Keeper Security Issues Top Cyber Threats To Watch Out for this Tax Season

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Mar 19, 2024, 07:00 ET

Cyber attacks can compromise a taxpayer's identity and have severe financial consequences

CHICAGO, March 19, 2024 /PRNewswire/ -- The 2024 tax season is here, and millions of Americans are preparing their financial statements and reports from 2023 to file with the US Internal Revenue Service (IRS). According to the IRS, approximately 213.4 million (81.2%) tax returns were filed electronically in 2022, and individual tax returns filed online accounted for an even larger 92.8%. With an increasing number of Americans outsourcing their tax filing to third-party software vendors, it's critical for individuals and businesses to stay vigilant to protect their sensitive personal and financial information from cyber threats.

Keeper Security is sharing the common cyber threats seen during tax season to help US taxpayers from falling victim to them.

Phishing Scams. Cybercriminals have become increasingly sophisticated in their abilities to impersonate the IRS, tax preparation companies and other tax-related organizations to access your personal and financial information. Scammers know consumers are in a state of high anxiety about the potential of audits or fines, leveraging phishing messages that contain alarming language or threats intended to scare recipients into giving up personal information. Alternatively, attackers may spoof trusted tax preparation services to harvest information and credentials. Phishing scams can be launched through phone calls (vishing), text messages, emails and push notifications. To prevent phishing attacks, do not open attachments or click links from unknown sources, verify that it's a trusted source requesting the information and check links to ensure they're not leading you to a malicious site. The IRS will not send unsolicited emails, phone calls or text messages asking for sensitive information or payment.
Ransomware/Malware. Malicious phishing attacks can lead to malware, including ransomware, being downloaded on your device. Malware allows hackers to access your tax-related information, as well as other sensitive assets and credentials stored on your device. Hostile ransomware and malware can lock you out of your accounts through encryption on your hard drive and demand payment to regain access. You can stay ahead of this cyber threat by having a reliable backup. Make sure all of your sensitive financial documents are stored in at least one other place, such as an encrypted digital vault like Keeper's Secure File Storage. It's also important to ensure you're regularly updating your software to patch known vulnerabilities and security flaws in older versions that cybercriminals can exploit. Consider purchasing antivirus software with malware protection before you begin opening sensitive documents or connecting to a tax-preparation service.
Identity Theft. Any time you're sharing and uploading Personally Identifiable Information (PII) online, you may be putting yourself at risk of identity theft. Identity theft is a heightened cyber threat that should never be taken lightly, especially when uploading highly sensitive and often irreplaceable information, including Social Security numbers and bank account details. To minimize risk, it's critical to secure your tax-preparation and financial accounts with strong and unique passwords that are at least 16 characters long, and include upper and lower-case letters, numbers and symbols. Taxpayers should also enable Two-Factor Authentication (2FA) whenever possible, as an additional step to verify your identity during login processes.
Document Interception. While you can do almost everything to secure your own sensitive information and documents, there's no guarantee that third-party tax vendors, or even trusted accountants, are adhering to the same level of security. If you need to share documents, upload and store them in a secure digital vault like a password manager with encrypted sharing capabilities. It's smart to avoid public Wi-Fi networks as best practice, but it's critical to only share sensitive documents across trusted and encrypted Wi-Fi networks. Since most public Wi-Fi networks are unencrypted, cybercriminals frequently target these networks to harvest information being transmitted over them. Tax documents contain information valuable to cybercriminals, making it important to ensure your network router is updated with the latest software and protected with a strong and unique password.

Whether you're using third-party tax-filing software or communicating with your accountant virtually, it's vital to be on the lookout for these common, malicious threats that relentlessly seek access to your sensitive information, credentials and documents. By remaining diligent, following cybersecurity best practices and taking the necessary precautions, individuals and organizations will be far less likely to fall victim to cybercrime this tax season.

About Keeper Security
Keeper Security is transforming cybersecurity for people and organizations around the world. Keeper's affordable and easy-to-use solutions are built on a foundation of zero-trust and zero-knowledge security to protect every user on every device. Our next-generation privileged access management solution deploys in minutes and seamlessly integrates with any tech stack to prevent breaches, reduce help desk costs and ensure compliance. Trusted by millions of individuals and thousands of organizations, Keeper is the leader for best-in-class password and passkey management, secrets management, privileged access, secure remote access and encrypted messaging.

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Media Contact
Christian Morley
Lumina Communications for Keeper Security
[email protected]

SOURCE Keeper Security