Transcript
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Ralph: Have you ever received a threatening call from someone claiming to be with the IRS?
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Demanding your immediate payment or else you may face arrest.
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Or maybe you got an email promising, a huge tax refund.
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If you just click a link and provide some personal info.
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guess what those are.
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Tax scams, preying on unsuspected victims.
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Stick with me for today's, show it all arm you with the knowledge to spot these schemes from a mile away.
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And keep your hard earned money safe.
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It's going to be a good show today, folks.
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Welcome to our tax talk Thursday show.
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I'm so glad you chose to join us.
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I just want to thank you for listening and supporting the program.
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As I said today, we're talking about tax scams.
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What are the warning signs, prevention tips, and what to do if you become a victim and nobody wants to be a victim of a tax scam.
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Well it's a rainy day here on the farm.
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So the cows continue to flop around in the mud.
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And boy are they muddy?
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They're still insisting on me building them an arc, but I'm not a carpenter, but I'm hoping a few life rafts will do the trick.
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That's enough about talking on the farm today.
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Before we get started.
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I want to remind you to subscribe to the show and join our email list.
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You do that at askralphpodcast.com . So you don't miss tomorrow's.
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Show.
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When we discuss what happens when you inherit savings bonds?
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And what are the tax ramifications to that?
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Before we dive in, I want to remind you of a powerful truth from scripture.
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The book of Proverbs chapter 11, verse 14 says where there is no guidance, a people falls, but in an abundance of counselors, there is safety.
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So what does that mean for us today?
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Well, folks, it means this seeking wise counsel and educating ourselves is key.
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To avoiding these financial pitfalls.
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And tax scams definitely qualify as a major pitfall to watch out for.
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So what exactly are tax scams?
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A lot of people don't know what that is.
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In a nutshell, they're ploys used by criminals to steal your money.
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They use them to steal, your identity, or both, and take advantage of fear and confusion.
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Many people feel about the tax system.
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I've been doing this for a long time and there is a huge fear of the IRS and the tax system.
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These scammers use a variety of methods, such as phone calls.
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They use emails, text messages, and even fake websites to trick you into giving them sensitive information or sending them money.
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According to the IRS thousands of people fall victim to tax scams every year, collectively losing millions of dollars.
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And even with tax season ending, it's still prime time for these fraudsters to take their moves.
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And try to get you out of your hard-earned money, but here's the good news by learning the red flags to watch out for, and some simple precautionary measures, which we're going to talk about today.
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You could protect yourself.
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And your finances.
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So let's start talking about some common types of tax scams out there.
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And number one on the list is a phony phone call from someone impersonating an IRS agent.
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Actually receive one of these phone calls myself in the past.
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The caller usually demands immediate payment of an alleged tax debt often through a wire transfer or some kind of prepaid debit card.
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They'll use high pressure tactics and threats of arrest.
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They might threaten to deport you or even revoke your driver's license to create a sense of urgency and fear.
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I do have a true story to share.
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Several years ago, I had a client who had an in-home daycare center and she received one of these phony phone calls and she was so scared.
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She immediately left her house and took off to the local supermarket.
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She called me soon after she arrived at the supermarket.
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And I told her to go ahead and return home.
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But let me tell you, she was really rattled because this person on the phone told her she was going to be arrested.
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So friends, let me be crystal clear.
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This is not how the IRS operates.
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The IRS will never initiate contact with you.
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Via phone, email, text message, or social media to demand immediate payment or threaten legal action.
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Now, if they've been talking to you, they may call you, but they're not going to demand that you pay them over the phone or threaten arrest.
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They always send official correspondence through the mail first.
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That's the way they work.
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So if you get an unsolicited aggressive phone call like this, just hang up immediately, don't even engage with the caller or give out any information.
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It's a scam, plain and simple, hang up and move along.
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Now another prevalent tax game is phishing emails.
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That's P H I S H I N G.
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These are emails claiming to be from the IRS.
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These fraudulent emails may promise a huge tax refund.
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Or claim there's an issue with your tax return that needs to be resolved urgently.
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They'll often include a link for you to click.
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that takes you to a fake IRS website where you're instructed to provide sensitive data like your social security number.
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Maybe your bank account information or even credit card numbers.
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Again, the IRS does not initiate contact with taxpayers via email to request personal or financial information.
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They never do that.
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They have secure channels for sharing sensitive data.
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And will never ask you to send it via email.
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That's why one of the things I recommend is getting an irs.gov account.
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We'll talk about that in a show coming up.
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So if one of these phony emails lands in your inbox, don't reply to it.
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Don't click on any links and don't open any attachments.
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It's really that simple.
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forward that email to phishing@irs.gov.
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That's phising@irs.gov.
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Listen, they have a whole group.
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Of people that work on these and then deleted from your inbox.
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Scammers also like to take advantage of tax law changes and economic relief programs to concoct new schemes.
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For example, during the COVID 19 pandemic criminal sent out phishing emails and texts related to stimulus checks.
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Claiming taxpayers need to provide personal information, to receive their payment.
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Other scams promised to get you additional relief funds for a small processing fee.
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Remember?
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And this goes with a lot of things.
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If something sounds too good to be true, it is.
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Or at least it probably is.
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Always go directly to irs.gov for the most up-to-date information on tax law changes and economic impact payments.
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They're never going to charge you a fee to get a payment.
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And here's the thing don't trust, random emails, random texts, or social media posts.
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Even if they look official, I have seen some of these letters and these fake websites.
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They look like they're really the IRS, but they're not.
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So now that we know some of the warning signs, what are some practical steps you can take to safeguard yourself against tax scams?
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On the show, I always like to give you some actionable items.
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So here's the first one.
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First and foremost, never give out sensitive, personal or financial information to anybody.
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Unsolicited, any callers, emails or texts that are claiming to be from the IRS, just don't do it.
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Don't give it to them.
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This includes your full name, address, birthdate, social security number, bank, account numbers, credit card numbers, and any tax related info.
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this is another one, your e-filing pin or your e-file, username, and password don't ever give that information to anybody that you don't know who they are.
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If you're ever in doubt about whether communication is really from the IRS, just don't engage with it.
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You can always contact the IRS directly.
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At 1-800-829-1040 and you can verify whether they are actually trying to reach you about your taxes.
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For emails, like I said forward, any suspicious messages to fishing.
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That's phishing@irs.gov.
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So the IRS can investigate it.
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Reporting these tax scam attempts helps the authorities to crack down on these criminals and prevent future victims.
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If you don't report it, they may keep looking to scam somebody.
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Another key safeguard is using strong, unique passwords for all accounts, especially anything tax related, like tax prep software, or your IRS e-file account.
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And as I mentioned, they now use the id.me, which is a much more.
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Secure platform.
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Avoid using easily guessed words or info, like your birth date.
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And opt for mixed uppercase and lowercase letters when you're setting up these passwords and not just a simple task make sure you're doing things that nobody's going to guess.
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A lot of people don't.
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Put password one or something like that.
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You definitely want to avoid that and make sure you add some lowercase and uppercase letters, some numbers and some special characters.
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And never share your password with anyone.
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And here's another thing that I highly recommend and that's use a password manager to generate and store strong passwords securely.
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It's also a good idea to regularly check your credit report for any suspicious activity.
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Scammers who get ahold of your personal info, could use it to open fraudulent accounts or lines of credit in your name.
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I've done a few shows on that.
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You might also want to consider subscribing to one of these credit reporting places where they let you know if someone's trying to do something.
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Here's the truth.
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You're entitled to a free credit report every year from each of the three major credit bureaus.
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That's Equifax, Experian, and TransUnion.
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And you get those by going to annual credit report.com to request them, review it carefully and look for any red flags.
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And if you do fall victim to a tax scam, despite your best efforts, quick action is the key to minimizing the damage.
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You want to contact the IRS right away using their official channels to report the incident.
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You'll also want to notify your bank and credit card companies.
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If you shared any account information with those scammers.
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Here's another thing you can do consider placing a fraud alert or credit freeze on your credit report to prevent criminals from opening new accounts in your name.
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And don't hesitate to file a complaint with the federal trade commission.
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You find them at ftc.gov/complaint.
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The more data the federal trade commission has about these scams and how they operate the better equipped they are to investigate and prosecute perpetrators.
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Now, listen, I know all of this can feel overwhelming, but remember you don't have to navigate the complexities of taxes and financial security alone.
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I always say this seek out trusted resources and guidance, whether that's a reputable tax preparer, a financial advisor, or even our podcast, episode and blog post.
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One of the things I try to do is provide you with information that will help secure your finances.
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We're here to provide you with reliable information and biblical principles.
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You can apply to every aspect of your financial life and above all.
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Keep your faith at the center.
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Managing money wisely is an important part of being a good steward of the blessings.
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God has entrusted to us.
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But even when financial challenges or setbacks come our way, we can always trust in the Lord's provision and guidance.
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As first Timothy chapter six, verse 17 reminds us instruct those who are rich in the present age, not to be arrogant or to set their hope on uncertainty of wealth, but on God.
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Who richly provides us with all things to enjoy.
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Before we wrap up on our mind, all of our listeners to visit our podcast page, do that ataskralphpodcast.com . As I always say there, you can leave a review, share your thoughts, or even send us a message with questions for future episodes.
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We're trying to build our schedule.
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So if you've got some ideas for future episodes, I would love to hear them.
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And while you're there, make sure you join our email list that we can say you are daily email to tell you what's going on on the show.
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As I always say, you can also schedule a consultation with me there to discuss your specific circumstances.
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If you need some specific help
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now, listen, here's what I'm going to ask you to do.
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If you know someone who can benefit from this episode, maybe they've been scammed on their taxes, share this episode and share the program with them.
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As we grow, the more people we can make aware of the information we provide, the better.
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So let's recap what we've learned today in protecting ourselves from tax scams, red flags to watch out for include unsolicited phone calls, unsolicited emails, or unsolicited texts, allegedly from the IRS demanding immediate payment or personal info.
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They might threaten arrest or legal action and the promise of huge refunds or additional relief funds.
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If you receive any of these communications.
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Don't engage with them.
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Hang up the phone, delete the email, text and report the scam.
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Attempt to the proper authorities.
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Always go directly to irs.gov for the latest tax info rather than trusting random messages.
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Here's a thing.
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Folks protect your sensitive data by using strong passwords.
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Be cautious about sharing personal information and regularly check your credit report.
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And if you do get scammed, contact the IRS, your financial institutions and the FTC right away to minimize the damage and prevent future fraudulent activities, friends, I hope this episode has equipped you with some valuable knowledge and tools to stay safe from scams this season and beyond.
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If you found it helpful, please share it with a friend or family member who could also benefit from this info.
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And don't forget to head over to our.
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askralphpodcast.com website for more episodes.
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We're almost at 400.
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Got a ton of blog posts and resource out there to help you master your finances with a Christian perspective.
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So until next time stay financially savvy.
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Keep the faith and may God bless you.
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Abundantly.
