How scammers are cashing in on tax season
Published On Mar 6, 2025, 6:00 AM
A report by McAfee indicates that tax season scams are rising sharply, with more sophisticated methods employed by cybercriminals. Over half of surveyed Americans noted losses of more than $1,000 due to such scams, and nearly one in four acknowledged they or someone they know fell victim to tax-related fraud. Cybercriminals are heavily using AI to create realistic phishing emails, calls, and fake tax prep websites, aiming not just for financial gain but also for personal information from victims. Many victims receive fraudulent communications claiming to be from tax preparation services like TurboTax or H&R Block, which ask for sensitive data under the guise of tax refunds or settlement demands. The article emphasizes the importance of vigilance against such threats during tax season.
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With the rise of tax season scams, companies that focus on cybersecurity solutions may see an increase in demand for their services as businesses and individuals seek to protect themselves against these frauds. Investing in cybersecurity firms may be a prudent choice.
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