IRS Warns Banks Of FATCA-Linked Identify Theft Attempts
The Internal Revenue Service issued that it does not require foreign financial companies and institutions to provide information on account holders by phone, fax, or email under the Foreign Account Tax Compliance Act. The statement comes after the emergence of fraud, with scammers posing as the IRS to seek access to bank client data.
The IRS has further clarified that it will not seek FATCA registration passwords or similar confidential account access information from banks.
“Tax scams using the IRS name can take many forms and they are not limited by national borders,” said IRS Commissioner John Koskinen. “People should always be cautious before sending sensitive information to anyone.”
It was confirmed that FFIs directly registered to comply with FATCA, and those in jurisdictions that are treated as having in effect agreements to implement FATCA through intergovernmental cooperation have been approached by persons claiming to represent the IRS.
The IRS has reports of such “phishing” incidents from multiple countries and continents, and the scams are typically carried out through the use of unsolicited emails and/or websites that pose as legitimate contacts. The agency has asked FFIs that suspect they are the subject of a scam to report the matter to the Treasury Inspector General for Tax Administration.
Source: taxnews- IRS Warns Banks Of FATCA-Linked Identify Theft Attempts