March 10, 2025
As tax season nears, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, this hectic period presents an ideal opportunity for cybercriminals who aim to exploit the distraction of business owners and employees.
Many hackers are on the lookout for ways to access sensitive data, scam businesses, and create disorder. In this blog, we will explain why tax season gives cybercriminals a significant advantage 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 your organization and with external parties such as accountants or payroll providers. This creates numerous vulnerabilities for hackers, particularly through phishing emails.
2. Tight Deadlines Lead To Mistakes
With the pressure to meet deadlines, employees may overlook the need to double-check emails, links, or attachments. This lapse in vigilance makes it easier for phishing scams and malware to infiltrate.
3. Higher Volume Of E-mails
Tax season brings an influx of emails related to forms, payment requests, and compliance updates. Cybercriminals take advantage of this by crafting convincing phishing emails that look legitimate in order to intercept sensitive information.
4. Widespread Scams Targeting Taxpayers
Hackers frequently impersonate trusted organizations like the IRS or tax preparation services to deceive businesses into divulging confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
● Phishing E-mails: Fraudulent messages appearing to be from the IRS, your bookkeeper, or a tax service that request sensitive information or direct you to harmful links.
● Fake Invoices Or Payment Requests: Scammers create fake invoices or payment demands to deceive businesses into wiring money.
● Ransomware Attacks: Hackers may encrypt essential financial data and demand payment for its release.
● Social Engineering: Phone calls or emails posing as accountants, payroll providers, or other trusted contacts to extract 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 cautious of urgent payment requests or unusual account updates.
● Report suspicious emails immediately.
2. Secure Your Communications
Ensure that all data exchanges are encrypted, particularly when sharing sensitive tax documents. Use secure portals or file-sharing tools instead of email whenever possible.
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.
We cannot emphasize enough the importance of this feature. If your password is compromised, MFA can help protect you. If it's an available feature on any account you have, be sure to enable it.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can exploit 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 sums or sensitive accounts. Confirm through a second communication method (e.g., a phone call) to ensure authenticity.
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 implementing proactive cybersecurity measures, you can safeguard your business from becoming a victim.
Let's make sure the only thing you're filing this
season is a successful tax return - not a cybersecurity incident report. Start
with a FREE 15-Minute Discovery Call to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
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here or give us a call at 781-837-0069 to schedule your FREE 15-Minute Discovery Call now!
