Imagine
after sending in your annual tax return, you receive a notice from the Internal
Revenue Service saying that another return has already been filed using your
name and Social Security number—and claiming a refund. Sound impossible? It can
happen if you become one of a growing number of victims of tax return identity
theft. According to one estimate, tax-related identity theft cases have soared
more than 650% since 2008. At the least, this crime can lead to a delay in your
refund, but the consequences may be much more serious. In addition, you may
face a larger problem with identify theft if the scammer is also running up
credit card debt or taking out loans in your name.
To
avoid becoming a victim, we recommend steps such as safeguarding your Social
Security number and other financial information, keeping an eye on changes to
your credit ratings and taking precautions with electronic transfers of
confidential information. Be sure to contact us if you believe you have been a
victim of identity theft or would like advice on the best ways to secure your
financial information.
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