According to the Federal Reserve System, it is illegal to use a Social Security number to pay off any obligation or bills, and attempting to do so could result in legal or financial penalties.
According to the Federal Reserve’s website: “According to a recent internet scam, the Federal Reserve maintains accounts for individuals that are linked to their Social Security numbers, and that individuals can use these accounts to pay bills and acquire money. These statements are untrue.”
Individuals who attempt to make payments using fraudulent bank routing numbers may be charged fees by the company they are intending to pay, or their actual bank accounts may be canceled or suspended, according to the Fed.
When the claim first went viral in July 2017, the Federal Reserve Banks of Atlanta and New York published comments claiming that they had received multiple unlawful transactions in which customers exploited their Social Security numbers to pay bills.
In January, the New York Fed reiterated that the claims are bogus after learning about a similar scam involving films claiming that every American citizen has a “secret” account at a Federal Reserve bank.
“These assertions are incorrect and deceptive.
There are no such accounts they don’t exist now, and they didn’t exist in the past. The New York Fed commented, “This is an online fraud that has caused tremendous financial suffering to the people,” adding, “Individuals do NOT have accounts at the Federal Reserve.”
Is it possible to open a bank account with your Social Security number?
In many respects, your Social Security number is the foundation of your financial existence. Its most significant function may be to maintain track of your lifetime earnings so that when you retire or become incapacitated, you receive the necessary Social Security benefits. However, your Social Security number is used for a variety of other purposes. When it comes to banking, one of the most crucial aspects is that it acts as a unique link to your identity. Your Social Security number, along with other identifying information like your date of birth, can be used by banks to instantaneously validate you are who you say you are. Your bank will use your Social Security number to report certain financial transactions and earnings to the IRS after your account is open. Banks will almost always ask for your Social Security number for these reasons.
What is the value of your Social Security number?
Buyers are currently willing to pay $1 for a Social Security number, which is the same price they will pay for user and password information on Brazzers, a pornographic website, according to the business.
Is it possible for me to borrow money from my Social Security?
No, you cannot take out a loan against your present or future Social Security benefits. There have been discussions over the years regarding allowing Social Security to provide loans. The system, on the other hand, was never intended to allow this. Franklin Delano Roosevelt introduced Social Security in 1935.
What can I buy with my SSN?
- A Social Security number (SSN) is a one-of-a-kind identifier given to citizens and residents of the United States in order to track their income and calculate benefits.
- The SSN is currently utilized for a variety of purposes in addition to Social Security.
- Obtaining credit, opening a bank account, obtaining government or private insurance, and purchasing a home or car are just a few examples.
What can my SSN and DOB be used for?
Your Social Security number can be used by a dishonest person to obtain other personal information about you. Identity thieves can apply for more credit in your name using your phone number and good credit. Then, when they use credit cards and fail to pay their expenses, your credit is harmed.
Is it possible to purchase money from the Federal Reserve?
To accept deposits of excess coin and handle coin orders, each Federal Reserve District has coin depositing and ordering operations. FedCash Services allows you to order and deposit coins, as well as get updates on new coin releases and exception processing, such as processes for bent or partial coins.
On the back of a Social Security card, what are the red numbers?
Rep. Bob Inglis related a story about meeting up with some voters who seriously regaled him about the ominous origins of the number on the back of your Social Security card in David Corn’s post this morning. “They told him, “That amount represents the bank that purchased you when you were born based on an estimate of your life’s earnings.”
It was a good time. But it got me thinking: what is the back of your Social Security card number? I couldn’t verify because I haven’t had a tangible Social Security card in decades. Marian, fortunately, is more careful than I am and was able to locate hers. On the back, there is, indeed, a number. But why is it there?
A Google search yielded little, much to my dismay. I did, however, come across a blog post that detailed a few fascinating facts concerning Social Security numbers. It was intriguing, but not exactly what I was hoping for. The comments were full of gold. I figured we might all use a good laugh now and then, so here it is: the numbers’ meanings. Enjoy.
Howles, F.: Here’s one to look into. What is the purpose of the red numerals on the back of a social security card?
Captian Sparrow, Jack: I’m curious as to what the red numbers on the reverse of the card are for. My curiosity is piqued as well.
freedomfighter: About the serial number or whatever it is on the back…I’m looking into it, but from what I’ve gathered, it’s a bank routing number that links you to a royalty british bank.
golbguru: Do you have a source for this assertion: “But, from what I’ve understood, that’s a bank routing number that identifies you as a royal British bank’s property.” That, in my opinion, is just nonsense.
freedomfighter2: I’m actually looking for documentation, but all I recall is hearing about it in some Google video…not the most encouraging evidence, but for now, until I’m proven wrong, I propose leaving it as a possibility…if I find the video, I’ll publish it.
I’m perplexed: I’m still looking into the numbers on the back of Social Security cards. The numerals on my friend’s card are red. Mine are a different color, and I’m not sure why.
Puzzled: By the way, that thing about your SSN being related to some royal British bank that you think is BS is completely accurate. Your Social Security number is linked to the Social Security Administration, which is linked to the Federal Reserve System, which is privately owned by stock-holding banks, one of which is Barclay’s, a Royal British Bank, as well as several American banks that are also owned and controlled by the British.
Beaver: The red numerals on the back of your social security card, according to popular mythology, are your EIN, or employment identification number. If you’re simply a regular John Doe citizen, you’re a US Corporation employee, and you’re also a corporation. That is why you should utilize the number on the front of the card, which is your employee ID number (SSN). If you get a new card, the number on the reverse is supposed to be printed in red ink, and you can use it to announce that you’re a sovereign American rather than a citizen of the United States…. If you dial the number on the back of the card, the “You’re claiming ownership of the card and the chattel property it represents by printing “tracking number for blank cards” in red ink on it. The chattel property is you. If you do not, they will “enslave” you You’re their chattel property, and you’re being held as collateral in the bankruptcy that the US government filed against worldwide financial firms during the Great Depression in the 1930s.
They instructed me to enter my birth year, followed by the red number. Choose a mutual fund and its number. If you have one, you’ll find out what it is. So, if I was born in the year 76, I’d type in 76xxxxxxxx.
Angry: I called the Social Security Administration to inquire about this. The following four responses came from the representative: (No. 1) “I have no idea, please wait.” 2) If you’re looking for a “Wait a minute, I’ve never heard of it.” 3) If you’re looking for a unique “I’m still checking; this is the first time I’ve ever been asked this question.” 4) Last but not least “It denotes the date on which the card was issued. It’s a reference number that has nothing to do with your Social Security number.”
RON: Your social security number is on the back of your card “Acc. # for Priority Exemption” The letter denotes the Federal Reserve Bank that holds the bond, and the last eight numbers are the account number.
chandra: Is it possible to look for the federal reserve bank that corresponds to the letter???
a good neighbor: At the Fed, one SSN is associated with ten bonds. The number on the back of the card is one of ten that identify the bond with which it is tied. The bond, which is kept by the Fed, is linked to an account. This is the account that was mentioned “Exemption for private individuals.” The Depository Trust Company is the sole means to gain control of these bonds/accounts.
Strobel: I’m trying to find out more about the red digits on the back of the SS card. That figure, according to a man I met, is used to pay his monthly bills. It’s allegedly a bank routing number for the British bank stated by a few folks here. Is there any more information about this?
No One: To answer your question about the red numbers on the back of your cards, when I worked for the government, I learned that during the Great Depression, the government began investing in the world market in our names and using our Social Security numbers so that if something similar happened again, they would be able to pay out the unemployed.
Falcon: I’ve heard a lot of various opinions regarding how to capture your STRAWMAN, charge up your treasury account, and pay off your debt so far in my investigation. The issue is that they’re all just hypotheses!
Please be wary of those that try to charge you money for this knowledge, my friends. I’ve already spent a lot of money, and the information I’ve received is contradictory. I have some acquaintances who are employed by a “Patriot” has gladly received thousands of dollars as a charge to assist them, and all that has happened so far is that their bank accounts have been frozen due to fraudulent cheques. However, no one has been detained, which is intriguing, but I am keeping a careful eye on their progress.
As you can see, it’s becoming a little sad at this point. These claims are always ridiculous, but there are plenty of bottom feeders out there who prey on people who believe them.
But, of course, I don’t want you to be left in the dark. What is the back of your Social Security card number? Here’s the solution:
FedWorker: Inventory control is represented by the numerals on the back. Each blank piece of paper now has a unique number that must be tracked.
And here’s some more information from a speech given by Donald Walton, a United States bankruptcy trustee, on eight issues “important indicators that a subject’s social security card is real or counterfeit.” #7 is as follows:
Sequential Control Number (SCN) is a number that is assigned to each item in
A sequential control number can be found on the back of a genuine card.
The control number is an alpha-numeric combination that has nothing to do with the real social security number on the card. The Social Security Administration’s computer records, on the other hand, should demonstrate a link between the control number and the social security number and name on the card.
Of course, he’d say something like that, wouldn’t he? He’s most likely a Bilderberger bankruptcy trustee.
On the dark web, how much is an SSN worth?
According to a Comparitech research, the most expensive identities accessible on illicit marketplaces are from Japan and the United Arab Emirates, with an average price of $25.
According to a new survey from computer research firm Comparitech, personal information from US individuals obtained on the Dark Web is worth only $8 on average, including Social Security numbers, stolen credit card details, hacked PayPal accounts, and more.
Must-read security coverage
Researchers looked at the pricing of personal data and information, dubbed “fullz” by those looking for “full credentials,” on over 50 Dark Web marketplaces, and discovered that Japan, the UAE, and EU countries have the most expensive identities, with an average price of $25.
According to the report, stolen credit card numbers can cost anything from 11 cents to nearly $1,000. The costs for stolen PayPal account data ranged from $5 to $1,767, according to Comparitech researchers, who added that pricing for accounts based in the US or UK were the cheapest because they represented the majority of what was available.
The average price of a US PayPal account was $1.50, while the average price of a UK PayPal account was $2.50, although the buyers might make a significant profit. The low charges were in stark contrast to the median credit limits or account balances available with these stolen cards or hacked accounts, according to the report’s estimates.
“Much of the stolen personal information is sold on dark markets after a data breach or successful phishing campaign.” On the dark web, there are numerous such marketplaces. A stolen credit card’s median credit limit is 24 times the card’s value. According to Paul Bischoff of Comparitech, “the median account balance of a hacked PayPal account is 32 times the price on the dark web.”
“On the dark web, social security numbers and other national ID numbers are for sale, but they’re not especially valuable to cybercriminals on their own. They are often accompanied by other personal information, such as a person’s name, date of birth, address, phone number, account numbers, and other personal information that cybercriminals use for identity fraud, such as opening new lines of credit in the victim’s name, taking over accounts, and withdrawing money from banks, among other crimes.”
According to the research, the information offered by the stolen credentials varies. Some included Social Security numbers, names, and residences, while others included utility bills, bank account balances, or a driver’s license number.
According to the investigation, several parcels included images of people or passports and driver’s licenses. According to Bischoff, sensitive information, such as credit card data, is sold in large quantities as a result of a breach or attack.
“They may have all been gathered from the same data breach, for example, or from the same card skimmer installed on a gas pump,” Bischoff wrote.
Colombia, New Zealand, and Mexico had the highest average price of stolen credentials, exceeding $20 per record, behind the EU, Japan, and the UAE. The average price in Turkey, Israel, China, Singapore, Canada, and Australia was $14 or $15.
Unfortunately, the United States leads in a few of the report’s areas. The United States accounted for more than a third of all stolen credit cards discovered on Dark Web sites, with no other country coming close.
Because of the widespread availability of stolen credit card accounts in the United States, it costs less on average than in most other countries. The countries that make up the European Union are at the top of the list, with an average of $8 per account.
“Vendors on the black market have a tremendous incentive to keep their clients satisfied. The success of a vendor is heavily influenced by its reputation and favorable feedback, and many customers are willing to pay a premium for goods and services they know they can trust. “For example, one item indicated a PayPal account for $811,” Bischoff explained.
“The vendor stated that the account balance will be 5000 +/- 200, with a 48-hour chargeback replacement guarantee. The consumer might request that the account be handed over on a specific date and time. The seller will split the transaction into separate transactions if an account with the entire amount is not available. I wish my bank provided that kind of service.”
Some of the report’s conclusions, according to cybersecurity experts, might be related to how different countries and regions regulate data privacy. The three countries with the highest credential fees, according to Chlo Messdaghi, vice president of strategy at Point3 Security, were all “taking extra steps to ensure all organizations are complying to some type of data privacy and protection.”
“It’s fascinating to me that we have the cheapest fullz in the world at about $8 per record,” Messdaghi said, adding that the EU and Japan were prioritizing more robust data privacy laws to limit, or at the very least penalize, the types of breaches that resulted in credentials being widely available.
“We don’t place it as high on the priority list in the United States as they do, and this research clearly demonstrates that.” Companies, as well as consumers, must improve their privacy practices. Better regulation and legislation are required. And, ultimately, we need to be more cognizant of our digital footprint as a whole. Close any accounts you aren’t using or won’t be using. Delete the payment information. Passwords should be changed to be longer than 20 characters. It’s easier to put out a fire than it is to prevent one.”
“There isn’t much an end user can do about data breaches,” according to the research, “besides register fewer accounts and limit your digital footprint.”
According to Timothy Chiu, vice president of marketing at K2 Cyber Security, the pricing ranges make it likely that attacks on significant institutions will continue. While everyone needs to do a better job of protecting oneself on an individual level, it has become increasingly vital for businesses to protect the data they collect from users.
As a result of the pandemic forcing practically every firm to function online in some way, attackers have increased their use of web application vulnerabilities.
According to a Radware survey issued this month, 98 percent of 205 IT security decision-makers believe their apps would be attacked in 2020. In the first six months of 2020, CDNetworks discovered an 800 percent rise in web application threats.
“In order to prevent data breaches, organizations that provide internet-facing applications must improve their security,” Chiu added.
“Even NIST, the federal government’s security and privacy framework, has increased its guidance for application security, requiring both RASP (Runtime Application Self-Protection) and IAST (Interactive Application Security Testing) in the latest framework, SP800-53 Revision 5, which was just released in September of 2020.”
Gurucul’s CEO, Saryu Nayyar, has urged for more frequent evaluations, updates, and adoption of the best security solutions available, including security analytics. Nayyar noted that law enforcement needed to boost up its efforts to break cybercrime organizations on a more regular basis.
But it was the way this type of cybercrime had gotten so professionalized that it worried her the most.
“The findings of Comparitech’s research are another another example of how commoditized cybercrime has become. “While criminal actors are concerned with their reputations to the point where they provide assured client satisfaction,” said Nayyar, the price of stolen credentials follows supply and demand norms.
“If nothing else, this demonstrates that crime has evolved into a business that thrives on the Dark Web.”