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Tax fraud may be on the rise this year; bank, IRS urge you file as soon as you can

Tax fraud may be on the rise this year; bank, IRS urge you file as soon as you can PORTLAND, Ore. (KTVZ) With the 2021 tax filing season officially underway, it’s a great reminder to file your taxes as soon as possible before the April 15 deadline to avoid potentially becoming a victim of fraud. Specifically, tax ID fraud, which remains an ever-present and widely concerning issue in the U.S. Late last year, the IRS announced it discovered $2.3 billion in such scams for fiscal year 2020 alone. And, with the rise of other types of fraud, such as COVID-19-related scams, 2021 could be an even more opportune time for criminals looking to capitalize on both business and consumer taxpayers.

BEWARE THESE COVID-RELATED SCAMS IN 2021

BEWARE THESE COVID-RELATED SCAMS IN 2021 Since the onset of the pandemic, criminals have used tactics like identity theft and social engineering to defraud government and healthcare programs and illegally cash in and the new year has brought some new material for them to keep up their scams. COVID-19 vaccines.  New PPP loans.  Expanded government assistance. All are positive developments toward addressing the pandemic’s impact, but they also afford opportunities for criminals to fraudulently exploit. The Threats Continue On December 21, federal agencies alerted the public regarding the high potential for fraud during the pandemic, especially now that a vaccine is available. Meanwhile, fraudsters are continuing their global phishing and spoofing campaigns, baiting victims with bogus promises of COVID-19 testing, grants, and prescription cards in exchange for personally identifiable information (PII).

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