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Why does Novig need your SSN?
Why does Novig need your SSN?
Updated over a week ago

Novig is committed to safeguarding user data of all forms. We require users to input their Social Security Number (SSN) during the account creation process for two reasons:

1) Identity Verification: SSNs play a crucial role in confirming an individual's identity. By collecting this information, Novig aims to ensure that users are who they claim to be. Identity verification is critical to prevent fraudulent activities, such as identity theft or unauthorized account access. Verifying the SSN helps to establish a secure environment for all users and fortifies the platform against potential security threats.

2) Compliance and Legal Requirements: In certain jurisdictions, financial and investment platforms, like Novig, are bound by regulatory standards and anti-money laundering (AML) laws. These laws mandate rigorous identification procedures to prevent illegal financial activities, including money laundering and terrorist financing. As part of regulatory compliance, requesting SSNs assists Novig in fulfilling these legal obligations and maintaining a transparent, law-abiding platform.

It's important to note that while SSNs are sensitive pieces of information, Novig implements stringent security measures to protect user data. The platform adheres to industry-standard encryption protocols and employs robust security frameworks to safeguard SSNs and other personal details from unauthorized access or misuse.

Despite the necessity of SSNs for identity verification and compliance purposes, Novig operates under strict confidentiality protocols. The platform does not share or disclose SSNs to third parties without explicit user consent, except when required by law or for compliance reasons.

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