March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, cybercriminals view this hectic period as an ideal opportunity to launch attacks, taking advantage of the distractions faced by business owners and employees.
Many hackers aim to exploit sensitive data, scam businesses, and create disruption. In this blog, we will discuss why tax season presents a significant opportunity for cybercriminals and how you can stay ahead of them.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
During tax season, sensitive financial and personal information is shared both within companies and with external parties such as accountants and payroll providers. This creates numerous vulnerabilities that hackers can exploit, particularly through phishing emails.
2. Tight Deadlines Lead To Mistakes
With the pressure of looming deadlines, employees may be less attentive to verifying emails, links, or attachments. This can make it easier for phishing scams and malware to infiltrate systems.
3. Higher Volume Of E-mails
Businesses receive a large number of emails related to tax forms, payment requests, and compliance updates during this time. Cybercriminals take advantage of this influx by sending convincing phishing emails that seem legitimate in order to capture sensitive data.
4. Widespread Scams Targeting Taxpayers
Hackers frequently impersonate trusted organizations such as the IRS or tax preparation services to deceive businesses into disclosing confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing E-mails: Fraudulent communications pretending to be from the IRS, your bookkeeper, or a tax service, requesting sensitive information or directing you to harmful links.
- Fake Invoices Or Payment Requests: Scammers may send counterfeit invoices or payment demands to trick businesses into transferring funds.
- Ransomware Attacks: Cybercriminals might encrypt critical financial data and demand payment for its release.
- Social Engineering: Phone calls or emails impersonating accountants, payroll providers, or other trusted contacts to extract sensitive information.
How To Protect Your Business This Tax Season
1. Train Your Team
Educate employees about current scams and how to identify phishing attempts. Instruct them to:
- Verify email senders before opening attachments or clicking links.
- Be wary of urgent payment requests or unusual account changes.
- Report suspicious emails immediately.
2. Secure Your Communications
Ensure that all data exchanges are encrypted, particularly when sharing sensitive tax documents. Utilize secure portals or file-sharing tools instead of email whenever feasible.
3. Implement Multifactor Authentication (MFA)
Require MFA for access to financial systems, email accounts, and any platforms used for tax-related activities. This adds an additional layer of security, even if credentials are compromised. It is crucial to set up this feature if available on any account you manage.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can take advantage of them. Focus on:
- Updating software and applying patches.
- Securing network endpoints and devices.
- Verifying the integrity of data backups.
5. Verify All Financial Requests
Thoroughly check payment requests, especially those involving large amounts or sensitive accounts. Confirm via a secondary communication method (e.g., a phone call) to ensure their legitimacy.
Don't Let Hackers Score This Tax Season
Tax season doesn't have to be a free-for-all for hackers. By remaining vigilant, educating your team, and employing proactive cybersecurity measures, you can safeguard your business against becoming a target.
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season is a successful tax return - not a cybersecurity incident report. Start
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