Intuit , the makers of TurboTax , recently introduced several changes to beef up the security of customer accounts following a spike in tax refund fraud at the state and federal level. Unfortunately, those changes don’t go far enough.
TurboTax’s Anti-Fraud Efforts Under Scrutiny
Two former security employees at Intuit — the makers of the popular tax preparation software and service TurboTax – allege that the company has made millions of dollars knowingly processing state and federal tax refunds filed by cybercriminals. Intuit says it leads the industry in voluntarily reporting suspicious returns, and that ultimately it is up to the Internal Revenue Service to develop industry-wide requirements for tax preparation firms to follow in their fight against the multi-billion dollar problem of tax refund fraud
The Rise in State Tax Refund Fraud
Intuit: Anti-fraud Improvements by IRS Fuel Up To 3700 Percent Rise in Phony State Filings Scam artists stole billions of dollars last year from the U.S. Treasury by filing phony federal tax refund requests on millions of Americans.