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With the 2022 tax filing season officially open as of Jan. 23, it's an opportune time to take some basic security measures to avoid becoming a victim of tax identity fraud. Tax ID fraud is one of many types of general tax scams, which keeps government enforcement agencies very busy. Late-last year, the IRS's Criminal Investigation division announced it identified $5.7 billion in tax fraud for fiscal year 2022, versus $2.3 billion from two years earlier. Tax ID fraud occurs when a perpetrator uses the Social Security number (SSN) and other personally identifiable information (PII) of an individual to file a fraudulent tax return and claim a refund. Other PII could include key items such as W-2 tax forms, addresses, and date of birth. The criminals will attempt to file a refund early in the filing season before the real taxpayer files their own return. What Criminals Are Doing Criminals resort to different methods to illegally obtain PII and perpetrate the tax fraud. Once the
Tax filing season underway: Oregon offers free electronic filing; bank offers tips to avoid ID thieves ktvz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ktvz.com Daily Mail and Mail on Sunday newspapers.
Tips on how to avoid popular scams As the holiday season swings into full gear, shoppers need to maintain their vigilance in guarding against fraud. While consumers navigate the tighter budgets this year due to higher inflation, fraudsters are likely doing the same, and will be extra desperate – and motivated – to take advantage of the seasonal rush. Holiday fraud is a big business, and criminals stand to generate hundreds of millions of dollars in illicit gains during the shopping season. Combined retail sales for November and December could top $960 billion, according to a forecast by the National Retail Federation (NRF), an industry trade group. Fraudsters will be tapping into this volume. Just for card payments alone, fraud rates in recent years have hovered around 7 cents per $100 of volume worldwide, according to the Nilson Report. By that measure, for every $100 billion in card volume during the holidays, thieves will siphon off $70 million. The gap between self-perception a