Thursday, March 26, 2015

IRS Paid $5.8B in Refunds as Result of ID Thefts

In 2013 alone, the IRS reports paying out about $5.8 billion in fraudulent tax refunds due to identity thefts.

When personal identifying information (PII) is stolen it can be used to open bank accounts, report wages, as well as obtain credit cards, or claim things like the earned income tax credit or other tax benefits.

"[Stolen] Social Security numbers are used to open bank accounts, report wages, as well as obtain credit cards or even collect fraudulent tax refunds." - The Standard Daily
In many cases victims IDs are stolen by employees or other insiders at an organization and the thefts are not discovered until law enforcement is involved. However, rather than learn of the thefts from third parties, organizations can proactively detecting such identity theft with low-cost on-demand SaaS analytics services.
Learn how to proactively detect identity theft and unauthorized breaches of data privacy, even by authorized users - with no hardware and no on-site software.
Sources:
(a) Social security: IRS paid out $5.8 billion in fraudulent tax refunds due to identity thefts - www.TheStandardDaily.com, 03/15/2015

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