If you are one of the millions of taxpayers who have filed for a tax extension in 2019, the October 15th deadline is just around the corner. Fraudsters may have attempted to steal your identity and tax information throughout the year using a number of IRS tax fraud scams, and filing for an extension leaves you vulnerable to tax fraud for an extended amount of time. Keep an eye out for signs you are a victim of tax identity theft and take the appropriate steps to protect your tax information. Continue reading
Children of every age are susceptible to identity theft — they make highly desirable targets with untapped credit histories and no debt, especially kids under eight years old. But as children grow older, begin to establish their own credit, and head off to college, they increasingly fall for scams that can lead to loss of money and their identity. This is a crash-course in adulting that no parent wants to see their child experience. Continue reading
There’s more than money at stake when it comes to a financial scam; consumers’ identities are also under attack. Opportunities that offer a large amount of money for minimal participation or investment are typically red flags, and there’s likely a criminal working to steal your money or personal information. Fraudsters pulling off imposter scams — attempting to earn your trust so you will send them money or personal information — can commit synthetic identity theft with just two pieces of your Personally Identifiable Information (PII), the kind of details often required to participate in “fast cash” or easy “work from home” jobs. Continue reading
**Originally published July 7, 2015, updated July 22, 2019**
Fraudsters are always in the market for a lucrative new target. So, what’s the most information-rich, security-poor victim they can exploit? A small business, of course.
According to the Association of Certified Fraud Examiners (ACFE), an organization on average loses a whopping 5% of their revenue to fraud each year — that’s potentially a global total loss of $4 Trillion dollars. And small businesses are impacted disproportionately harder by fraud, with a median loss of $200,000 for businesses with less than 100 employees. That’s almost twice as much as the median loss for companies with more than 100 employees ($104,000.)
Thankfully, there are a few tricks small business owners can use to combat potential fraud. And the best place to start is by looking at the main entry points of exploitation: occupational fraud, cyberattacks, and identity theft.