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How taxpayers can sidestep scammers this tax season

The Chronicle News by The Chronicle News
December 20, 2024
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Tax season presents a prime opportunity for identity thieves who are eager to exploit the vast amount of financial information that’s shared online.

Here’s a guide to understand how they operate, how to protect yourself, and what to do if you suspect you’ve become a victim of identity theft.

How Identity Thieves Target You

•Impersonating trusted individuals. Criminals may impersonate trusted individuals, such as assistants, financial advisors, and even friends and family, to obtain sensitive information. Phishing emails and vishing (voice phishing) calls often play a key role in these schemes.

•Hacking and cyberattacks. Cybercriminals target email accounts, online banking systems, and cloud storage platforms to steal passwords, financial data, and personal documents. Weak or reused passwords and unsecured networks are common points of entry.

•Physical theft of documents. Identity thieves may try to intercept sensitive mail, such as bank statements, tax returns, or investment documents, from high-value targets who discard personal documents rather than shred them.

•Dark web exploitation. Hackers often trade or sell stolen information on the dark web. A wealthy individual’s financial data, personal identification numbers, or login credentials can fetch a premium price.

•Impersonating the IRS. Scammers may call claiming to represent the IRS, using intimidation to demand immediate payment via gift cards, wire transfers, or other untraceable methods. Remember, the IRS will always initiate contact by mail—not by phone—and they will never demand immediate payment.

•Filing fraudulent tax returns. Identity thieves often file tax returns using stolen Social Security numbers to claim refunds before the rightful taxpayer can file. Protect yourself by filing your tax return as early as possible to prevent thieves from filing first.

How to protect yourself from identity thieves

•Enhanced cybersecurity. Create multiple barriers against hackers and identity thieves by using strong and unique passwords, enabling multi-factor authentication, encrypting sensitive files, and keeping your electronic devices and software updated.

•Use IRS Identity Protection PINs (IP PIN). An IP PIN is a unique six-digit code that adds an extra layer of security when filing your federal tax return. Once enrolled, this PIN is required to electronically file your federal tax return, ensuring that only you and your authorized tax preparer can submit a return using your Social Security number.

•Monitor your tax and financial activity. Regularly reviewing your IRS account, credit reports, and bank statements can help you spot unauthorized transactions, unexpected changes, or suspicious tax filings soon after the fraudulent activity occurs.

If you suspect identity theft, take these steps immediately:

•Notify creditors and banks. Contact your credit card issuers and bank as soon as possible. Most credit card companies offer protections against unauthorized charges, often limiting your liability to $50.

•Place a fraud alert on your credit reports. Reach out to one of the three major credit bureaus — Equifax, Experian, or TransUnion — to request a fraud alert, which will apply to all three of your credit files. This helps prevent further misuse of your identity.

•Report to the Federal Trade Commission (FTC). Visit identitytheft.gov or call 877-438-4338 to report identity theft. The FTC will guide you through the recovery process and provide ongoing updates if you create an account on their site.

One of my primary objectives is to help you achieve your financial goals through a holistic approach that is tax-efficient in my wealth management and tax resolution practice. For more information, visit www.fredtfoxiii.com.


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