Why does Stripe ask for the last four of my social security number (SSN)

The collection of this information is a necessary component of Stripe's mandatory identity verification process. Stripe is obligated to gather, verify, and securely store information about individuals connected to each US Stripe account, as mandated by regulatory and financial partners. This measure promotes transparency and helps prevent the misuse of intricate corporate setups for illicit activities such as terrorist financing, money laundering, tax evasion, and other financial crimes.

Stripe does not conduct credit checks, meaning that providing the last four of your Social Security Number (SSN) for verification purposes will not impact your credit score. It is important to ensure that you enter the accurate name and Employer Identification Number (EIN) for your organization in Stripe to prevent delayed approval of your Stripe account.