It's that time of year again, folks. Whether you have yet to file your taxes or you're in the middle of it, it's not too late to make sure you're protected this tax season. With new tax fraud scams on the rise — many increasing due to the acceleration of AI — we want you to take extra security measures to keep yourself safe from these scams. But how? Here's why you need an Identity Protection Pin this tax season.
Scammers who commit tax fraud are on the rise Last year, over a million tax returns were flagged for possible identity theft, and the numbers aren't looking to go down any time soon. With the advancements in AI, savvy scammers can more efficiently steal someone's identity, create a fake ID and file a tax return in the victim's name.
What is an Identity Protection Pin and how does it keep you safe? To combat tax identity theft, the IRS has created Identity Protection PINs. These are six-digit, personalized numbers that you are asked to enter when filing your tax return, either electronically or on paper. While it's not a requirement for everyone to have an IP PIN, the IRS will assign one to those who have been previously victims of tax fraud and require them to use it.
How to apply for an Identity Protection Pin To apply for an IP PIN, go to the IRS' online tool. Have your valid Social Security number or individual taxpayer identification number . Remember, if the IRS has already determined that you're a victim of tax fraud, they'll already have assigned you an IP PIN. If you apply online, you can get your IP PIN in about 15 minutes, provided you meet the eligibility requirements. Applying by mail using Form 15227 takes longer.
How can you protect yourself from tax-related identity theft? Use an identity theft protection service If you're worried about scammers not just wanting to commit tax fraud, but stealing your information for any of their malicious reasons, like identity fraud, we understand. There are so many scams out there and so much information that you need to know to keep yourself protected. Luckily, there are solutions that can help, including an identity theft protection service.
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