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Tax Tip of the Week
For the week of
July 15, 2002

Beware of the latest identity theft scheme

Reports of a new identity theft scheme are coming in from across the country. Here's how it works. Scam artists send a letter claiming to be from your bank. The letter says that the bank is updating its records and asks you to fill out an official-looking IRS form. The form typically asks for detailed personal and financial data, including passwords and PIN numbers that are used to access your accounts.

To motivate you to return the form, the letter claims that by returning it promptly you can exempt the interest you earn from income tax. Unfortunately, both the bank letter and the IRS form are fake. Once the thieves have access to your personal data, they can use it to run up credit card balances, apply for bank loans, and steal money from your bank accounts.

The bogus IRS forms often have numbers that are similar to, or the same as, real IRS forms. But the con artists ask for data that the IRS never requests. Among the fake forms that have been reported are ones labeled W-9095, W-8888, and W-8BEN.

If you fall victim to identity theft, it can take you countless hours of phone calls and letter writing to straighten out your financial affairs. So be alert, and if you receive a suspicious letter, immediately report it to your bank. You should also report it to the Treasury Inspector General by calling the toll-free fraud hotline at 1-800-366-4484.

Prior Tax TipsClick here to view previous tax tips.

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