eCBSV Q1 2021 Insights

As the first provider to integrate with the SSA in June 2020, SentiLink has developed a deep knowledge base including insights around match rates, latencies and ways to optimize for this service.

This post shares updated insights and benchmarks from Q1 2021 to help financial institutions answer the following questions:

• How to use eCBSV?
• How many more thin files can I match using eCBSV instead of a legacy KYC solution?
• How quickly can the SSA provide a match/no match answer when queried?
• What is an expected “match rate” from the SSA?
• What is the false mismatch rate?

eCBSV Rundown

Electronic Consent Based Social Security Number Verification or eCBSV is a service that the Social Security Administration (SSA) launched in the summer of 2020. It is an API that validates, in milliseconds, whether a name, date of birth, and SSN combination exists in the SSA’s database, including whether the database indicates the individual is deceased. The program can be accessed through specific service providers, and accepts electronic signatures on SSA-89 forms.

This is particularly relevant to synthetic fraud because we know that synthetic identities are either using an SSN that wasn't issued to them by the SSA, OR they are trying to apply for an account using a totally fabricated name, date of birth and SSN combination.

The Social Security Administration manages the ONLY database that includes all the SSNs ever issued in the US. Their database also indicates which name and date of birth combinations belong to which SSN.

So, any bank or lender that suspects an applicant is using a synthetic identity can ask the Social Security Administration if the SSN provided matches the name and date of birth provided on the application.

Prior to eCBSV, the manual, paper-based SSA-89 form was the only way to validate a name, date of birth and SSN combination with the SSA.

Thanks to the new eCBSV program, this can all be accomplished digitally, shaving days off the SSN verification process.

The State of eCBSV

As of mid March 2021, the SSA had processed 5.5M eCBSV requests from its pilot participants. The overall mismatch rate was around 5%. The expanded rollout, with participation from up to 10 times as many institutions, is anticipated in the middle of 2021.

SentiLink Insight on eCBSV

SentiLink was the first service provider to integrate with the SSA to offer eCBSV to financial institutions in July 2020. As a result, we have developed a deep knowledge base including insights around typo rates, match rates, and latencies that need to be considered when implementing eCBSV into workflows.

The following are insights we’ve gleaned working with financial institutions on eCBSV.

How should financial institutions use eCBSV?

We recommend using eCBSV at the top of the application funnel in conjunction with synthetic scores, for KYC fails or specifically with thin files to improve auto-approval rates. Below is more information and benefits of each approach.