Tax Scams That Outsmart Even Savvy Consumers (Part 2)

Tax scams where someone files a fake return for you and puts money on your bank account

Yes, you read that right.

This is the new type of scam going around, and the later you file your taxes, the higher the chances of you being targeted with a “refund” scam.

What happens in this scenario?

Sometimes, scammers also use automated calls claiming to be the IRS where they threaten victims that their SSN will be blacklisted if they don’t call back a specific number they provide in the message.

Once again, the unaware consumer goes through a series of harassment and losses because of bogus returns filed by scammers.

What should I do if I receive an erroneous refund?

Unfortunately, this scam is even worse than the previous one because scammers have gone through great lengths to file a bogus return on your behalf. The money does need to be refunded, but directly to the IRS.

If your refund was a direct deposit:

If your refund was a check:

More details on how to return an erroneous refund here.

Even though you are the victim, you may accrue interest charges on the refund so make sure you call the IRS to notify them of your situation.

IRS may be able to waive your interest due to reasonable cause or first time penalty abatement.

Final words of advice:

As much doom and gloom this is, being aware and spreading the word to your friends and families will greatly help reduce such scams.

Solutions like Harvest Platform can help with staying on top of what’s happening with your bank accounts. The best remedy, however, is to stay alert and spread the word.

Please share the article so that more consumers can stay vigilant. #staywoke

Disclaimer: We are not tax experts and the information provided is purely for educational purposes. For tax advice, visit a licensed tax professional with good IT security. Our mission is to simply alert consumers about predatory practices.

About the Author

Harvest helps increase the net worth of the 99% through artificial intelligence and financial automation. To date, Harvest has refunded over $2M in bank fees and interest charges to its members with the ultimate goal of increasing the net worth of everyday Americans by $1 trillion by 2030. Our platform starts with providing immediate relief through bank fee and interest charge refunds, orients a member's financial health with our proprietary PRO Index, and keeps track of net worth over time aided by our suite of financial tools. Check out our 8-step guide on "How to Build Wealth from Nothing" to get started on increasing your net worth.

Disclaimer: Harvest is not providing financial advice. The content presented does not reflect the view of the Issuing Banks and is presented for general education and informational purposes only. Please consult with a qualified professional for financial advice.