Replace Social Security Number with new identification for Financial Instruments.
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The recent Equifax Data Breach has potentially exposed millions of social security numbers of American tax payers to a multitude of foreign and domestic hackers. Social security number is the unique identifier of any American citizen and individual tax payer. Their whole life revolves around social security number (SSN) from birth to death. All financial transactions are linked to an individual's SSN.
With a data breach like that of Equifax and many breaches in the past, the social security number of an American individual taxpayer is no longer secure. Hence it is time for the regulatory authorities like Federal Financial Institutions Examination Council (FFIEC) to develop a secure Individual Financial Identification Number (IFIN) to replace the social security number (SSN) nationwide to help secure the finances of Citizens of this country.
There are many new technologies that allow very secure transactions like the one used by Bitcoin. The Bock Chain technology is the most secure technology available for financial transactions today. Why don't we use our resources and technology to secure the financial future of our country from hackers? Building physical walls don't keep finances secure as much as building virtually impregnable security encryption. The hackers who have our social security number will use it for sure. If not now then anytime in the future as they know it will not change. They are free to use it against us at any time they choose to. We need to stop them in their tracks by eliminating the social security number altogether and create a new identification number for all of USA. As a first step let's create an Individual Financial Identification Number which will replace SSN in all financial transactions by individuals.
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