ID Theft & Tax Refund Fraud

As Americans file tax returns to Uncle Sam, identity thieves are scheming to receive the refunds of thousands of identity theft victims. According to the Federal Trade Commission, tax identity theft has been the most common form of identity theft reported for the past five years. The experts at Busey want you to be informed about this form of fraud in observance of Tax Identity Theft Awareness Week January 25-29. Here are seven tips to protect yourself:  

1. File early. Filing your tax return as soon as possible gives criminals less time to use your information to file a false return.
2. Secure your connection. If you file your tax return online, ensure it is on a password-protected personal network.
3. Shred sensitive documents you no longer need as soon as you complete your tax return.
4. Lock away secure documents in a safe place.
5. Secure your tax return by mailing it at a post office or official mailbox, rather than your home.
6. Monitor your mail. If your employer mailed your W-2 or other documents containing your financial information, ensure you receive it in the mail. If you’re missing your W-2 and your employer indicates it has been mailed, contact the Internal Revenue Service (IRS) immediately.
7. Avoid scammers’ schemes. Scammers often request sensitive information by impersonating the IRS. The IRS will never contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.

If you believe you might be a victim of tax identity theft or the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1.800.908.4490 and take the following steps:

• Respond immediately to any IRS notice and complete an Identity Theft Affidavit.
• Contact your financial institution immediately and close any accounts that have been tampered with or opened without your permission.
• Contact the three major credit bureaus—Equifax, Experian and TransUnion—to place a fraud alert on your credit records.
• Pay your taxes and file your tax return, even if you must do so by paper.

Busey wants you to be informed of any security issues, scams or alerts that may compromise your personal or financial information. Visit the Information Security Center on busey.com or call 1.800.67 | Busey for a variety of resources to help protect your identity  and to ensure your identity is secure this tax season and beyond.