Protecting your personal information from fraud is more important than ever. Tax season is a prime target for fraudsters to take advantage of victims. They may impersonate the Internal Revenue Service (IRS) and use the pressure of tax deadlines to confuse their targets. To help you protect yourself, here are five key tips to help you safeguard your identity and avoid scams and some essential strategies to keep your information secure.

Safeguard Your Social Security Number (SSN)

Your SSN is a prime target for identity thieves. To protect it, keep your Social Security card in a safe place and avoid carrying it with you. Only share your SSN when absolutely necessary and ensure you know who is requesting it. Monitor your credit report regularly to detect any unauthorized use of your SSN.

Protect Your Personal Information

Whether at home or online, it's crucial to keep your personal information secure. Use strong, unique passwords and two-factor authentication (2FA) for your online accounts. Install and update security software on your devices, including firewalls and antivirus programs. Be cautious with emails and phone calls. The IRS will never initiate contact via email, text or social media to request personal or financial information.

Know How the IRS Communicates

The IRS will typically contact you the first time through regular U.S. mail delivered by the U.S. Postal Service. To verify the IRS sent the letter or notice, you can search for it on IRS.gov. Some letters are sent from private collection agencies.

Other ways the IRS may contact you:

• Email – The IRS will only email you with your permission, with a few exceptions like criminal investigations.
• Text message – The IRS will text you only with your permission.
• Phone – The IRS might call to discuss your case, verify information or set up a meeting.
• Fax – The IRS might send a fax to verify or request employment information.
• In-person visits - These are rare. The IRS will generally send a letter before they visit.

Scammers often impersonate IRS agents to steal your information. Be aware of common tactics. Unexpected emails or phone calls claiming to be from the IRS are likely scams. Do not provide any personal information over the phone. Report suspicious emails to [email protected].

Stay Informed About New Fraud Tactics

Fraud tactics are constantly evolving. Staying informed about the latest scams is crucial. Educate yourself on new fraud tactics and how they operate. This includes understanding AI-enabled fraud and synthetic identities. Regularly test and evaluate your fraud prevention strategies to ensure they are effective against emerging threats.

Monitor Your Accounts

Regular monitoring of your financial accounts can help you catch fraudulent activity early. Check your bank and credit card statements frequently for any unauthorized transactions. Set up alerts for your accounts to receive notifications of suspicious activity.

By following these tips from the IRS and staying vigilant, you can significantly reduce your risk of falling victim to identity theft and fraud. Remember, protecting your personal information is an ongoing process that requires awareness and proactive measures.

Sources:
https://www.irs.gov/compliance/criminal-investigation/tax-fraud-alerts
https://www.irs.gov/help/tax-scams/recognize-tax-scams-and-fraud

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.