Monthly Update for Administration of Trusts and Asset Management.
It is our hope that our Monthly Update on various trust and financial issues will be helpful to you or your clients.
WHAT IN THE WORLD IS GOING ON???
It seems like every day that we hear or read about someone being taken advantage of, their identity being stolen, or just being scammed. In hopes that we can help you avoid being scammed, avoid being a victim of identity theft, etc., this newsletter will mention various types of common scams, including scams that the Internal Revenue Service has identified, that are designed to take advantage of you.
IDENTITY THEFT
Taxpayers need to watch out for identity theft, especially around tax time. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number. This leaves you in the difficult position of proving you are you, since a return was already filed in your name.
PHONE SCAMS
Phone calls from criminals impersonating IRS agents remain an ongoing threat to taxpayers. The irony that the power of the IRS is used as a scam identified by the IRS is not lost here. The IRS has seen a surge of these phone scams in recent years as scam artists threaten taxpayers with police arrest, deportation and license revocation, among other things. The IRS says, “We continue to say if you are surprised to be hearing from us, then you're not hearing from us. There are many variations. The caller may threaten you with arrest or court action to trick you into making a payment.” and, “Some schemes may say you're entitled to a huge refund. These all add up to trouble. Some simple tips can help protect you." Here are five things the scammers often do but the IRS will never do. Any one of these five things is a telltale sign of a scam.
THE IRS WILL NEVER:
1. Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
IF YOU GET A PHONE CALL FROM SOMEONE CLAIMING TO BE FROM THE IRS AND ASKING FOR MONEY, BANKING INFORMATION, SOCIAL SECURITY NUMBER, ETC., HERE’S WHAT YOU SHOULD DO:
Regardless, if you do or don’t owe taxes or have no reason to think that you do:
- Do not give out any information. Hang up immediately.
Call the IRS to report the scammer’s call at (800) 366-4484.
PHISHING
Taxpayers need to be on guard against fake emails or websites looking to steal personal information. The IRS will never send taxpayers an email about a bill or refund out of the blue. Don’t click on one claiming to be from the IRS. These also take the form of messages from your bank, internet service provider, or other organizations that may be familiar to you. The scammers often go to great lengths to make their emails and even websites look realistic. Be wary of strange emails and websites that may be nothing more than scams to steal personal information. When in doubt, do not click on any links or reply to the email.
SUMMARY
Where there is money, fakes, scammers, con artists, and disreputable people will be there to see how they can profit. Don’t be one of their victims, nor let your family, friends, or neighbors be victimized.
WealthTrust Oklahoma is the Oklahoma Trust Representative Office of National Advisors Trust Company. We are independent and hold a federal charter. In addition to trust administration services, we offer investment management services through our firm, WTO Advisors.
Alyssa Kaiser, CTFA, has over 30 years of experience in the trust, investment, and banking industries and is President of WealthTrust Oklahoma and WTO Advisors. Alyssa may be contacted at: (405) 241-1600, or by email at Alyssa@WealthTrustOk.com.
