Hackers stealing tax refunds

Be sure to verify that changes in bank account numbers are legitimate when e-filing tax returns. Hackers will send fraudulent email messages with bank account numbers different from the legitimate client account numbers in an attempt to divert tax refunds into their own accounts.

A common spoofing technique involves the hacker’s email address being just one letter or digit off from the legitimate client email address (e.g., “businessware.com” becomes “businesware.com”)—just enough to look like the client’s address and to get the tax return preparer to change the account number. Once the refund is sent to the wrong account, it is immediately withdrawn.

Tax preparers should verify with clients over the phone any changes in bank accounts before filing. It’s also wise to have insurance coverage in case the fraudulent scheme is not detected in time. For more information, contact CAMICO at 1.800.652.1772.

Share this post

Leave a comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Latest Articles

  • 08 May

    Helping Clients Avoid Fraud

    CAMICO claims experience consistently shows that fraud claims occur in a wide range of engagement types, not just in attest engagements, as illustrated by the following chart on "Fraud Claims by Engagement."

    read more

  • 02 May

    CAMICO Posts 2016 Financial Statements, Operations Report

    CAMICO, the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, posted total policyholders’ surplus of $40.2 million and net income of $1.3 million for the year ended December 31, 2016.

    CAMICO continued to maintain key fin... read more

  • 17 Apr

    Billing, Collecting and Disengagement


    Billing Tips

    If the bill or its description of services is unclear, clients will be inclined to put it aside and to call about it later, lengthening the time it takes to pay the bill. Bills that are standardized, clear, concise and descriptive are more likely to be paid soo... read more