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Tax Day is on the way, and many people will be scrambling to meet the April deadline. However, filing your returns in a timely fashion isn’t the only thing to worry about. Tax-related identity theft is a growing threat.
In fact, per a 2012 study by the U.S. Government Accountability Office, the number of known incidents has increased more than twelvefold since 2008; and according to the Wall Street Journal, over $5.2 billion of taxpayer money went to those who filed fake returns in 2011. These statistics reflect how real tax-related identity theft can be.
Don’t be taken for a ride
One of the best ways to prevent being a victim of tax-related identity theft is to be educated about how it can happen and alert for potential warning signs. Sometimes the identity thief uses a name and stolen Social Security number and fake W-2 forms to collect a refund in the victim’s name. Other times, the thief uses stolen information to get a job, which later creates problems when the government wants taxes on income the victim never earned. A thief also can create a fake website to lure innocent taxpayers into filing their returns (and revealing personal information) online.
How do you know if you’re a potential victim of tax-related identity theft? For one thing, if you receive notice from the IRS that more than one tax return was filed in your name, or that you’ve received wages from an unknown employer – pay attention. Another warning sign is receiving an email from the IRS requesting your personal information. This is likely to be a scam, because the IRS doesn’t request personal details through email.
Take action to protect yourself
One of the best ways to protect yourself is to file your taxes early. However,if it’s too late and you’ve been affected, there are a few steps that should be taken immediately. First, contact your insurance company to see if you receive identity management services. Other recommendations include:
- filing a police report
- notifying the three major credit bureaus (Equifax, Experian and TransUnion)
- contacting the IRS
- filing an affidavit of identity fraud with the U.S. Department of Commerce
- filing a complaint with the Federal Trade Commission
- enrolling in credit and fraud monitoring services
The IRS offers additional information about preventing tax-related identity theft in its Taxpayer Guide to Identity Theft.
Insights and expertise
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.