Some of the most frank and useful information about how to fight fraud comes directly from the mouths of the crooks themselves. Online cybercrime forums play a critical role here, allowing thieves to compare notes about how to evade new security roadblocks and steer clear of fraud tripwires.
Intuit Failed at ‘Know Your Customer’ Basics
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.
Citing Tax Fraud Spike, TurboTax Suspends State E-Filings
TurboTax owner Intuit Inc.