You’ve probably already heard the warnings regarding phony phone calls and fake websites, but scam artists have developed yet a new method to attain sensitive information. Unfortunately scam artists have many targets – worldwide. The IRS recently issued another fraud alert but this time they are addressing international financial institutions which must comply with the Foreign Account Tax Compliance Act (FATCA). This policy was created due to the need to report foreign financial assets. It affects U.S. taxpayers who have foreign financial assets and/or offshore assets, foreign financial institutions (FFIs), and jurisdictions which have an intergovernmental agreement to implement FATCA. Scam artists are now soliciting FFIs and asking for account holder identity and financial account information.
The IRS does not initiate communication by phone, fax, or email nor does it require financial institutions to provide confidential account access information over these mediums. People should always handle unsolicited communications, particularly those from “government agencies”, with great scrutiny as they may very likely be phishing scams. If a financial institution receives unsolicited communication and believes to be the subject of a phishing scam, the incident should be reported to the Treasury Inspector General for Tax Administration at 800-366-4484 or through this website. All suspicious emails containing links and attachments should not be opened! Instead forward the email to [email protected]. To read about other scams visit Tax Scams/Consumer Alerts.
Be wary of any communication you receive from government agencies if not in writing. If you are unsure if you may truly owe a balance, contact the agency yourself to verify the information is accurate. Contact information can be found on their websites.
