How long does one wait to receive that coveted tax refund after he has paid his Federal tax liability? When is the check going to arrive? Is the check going to arrive? Has somebody else already claimed my tax refund? These are the questions taxpayers are asking lately. Identity thieves are stealing Social Security Numbers and other personal information from strangers.
Somehow, which is not quite clear at this time, these criminals can trick the Internal Revenue Service (IRS) into sending the tax refunds checks to them instead of to the rightful taxpayers.
When to check the status of your refund?
The Federal Trade Commission (FTC) reports that complaints of stolen personal information involving tax return and wage-related fraud have more than tripled in the last four years. There are currently over 1.4 million identity theft records in the agency’s data bank.
When much is published about a particulartype of identity theft, the number of complaints diminishes. An example is the efforts of financial institutions to be more vigilant about stolen credit cards. Although there has been a little less fraud related to stolen credit cards, the crime of using stolen credit cards to run up fraudulent bills is nowhere stopped yet. Credit card identity theft is still a major cause of over 10 million cases of identity theft.
Two of the most recent objects are the stealing tax refunds and using false identities to open new accounts for utilities. It is estimated by a nationwide survey by Javelin Strategy and Research out of California that identity theft has increased 12% in 2016.
Even though banks are now watching out for credit card fraud and replacing victims’ losses, opening new credit cards in another person’s name still makes for 13.2% of complaints. Stealing Social Security Numbers and stealing someone’s tax refund comprise 20% of stolen monies belonging …Read More