IRS alerts tax pros to insurance form scam

Government says cybercriminals have found ways to access life insurance and annuity accounts.
OCT 13, 2017

The Internal Revenue Service has alerted tax professionals and their clients to a scam where cybercriminals gain access to annuity and life insurance accounts. In one variation of the scheme, the IRS warned in a release, a cybercriminal impersonates a legitimate cloud-based storage provider and sends a phishing email to a tax professional, enticing him or her to provide their email credentials, including username and password. With that access, the cybercriminal then steals client email addresses and impersonates the tax professional, sending emails to their clients with a fake IRS insurance form attached. The email requests that recipients complete and return the form. Using data from the completed form, the cybercriminal impersonates the client and contacts the individual's insurance company and attempts to obtain a loan or make a withdrawal from those accounts. In its release, the IRS reminds tax professionals to be on guard for phishing emails, free offers and other common tricks that scammers use. The agency said that tax professionals who have data breaches should contact the IRS immediately. On Friday, the IRS issued another alert, warning taxpayers that various types of scams continue to run rampant across the country. In addition to online schemes, the list includes fraudulent phone calls and tax-refund identity theft.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave