Social Security like all complex federal programs is ripe for scammers taking advantage of people’s confusion. Whether it is someone contacting you by telephone purporting to be from the Social Security Administration to confirm your Social Security number and your bank account number for direct deposit of your Social Security check to someone telling you that they can get back all of your contributions to Social Security on your behalf in one check to someone telling you that you need to provide information to them to be eligible for Cost of Living Adjustments, the end result is the same, you get scammed, lose money and become the victim of identity theft.
Never give your personal information to someone whom you have not called and are not sure who they are. If you think a call may be legitimate (and it won’t be if they are looking to confirm your direct deposit information), just call Social Security at a number you know is accurate. As for getting all of your contributions in one lump sum, it is a total scam. The law does not provide for such a payment. And you never have to apply or provide any information to anyone to get your Cost of Living Adjustment. The increase is automatic.