Data is everything and everywhere. Protecting it is crucial.
Alas, keeping your personal information safe is often beyond your control. As a result, criminals routinely steal information through data breaches.
With most of us focused on the holidays and soon, on our tax prep, the IRS has issued steps to take to protect those who become victims of a data breach. The IRS makes this point: not every data breach will result in identity theft. And not every identity theft is tax related.
But the odds remain strong that someone has your information, whether it’s your Social Security number or other personal identifiable information. The faster you can take steps to protect yourself, the better off you will be.
“Unfortunately, breaches involving the loss of personal information and other data are becoming more frequent,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “Instructions like these from the IRS are important steps to follow.”
The IRS’ 4 Steps to Protect Yourself After a Data Breach
- If possible, determine what type of Personally Identifiable Information (PII) has been lost or stolen. It is important to know what kind of information has been stolen so you can take the appropriate steps. For example, a stolen credit card number will not affect your IRS tax account.
- Stay informed about the steps being taken by the company that lost your data. Some may offer special services, such as credit monitoring services, to assist victims.
- Follow the Federal Trade Commission’s recommended steps, including:
- Notify one of the three major credit bureaus to place a fraud alert on your credit file;
- Consider a credit freeze, which will prevent access to your credit records;
- Close any accounts opened without your permission.
- Visit IdentityTheft.gov for additional guidance.
- If you received IRS correspondence indicating you may be a victim of tax-related identity theft or your e-file tax return was rejected as a duplicate, take these additional steps with the IRS:
- You can submit an IRS Form 14039, Identity Theft Affidavit online and continue to file your tax return, even if you must do so by paper.
- You can complete and attach the Form 14039 and submit it with your paper tax return if you do not submit it online.
- Only use one method to submit the Form14039, do not submit the form more than once.
- Watch for any follow-up correspondence from the IRS and respond quickly.
“At Regions, we believe the best way to protect yourself is through awareness,” Taylor added. “We remain committed to educating our customers and the public about potential fraud threats and the appropriate responses.”
Remember, protect yourself by regularly monitoring your accounts for suspicious activity and reporting it immediately when you feel something isn’t right.
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The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.