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  1. #1
    Registered User Senior Member
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    192

    Even Employers Getting Duped in tax Fraud Scams

    Count companies like Snapchat and Seagate among the firms duped in tax-fraud scams. Just proving even bug companies are as susceptive as the rest us when it comes to these schemes.

    According to the AP Report:

    "A major phishing scheme has tricked several major companies among them, the messaging service Snapchat and disk-drive maker Seagate Technology into relinquishing tax documents that exposed their workers' incomes, addresses and Social Security numbers.



    The scam, which involved fake emails purportedly sent by top company officials, convinced the companies involved to send out W-2 tax forms that are ideal for identity theft. For instance, W-2 data can easily be used to file bogus tax returns and claim fraudulent refunds.

    The embarrassing breakdowns have prompted employers to apologize and offer free credit monitoring to employees. Such measures, however, won't necessarily shield unwitting victims from the headaches that typically follow identity theft."

    The schemes are now so widespread, the IRS even had to warn payroll departments to be careful.

  2. Even Employers Getting Duped in tax Fraud Scams
  3. #2
    Registered User Semi Pro Member
    Posts
    267
    The digital age is not turning out how I planned.

  4. #3
    Registered User Senior Member
    Posts
    120
    Duped by a phishing scam! But behind big, sophisticated corporations are real people. And real people get duped by this stuff all the time.

  5. #4
    Registered User Semi Pro Member
    Posts
    382

    NY FED falls for $100 Million Phishing Expedition

    Well, if it makes those companies feel better, it looks like the NY Fed got phished for $100 Million of Bangladeshi foreign exchange. No one wondered why Bangladesh was just sending that money to the Philippines?

    Anyway, ZeroHedge has the full story.

  6. #5
    Registered User Senior Member
    Posts
    240
    Maybe we should return to using pens, paper and fax machines. The need to slow down back did;t mean mistakes didn't happen. But they were smaller.

  7. #6
    Registered User Junior Member
    Posts
    39
    It must be so frustrating to have your personal information stolen because of lapses by your employer. Or dentist. Or even the IRS itself.

  8. #7
    I know it is frustrating that you can take all the right steps to protect your identity, only to have someone else's blunder undo all that effort.

    But this does not mean you should just abandon efforts to keep your personal information safe. And, if you are looking to get started, here are 28 Tips to Protect Your ID Online and Offline.

    If you are more serious, and willing to spend the money, you may also want to consider identity monitoring services. But before you sign up, I strongly urge you to check you homeowners or renters insurance policy - many of those offer coverage in the even of identity theft. Why pay twice for the same insurance policy?
    Current Fico Scores: 710 TU, 732 EQ
    My Goal for 2016: 750+

  9. #8
    Registered User Senior Member
    Posts
    120
    Quote Originally Posted by BigRedDad View Post
    Well, if it makes those companies feel better, it looks like the NY Fed got phished for $100 Million of Bangladeshi foreign exchange. No one wondered why Bangladesh was just sending that money to the Philippines?

    Anyway, ZeroHedge has the full story.
    I just saw a news report about this. They are calling it a "whodunit". Since I love a good caper movie, I can't wait to see Michael Lewis's book and following movie.

    Please, Hollywood, make this happen. Rather than recycling your old ideas over and over again.

  10. #9
    Registered User Semi Pro Member
    Posts
    382
    I was just reading more about this story. It involves the fact that Bangladeshi's observe the weekend on Friday and Saturday, malware, a bribed bank manager, casinos, and an ignored order from the Filipino government as well.

    You are right. It has the makings of a great caper movie or Michael Lewis book.

  11. #10
    Registered User Semi Pro Member
    Posts
    382
    I know I continue to be off topic on this thread, but I keep coming back to the Fed heist story. These thieves originally want a $1 Billion, but were still able to make away with "only" $80 million. And there was the usual human error and quirks in law that make recovery difficult.

    But I think one commentator hit it on the head: the fact that this happened at all pretty scary. And something of a concern going forward:

    What's ultimately at stake is a stable global financial system. Financial networks depend on trust that what's deposited won't vanish, and that transactions are legitimate and not falsified. The loss of trust threatens to undermine payments networks and the reliability of financial record keeping. If criminals could do this to Bangladesh Bank, what could organized terrorists or hostile states do to advanced nations' financial networks?

    The theft confirms that most electronic networks are no stronger than their weakest links. "This tells us a lot about complex systems," says Adam Segal, author of the recent book "The Hacked World Order." "Vulnerabilities constantly pop up somewhere in the chain," he notes. "More connectivity" - making networks more useful - "means more vulnerabilities" -- making networks more defenseless. This dilemma defines the Internet Age.

    Read the whole thing.

    But when bank deposits and our home appliances become unsafe because of hackers, we start to live in fear of just the everyday. A breakdown in societal trust may well follow - and that will have far reaching impacts on business, law and order, civic cooperation, and societal stability.

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