CyberSecurity Headlines: W2 Fraud

While cyber tax fraud is nothing new, as usual, there are constant new developments in methodology. Considering how slow to the times the IRS is, it’s quite easy to fall victim to these perpetrators. One new method that cyber criminals are adapting is to work in large organizations. Cyber criminals have banded together to form more efficient and effective ways to commit cyber crime on a larger scale. Basically, the hackers steal important information from tax forms, file the victim’s taxes and retain the refund themselves. It can take years to recover from such fraud, and with IRS tax software programs at a ghastly 46% failure rate at cybersecurity protocols, it’s not unlikely to be taken advantage of in this way. http://www.cnbc.com/2016/02/26/e-filing-taxes-watch-out-for-fraud.html

There are a few preventative and reactionary measures one can take. The easiest prevention measure is to file your taxes as early as possible. The earlier you file, the less likely you are to experience fraudulent activity. Every person and business receives a reference number associated with their tax filing that can be used for tracking. This can be used as a preventative measure, as well as easy reference for reporting committed fraud. If you suspect fraudulent activity, be sure to file a report and call the IRS so they can work with the FBI to track trends and ultimately find the perpetrator. http://www.usatoday.com/story/money/2016/02/26/cyber-hack-gained-access-more-than-700000-irs-accounts/80992822/

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