Keeper Security sheds light on prevalent cyber threats during tax season to empower US taxpayers in safeguarding themselves.
As the 2024 tax season unfolds, millions of Americans are gearing up to compile and submit their financial records from 2023 to the US Internal Revenue Service (IRS). In recent years, the trend has leaned heavily towards electronic filing, with approximately 213.4 million tax returns (81.2%) submitted digitally in 2022. Notably, individual online filings accounted for a significant 92.8%. With a growing number of individuals entrusting their tax filing to third-party software providers, it’s paramount for both individuals and businesses to remain vigilant in safeguarding their sensitive personal and financial data from cyber threats.
Keeper Security sheds light on prevalent cyber threats during tax season to empower US taxpayers in safeguarding themselves:
- Phishing Scams: Cybercriminals adeptly mimic the IRS, tax preparation firms, and other tax-related entities to illicitly obtain personal and financial data. Exploiting the anxiety around potential audits or penalties, these scams often employ alarming language or threats to coerce individuals into divulging sensitive information. Whether through emails, text messages, or phone calls, phishing attacks aim to deceive recipients. To combat these, caution must be exercised against opening attachments or clicking links from unknown sources. Verify the credibility of requests and scrutinize links to ensure they don’t lead to malicious sites. Importantly, the IRS does not solicit sensitive information or payments via unsolicited emails, calls, or texts.
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- Ransomware/Malware: Malicious phishing endeavors can lead to the installation of malware, including ransomware, on devices. This malicious software grants hackers access to tax-related information and other sensitive assets stored on the device. Ransomware can encrypt data, rendering it inaccessible until a ransom is paid. Maintaining reliable backups of sensitive financial documents is crucial. Regular software updates should be conducted to mitigate known vulnerabilities that cybercriminals exploit. Additionally, investing in antivirus software with malware protection is advisable.
- Identity Theft: Sharing Personally Identifiable Information (PII) online poses a significant risk of identity theft. Protecting tax preparation and financial accounts with strong, unique passwords comprising a mix of characters and enabling Two-Factor Authentication (2FA) are vital steps to fortify security.
- Document Interception: While individuals can take measures to secure their documents, there’s uncertainty regarding the security practices of third-party tax vendors or trusted accountants. Sharing documents via secure digital vaults and avoiding public Wi-Fi networks when transmitting sensitive information are recommended. Public Wi-Fi networks are frequently targeted by cybercriminals due to their lack of encryption.
In conclusion, whether utilizing third-party tax software or engaging with accountants virtually, vigilance against common cyber threats is imperative. By adhering to cybersecurity best practices and adopting necessary precautions, individuals and organizations can significantly mitigate the risk of falling victim to cybercrime during tax season.
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