Happy Cyber Monday! As you digest your leftovers and cruise the internet looking for online shopping deals remember to be security forward. The 6th Annual National Tax Security Awareness Week starts today and runs through December 3. The IRS and its Security Summit partners have set aside this week to focus on helping taxpayers and tax professionals protect sensitive information and prevent identity theft. This year’s awareness week is focused on older and younger Americans. Summit partners want Americans to understand that “even if someone doesn’t file a tax return, their online interactions can lead to scam artists obtaining sensitive information and using it to try obtaining a refund.”
According to the Security Summit partners, “Taxpayers and tax professionals face a heightened risk in coming months as fraudsters continue to use the pandemic as a way of tricking people into sharing sensitive personal information by email, text message and online. Identity thieves can use that information to try filing tax returns and stealing refunds.” Often, online security involves trade-offs between convenience and security. This time of year, no matter how time-strapped you get, it’s best to err on the side of security.
Tracking Packages? Avoid clicking track package links sent via e-mail or text message. Instead, log-into your account on the online shopping site and use your account information to track packages. It’s too easy for identity thieves to spoof legitimate sites and trick you into clicking a malicious link that won’t help you track your package, but will help them track your online activity (including credit card information, usernames, and passwords). Sometimes clicking the link installs ransomware on your computer. Then your time saver turns into a time (and money) sink as you struggle to regain access to your holiday photos and other important information.
Looking for discounts? Same thing. Offers containing links to deep discounts or rewards that seem too good to be true usually are. Again, it’s best to simply browse to the site in question, log into your account, and see if you have any notifications or special offers.
Giving to charity? Do not click on e-mail or text message solicitations. Browse to your charity of choice and do your giving through their website. Or, consider going really old school and mailing them a check!
If your checking account is tied to your savings account to prevent overdrafts this is a protection you may want to disable, even if only during the holiday shopping (fraud) season. Consider using a credit card instead of a debit card for online shopping and donations. Credit card companies provide protection against fraudulent transactions. Most card issuers will quickly shut down the account and replace your card while they investigate a bogus transaction. And the lag time between when the transaction posts and when you get your statement provides some time to address any issues that may arise. If you use a debit card, fraudsters can have your account(s) cleaned out before you have a chance to report the fraudulent transaction(s) and lock the account down. And if you don’t already monitor your bank accounts regularly, now is a good time to start. Checking account activity two or three times a week will help you identify potential problems before they escalate into major headaches.
Throughout the week the IRS and its partners will issue tips for both taxpayers and tax professionals with advice on how to protect sensitive information. Summit partners will publish information on various social media platforms (including video-based tips on YouTube) using the hashtag #TaxSecurity. Staying cyber safe this holiday season will give you peace of mind and may help prevent tax-related issues when tax season opens in early 2022.
Further Reading
Five Red Flags That Your Tax Pro Is Not Serious About Security