Identity Theft and IRS Tax Fraud
This excerpt is from a post http://frankonfraud.com/fraud-trends/5-reasons-why-i-believe-fraud-is-worse-now-than-at-any-point-in-history/
# 3 – Identity Theft is Fueling Higher Rates of New Account Fraud and New Fraud Schemes Like IRS Tax Fraud
One indication that fraud is bad is the frequency of new and emerging fraud schemes. One area that really surprises me is the growth and frequency of Identity Theft fraud schemes. I had always assumed that Identity Theft was well covered.
The only issue is that Identity Fraud is so lucrative that the fraudsters have reinvented their techniques and doubled down on their efforts. The result of these efforts? A 113% increase in new account fraud as reported by Javelin research. New Account fraud, according to their study now represents 20% of all reported fraud losses. To make matters worse they are reporting that new account fraud losses will continue to climb another 41% each year. New Account fraud is already up an additional 10% since EMV went live in the US last October.
And don’t forget about IRS Tax Fraud. Never heard of it? Here is a little primer on it in this article – IRS Tax Return Fraud. Since 2013, IRS Tax return fraud has soared and the government has been paying billions in fraudulent tax returns.
To make matters worse, close to 1 billion tax returns were breached in the last couple of years.
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