According to CBS News, the Social Security Administration will require in-person identity verification for recipients who can't confirm their identity online. The change coincides with the closure of dozens of SSA field offices and potential mass layoffs. Critics argue the policy will burden elderly, rural, and low-income individuals, especially those without internet access. The White House says the move targets fraud prevention, citing $100 million in annual fraud losses. Advocates warn the policy could collapse the system and accuse the administration of trying to privatize Social Security.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Social Security Administration will require in-person identity verification
00:05for recipients who can't confirm their identity online, according to CBS News.
00:10The change coincides with the closure of dozens of SSA field offices and potential mass layoffs.
00:15Critics argue the policy will burden elderly, rural, and low-income individuals,
00:20especially those without internet access.
00:22The White House says the move targets fraud prevention,
00:24setting $100 million in annual fraud losses.
00:27Advocates warn the policy could collapse the system
00:30and accuse the administration of trying to privatize Social Security.
00:34For all things money, visit Benzinga.com slash GSTV.