It’s Tax Season, and it’s a Hacker’s Paradise
Hackers use the “dark web” to sell the valuable personal information they’ve stolen from their unsuspecting victims. They sell information such as social security numbers, bank account information, compromised passwords, credit card account information, and even W2 tax forms.
What method do they use to obtain your W2 Form?
In the past, compromises from payroll providers have been linked to W2 documents sold on the dark web. Phishing emails have resulted in data breaches at these businesses. Employees with access to the data are also suspected of leaking information. On the dark web, data brokers aggressively promote a bounty for such information. When a low-paid employee learns that he or she might earn a few thousand dollars more with little danger of being detected, the temptation is strong. To carry out the breach, all that is required is a simple transfer of work data to a thumb drive.
So, how do the victims fare?
You won’t realise there’s a problem until you file your taxes. The IRS will notify you after you file that your social security number has already been used to file a tax return. In many situations, the fraudster has already received a tax refund for filing a false return. They flee with the money. You’ll have a bit of a mess to clean up as a result of this. To begin, fill out IRS Form 14039 and submit it with your tax return. This is an Affidavit for Identity Theft. The form simply informs the IRS that you are alleging fraud in a previously filed tax return. You should take heart in the fact that you are not the only one who is experiencing this. Due to the availability of W2 and other personal information on the dark web, the frequency of false tax filings is on the rise. Every year, the IRS deals with tens of thousands of fraud cases. Simply be patient, and the system will work for you. If you are owed a refund, do not expect it to arrive immediately. You can check the progress of your return online after 4 weeks. It is expected that your reimbursement will arrive within a few months.
What can I do to avoid falling victim to this type of deception?
The greatest approach to avoid tax fraud is to file your taxes as soon as possible. You want to be the first to react to the bad guys. Prepare your taxes as soon as you get the information you need, and file your tax return as soon as possible. You must be proactive in today’s world of stolen W2 information. The con artists are well aware that they are in a race against the clock. They are prepared and ready to start cashing in when tax season arrives. You will be able to get the jump on them and neutralise the threat if you file fast.
