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

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.