security recipient needs to update their bank account information on the Agency’s record, they will be able to do it through two different methods:
- visit a local Social Security office to prove your identity
- use a 2-factor authentication through “my Social Security” online account
The Administration believes that these are the most secure methods since most banks follow these security measures to prevent scams and fraud from happening. What is more, all other SSA phone services remain unchanged.
Social Security payments left in March 2025
Another important thing for Social Security recipients is the fact that there are 2 paydays left in March. The maximum payment amount for retirees will be up to $5,108 and the average payment about $1,978. The next payment date will be March 19, 2025. to get it you must:
- have been on Social Security after April 30, 1997, not before
- not be receiving Supplemental Security Income, commonly known as SSI
- meet the birth date requirement: born from 11-20
- not break SSA rules
- remain eligible
Apart from the March 19 payment, eligible beneficiaries will collect a new check or direct deposit on March 26. This will be the payday for those retirees, survivors, and SSDI recipients who were born from the 21st to the 31st and began getting benefits after April 30, 1997. SSDI payments are about $1,580 on average and survivors about $1,546.
