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Verification of SSN Shows it to be Fraudulent

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Upon verifying the SSN of a new customer's information, it was found to be that of a deceased person. Do we need to fill out a SAR on this?

Such a finding should trigger a number of things, including your institution's "Red Flags" identity theft procedures, but I'd start by verifying that a clerical error didn't cause the problem. Unless you are, in fact, dealing with a case of identity theft and the dollar amount involved reaches the $5,000 reporting threshold, any SAR filing would be optional.

First published on 8/23/10

First published on 08/23/2010

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