Is a Digital Social Security Card Good for Your Money?

If you’ve ever scrambled to find your Social Security card for a job interview, you may be interested in a new option from the Social Security Administration. Officials from the SSA announced digital Social Security cards will be available starting this summer.

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For my Social Security account holders, this means secure digital access to their Social Security number. The goal is to offer account holders a secure and easy alternative to the traditional physical card. More information on how to access this feature is available on the my Social Security site.

GOBankingRates wanted to know what financial experts thought about this digital option and whether it’s good for your money. Here’s what they said.

Advantages for You

According to Christopher Stroup, founder and president of Silicon Beach Financial, there are several advantages of digital Social Security cards. Those advantages include easier access, faster financial verifications and opportunities for real-time fraud monitoring and alerts when someone tries to use your number to apply for credit.

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Potential Risks for You

Stroup said the digital Social Security cards still come with new potential risks as an additional entry point for cybercriminals. He also said equity gaps may widen with these digital cards.

“Not everyone has access to the same level of digital literacy or security tools,” Stroup said. “While our tech clients might welcome this shift, we should consider how marginalized or older populations could be left behind. Financial systems work best when they’re inclusive.”

Safety Steps

Andrew Lokenauth, a money expert from Be Fluent in Finance, said the key is adapting and protecting yourself while embracing the convenience of digital Social Security cards.

“The digital cards make sense as a backup, but don’t ditch that physical card completely,” Lokenauth said. “I tell my clients to keep the original in a secure spot at home and only carry the digital version when absolutely needed. Think of it like insurance — good to have, but hope you never need it.”

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This article originally appeared on GOBankingRates.com: Is a Digital Social Security Card Good for Your Money?

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