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 Once the refund is sent to the wrong account, it is immediately withdrawn.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.

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