fraud

Protect Yourself from Identity Theft with IRS Online Accounts and IP PINs

In today’s digital world, identity theft and fraud are on the rise, especially during tax season and in light of the recent hack of the largest number of social security numbers to date. To help protect taxpayers from these threats, the IRS offers an important tool known as the Identity Protection PIN (IP PIN). Combined with setting up an IRS Online Account, these resources create an extra layer of security that can help safeguard your personal and financial information.

Why You Need an IRS Identity Protection PIN

The IP PIN is a six-digit number that provides protection against tax-related identity theft. It prevents someone else from filing a tax return in your name. The IRS encourages all taxpayers to obtain an IP PIN and establish an online account to ensure their identity and financial data remain secure. While the program is voluntary, it’s a strong line of defense against scammers attempting to steal your identity.

Important things to know about an IP PIN

  • It’s a six-digit number known only to the taxpayer and the IRS.
  • The program is voluntary, though it’s strongly encouraged.
  • In cases of proven identity theft, taxpayers will be assigned an IP […]
By |2024-09-09T13:51:40+00:00September 9th, 2024|fraud, irs, Tech|0 Comments

Protecting Yourself and Your Employees from Identity Theft and Fraud

In today’s digital age, the threat of identity theft and fraud has never been more prevalent. With cybercriminals becoming increasingly sophisticated, it’s essential to understand the risks and take proactive steps to safeguard your personal and professional information. Recent events, such as the significant data breach that compromised Social Security numbers, highlight the urgency of staying vigilant.

The Growing Threat of Identity Theft

Identity theft occurs when someone illegally obtains and uses another person’s personal information, typically for financial gain. The recent breach, where hackers accessed and possibly stole Social Security numbers, as reported by Yahoo News, is just one example of how widespread and damaging this crime can be. The far-reaching effects of such a breach are alarming, as Social Security numbers are not easily changed and can be exploited by criminals for years to come. This means that even long after the initial breach, individuals may continue to face risks such as fraudulent credit card applications, tax fraud, and other forms of financial exploitation.

Fraud: A Broader Concern

Fraud encompasses a range of activities beyond just identity theft. It includes any deceitful practice intended to secure an unfair or unlawful […]

By |2024-08-15T17:53:44+00:00August 14th, 2024|fraud, Tech|0 Comments

Advisory Spotlight: Safeguarding Your Business- The Critical Need for Strong Internal Controls in Preventing Accounting Fraud

In the dynamic landscape of business, private companies are not immune to the growing threat of accounting fraud. Regardless of size or industry, accounting fraud can devastate a company’s financial health, reputation, and even its existence. For small to medium-sized enterprises (SMEs), the impact can be particularly severe. As stewards of their businesses, it is incumbent upon business owners to recognize these risks and fortify their defenses through the establishment and maintenance of robust internal controls.

Understanding the Risks

Accounting fraud encompasses a spectrum of deceptive practices aimed at misrepresenting financial information. From fictitious transactions to intentional misreporting of revenues or expenses, fraudulent activities can occur at any level within an organization. For SMEs, common types of fraud may include embezzlement, falsification of financial statements, or misappropriation of assets.

In Sonoma County, where businesses thrive in a vibrant economy, the risk factors for accounting fraud can escalate. Factors such as rapid growth, complex financial transactions, or reliance on manual accounting processes can create vulnerabilities ripe for exploitation. Moreover, the intimate nature of small businesses, often characterized by a close-knit workforce and less formalized structures, can inadvertently foster an environment conducive to fraudulent activities.

The Role of […]

By |2024-06-05T18:39:43+00:00June 5th, 2024|accounting, Advisor, fraud|0 Comments

3 Common Forms of Insurance Fraud (and How Businesses Can Fight Back)

Businesses of all shapes and sizes are well-advised to buy various forms of insurance to manage operational risks. But insurance itself is far from risk-free. You might overpay for a policy that you don’t really need. Or you could invest in cheap coverage that does you little to no good when you need it.

Perhaps the most insidious risk associated with insurance, however, is fraud. Dishonest individuals, whether inside your company or outside of it, can exploit a policy to defraud your company. Let’s explore three of the most typical forms of insurance fraud and some best practices for fighting back.

1. Premium diversion

According to the website of the U.S. Federal Bureau of Investigation, this is the most common form of insurance fraud. It occurs when an employee or insurance agent fails to submit premium payments to the underwriter. Rather, the person steals the funds for either personal use or to cover other business expenses.

By |2024-01-31T16:47:46+00:00January 31st, 2024|fraud, insurance|0 Comments

That Email or Text from the IRS: It’s a Scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

Important: The IRS will never contact you by email, text or social media channels about a tax bill or refund. Most IRS contacts are first made through regular mail. So if you get a text message saying it’s the IRS and asking for your Social Security number, it’s someone trying to steal your identity and rob you. Remember that the IRS already has your Social Security number.

“Scammers are coming up with new ways all the time to try to steal information from taxpayers,” said IRS Commissioner Danny Werfel. “People should be wary and avoid sharing sensitive personal data over the phone, email or social media to avoid getting caught up […]

By |2023-07-05T19:17:36+00:00July 5th, 2023|fraud, irs, News|0 Comments
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