Why is Payoneer asking for my Social Security Number (SSN)?

Payoneer, like many other financial institutions, may ask for your Social Security Number (SSN) to verify your identity. This is a standard procedure in the financial industry, especially for companies that deal with international money transfers. The SSN is used to comply with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) regulations. It helps Payoneer ensure that the account is being opened by a real person and not a fraudulent entity. It’s important to note that Payoneer uses secure methods to store this information and protect it from unauthorized access.