Tips for staying cybersafe during tax season

With tax season upon us, it’s crucial to prioritize cybersecurity to safeguard your sensitive financial information. With the increase in online tax filing and the prevalence of cyber threats, staying vigilant is more important than ever. According to the U.S. Treasury Inspector General for Tax Administration, in 2023, identity-theft detection systems used by the Internal Revenue Service flagged over 1.1 million tax returns as potentially fraudulent with accumulative refunds totaling over $6 billion.¹

Here are some essential tips to help you stay cybersafe during tax season

Enable MFA

Use multifactor authentication (MFA) wherever possible, including any account related to your taxes. MFA fortifies online accounts by creating an extra layer of security, such as a unique one-time code sent to your phone or to a standalone app. Even if hackers get ahold of your password, MFA keeps your accounts locked down. Be aware of “MFA fatigue,” too. If you get an MFA notification that you are trying to log into an important account (like your tax preparer’s platform) and didn’t make the request, don’t grant access.

Use reputable tax filing software

Opt for trusted tax-filing software from reputable companies. Make sure to download it directly from the official website or app store to avoid fake or malicious versions.

Beware of phishing scams

Be cautious of emails or messages claiming to be from the IRS or tax authorities requesting personal or financial information. The IRS typically communicates through traditional mail and rarely initiates contact via email, phone or social media.

Encrypt sensitive data

Encrypt your sensitive tax documents and any other financial information stored on your devices or in the cloud. Encryption scrambles data, making it unreadable to unauthorized users.

Use secure networks

Avoid accessing sensitive financial accounts or filing taxes using public Wi-Fi networks, which can be vulnerable to cyber attacks. Instead, use a secure, password-protected network or a virtual private network (VPN) for added protection.

Monitor your accounts regularly

Keep a close eye on your bank accounts, credit cards and credit reports for any suspicious activity. Report any unauthorized transactions or identity theft incidents to the relevant financial institutions and authorities immediately.

Safely dispose of old documents

Shred or securely delete any old tax documents, receipts or other financial records before discarding them to prevent identity theft or fraud.

By following these tips and remaining vigilant, you can minimize the risk of falling victim to cyber threats during tax season and keep your financial information safe and secure.