A growing number of cybercriminals are capitalizing on the tax season, baiting victims by impersonating trusted tax services, according to a new report.
Now, more than ever, AI-powered phishing emails, deep-fake phone calls and fake tax prep websites are making tax scams more convincing, with nearly one in four Americans admitting they or someone they know has lost money to a tax scam, according to research from computer security company McAfee.
About 51% of the victims admit to losing more than $1,000. But experts warn that scammers aren’t just after money. They are also seeking personal information that could lead to future crimes.
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To gather data on the impacts of these scams, McAfee conducted a survey of over 3,000 adults last month. Over half of respondents told McAfee that tax scam messages are more sophisticated and realistic compared with a year ago, and almost all of them are worried that AI is making these scams even harder to spot.
One tactic cybercriminals are deploying is flooding peoples’ inboxes with fake messages from the IRS. So far this year, 48% of Americans have received a fraudulent tax-related message via text, email, social media or phone pressuring them to act fast. Nearly 80% of that group reported that the sender attempted to collect personal information, made demands or even made threats.
Morer than 30% of people said they or someone they know received a fake email or text from someone pretending to be with a major tax preparation service like TurboTax or H&R Block, urging them to click a link and log in.
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Cybercriminals are demanding sensitive data like Social Security numbers, birthdates, banking information, home address, email address and credit card information, all of which fuel future fraud.
Victims are also being lured in by false claims that they are getting a tax refund. About 35% of people said they or someone they know received a scam email or text about a “tax refund” or “tax refund e-statement” containing a malicious link.
How to protect yourself, according to McAfee:
- Ignore unexpected communication from the IRS. The agency won’t send a tax-related message demanding immediate payment or asking for personal information by text, email, social media or over the phone. The IRS only contacts people by mail when requesting payments or additional information.
- Don’t immediately click on a link. Be vigilant of any message that demands immediate action. Instead of clicking any link, people should go directly to the IRS or their tax provider’s official website.
- Use two-factor authentication, a trusted password manager and/or unique passwords for every website, and don’t share login details with anyone else.
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