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Tax season is stressful enough without worrying about fraud. Unfortunately, cybercriminals and scammers exploit this time of year to deceive unsuspecting individuals and businesses into giving away sensitive information. The consequences of tax fraud can be severe, leading to financial losses, damaged credit, and even legal trouble.
Understanding how tax fraud occurs and how to protect yourself is crucial. Tax fraud occurs when criminals manipulate or misuse personal and financial information for fraudulent tax-related activities. Here are some of the most common tactics used:
Becoming a victim of tax fraud can have serious consequences. You may receive IRS notifications regarding returns you never submitted, notice unauthorized transactions on your accounts, or even experience delays in processing your legitimate tax returns refund.
The best defense against tax fraud is prevention. Taking proactive steps can reduce the risk of scammers accessing your personal and financial information. Here’s how:
If you notice something suspicious, act quickly to minimize the damage. Here are the steps you should take: Report it to the IRS. Call the IRS Identity Theft Hotline at 1-800-908-4490 to report fraud, get guidance, and file a report online with the Federal Trade Commission at IdentityTheft.gov.
One proactive step to prevent fraud is registering for an Identity Protection PIN (IP PIN) with the IRS. An IP PIN is a six-digit number that stops someone else from filing a federal tax return using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. It is an essential tool for protecting taxpayers’ personal and financial information. The IP PIN, known only to the individual and the IRS, verifies their identity when they electronically file their tax return, making it significantly more challenging for thieves to misuse their information fraudulently.
You can register for an IP PIN at https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin.
Tax fraud is an increasing concern, but you can safeguard yourself and your finances by staying informed and taking the proper precautions. Be wary of unexpected emails or calls, protect your personal information, and file taxes immediately. If something feels off, trust your instincts and act immediately.
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The Mid Penn Bank Cybersecurity team studies the ever-changing cyber threats and the actions necessary to mitigate those threats. We look to be a guide to our customers throughout their cybersecurity research. Please contact us with your questions!