The Federal Trade Commission says that 2014 marked the fifth consecutive year that tax-related identity theft was the most common form of reported identity theft.
According to the IRS National Taxpayer Advocate, the reason is simple: “We have heard of organized criminals who have given up drug trafficking to engage in the much easier, safer, and just-as-lucrative endeavor of tax refund fraud.”
Personal information can be stolen in many ways, from bogus IRS emails and unscrupulous return preparers to large-scale thefts of information from banks, schools and even correctional facilities. In the recent hacking of the IRS’s Get Transcript online application, the thieves apparently trolled social media to obtain answers to various “out of wallet” questions that (in theory) only the taxpayers would know. Read more at Accounting Today....
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