Dark Web Marketplace Offers Sale of Stolen W2 Forms
In today's digital age, the security of personal information, particularly W2 forms, has become a significant concern. Here's what you need to know to protect yourself from tax fraud.
Being Proactive is Key
With the rise of stolen W2 information, it's crucial to be proactive. Leaks from payroll providers are suspected to originate from employees with access to this data, and hackers have gained access to employer systems or databases to obtain W2 forms. Phishing emails have also led to compromises at payroll providers.
The Fraudulent Process
Fraudsters file a tax return using your personal information, often claiming a refund. In many cases, they receive the refund before you even file your taxes. Once they have the money, they disappear, leaving you to deal with the consequences.
The IRS System
The IRS system works, but it may take several weeks to several months for a refund to arrive, especially if one is owed. After 4 weeks, taxpayers can check the status of their return online. If you find that your social security number has been used to file a tax return, you should take immediate action.
Protecting Yourself
Filing taxes early can help prevent tax fraud. It allows you to submit your return before the fraudsters. If you suspect fraud, file IRS Form 14039, an Identity Theft Affidavit, to report a fraudulent tax return.
Dark Web Threats
Hackers sell personal data, including social security numbers, bank account details, hacked passwords, credit card account information, and W2 tax forms, on the dark web. Data brokers on the dark web actively advertise a bounty for W2 forms, and these forms traced to compromises from payroll providers.
Avoiding Temptation
Even low-risk opportunities, such as a low-paid employee copying work data to a thumb drive, can lead to serious consequences. Remember, stealing personal information is illegal and can ruin lives.
Staying Informed
Thousands of fraudulent tax cases are being dealt with by the IRS annually due to the availability of personal information on the dark web. By staying informed and being proactive, you can protect yourself from tax fraud.
Conclusion
Tax season is a prime time for fraudsters to cash in. By filing early, staying informed, and taking action if you suspect fraud, you can neutralize the threat and ensure a smooth tax season.
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