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Identity Theft 2.0: Phony Tax Return Scams

In February, there were reports that phony tax returns filed through Intuit’s TurboTax software were appearing in large numbers. This general problem is not new – the IRS estimated that it paid $5.2 billion in refunds as a result of identity theft for 2013 tax returns. Typically, the scam had simply involved compromised Social Security numbers, but the TurboTax filings indicates an increasingly more sophisticated level of electronic theft by the fraudsters.

In addition to potential loss of funds, it can be agonizingly difficult to eventually resolve a case where identity theft has occurred. The IRS can require mountains of paperwork and it may take several years for everything to get back to normal. While there are some things that can lead to identity theft that are simply beyond one’s control; for example, data breaches at financial institutions, there are measures that can be taken to limit the likelihood that you will become a victim.

If you would like to learn more about ways to protect yourself from identity theft, read the following article, or contact us at clashroyaleboom info@waxmanfinancial.com