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Jill on Money with Jill Schlesinger

Tax Season Identity Theft

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 1 March 2018

⏱️ 31 minutes

🧾️ Download transcript

Summary

Tax season is like the Super Bowl for identity thieves and that means that you need to be on high alert for scams. Here’s some that you need to guard against: IRS Phone ScamWhere someone pretending to be from the IRS contacts a consumer stating they owe back taxes and threatens them with jail time if they don't pay. These fraudsters prey on fear and many consumers give in, paying a bogus fee through prepaid card, wiring money or even an iTunes card. Golden rule - the IRS never calls, emails or texts. If you receive these calls, hang up.W-2 ScamImposters are using phishing schemes to target the HR departments of businesses asking for W-2 or W-9 information. In these spear phishing schemes, the emails appear legitimate but they are designed to steal important financial documents. If you receive this email or text, don't respond.Child ID TheftFraudsters target children's data because they have clean, pristine credit profiles and they can use this data for a host of ID theft schemes, including tax related, medical, financial and even criminal. Parents need to be on high alert for child ID theft and should create a credit profile for their child and then freeze it.Medicare and Social Security ScamsMedicare and Social Security beneficiaries across the country report receiving calls from scam operators (frequently with foreign accents), who claim to represent Medicare, Social Security, or an insurance company.These callers claim that new Medicare, Social Security, or supplemental insurance benefits cards are being issued or that the beneficiary’s file must be updated. The scam artist asks the consumer to verify or provide their personal banking information, which the scammer then uses to commit ID theft.The Center for Medicare and Medicaid Services and the Social Security Administration will not call you to ask you to disclose personal or financial information.To combat tax fraud, consumers need to file early, take advantage of the PIN if they have been a victim of fraud, use long and strong passwords, enable two factor authentication, use legitimate tax preparers, store important tax docs on an encrypted thumb drive and never give out personal or financial info to someone who contacts you, even if the caller ID looks legit. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/  https://twitter.com/jillonmoney  https://www.facebook.com/JillonMoney  https://www.instagram.com/jillonmoney/  https://www.youtube.com/c/JillSchlesinger  https://www.linkedin.com/in/jillonmoney/  http://www.stitcher.com/podcast/jill-on-money  http://betteroffpodcast.com/  https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Transcript

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0:00.0

Hi, it's Jill Schlesinger, host of the Better Off Podcast. Today on the show, How to Protect

0:07.8

Your Self Against Tax Identity Theft.

0:11.4

When you are dealing with information as sensitive as financial

0:15.0

information and social security numbers everything that you can

0:19.1

possibly do to protect it you should do including if possible I'm getting in my car I'm getting in a cab I'm coming

0:26.9

over I'm giving you the information.

0:30.3

Welcome to the Better Off Podcast were We're sponsored by Betterment, the largest independent online financial advisor.

0:37.0

You know, it's the heart of tax season.

0:40.0

And of course you're getting busy starting the process.

0:42.8

But what you need to know is this could be a particularly bad tax

0:47.6

season when it comes to protecting your cyber security.

0:52.3

And that is why we have snagged an expert on tax fraud. We've got

0:58.8

Adam Levin, he's the former director of the New Jersey Division of Consumer Affairs, the co-founder of

1:04.3

Credit.com, the co-founder and chairman of Cyber Scout. He's also the author of Swiped How to Protect Yours in a World of scammers, Fishers, and identity thieves, you know, in light of the

1:16.4

Equifax breach last year, it's going to be a bad, bad tax fraud season. So we have Adam here with us to help navigate this thorny time.

1:27.0

You are listening to Better Off with Jill Schlesinger.

1:31.0

Adam Levin, welcome to Better Off, how are you?

1:35.0

I'm great, thanks for having to be back.

1:37.0

Adam, we start the podcast with one question that's burning in my mind.

1:40.0

You ready?

1:41.0

I am totally ready. What is the best financial decision you ever made?

1:46.2

The best financial decision I ever made is to actually allow a professional to manage my finances

...

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