Navigating Tax Identity Theft Week in February

The genesis of Tax Identity Theft Week lies in the escalating sophistication of identity theft in the digital age. The digital era has birthed not only convenience but also vulnerabilities, with cybercriminals devising intricate methods to exploit financial identities.

According to the FTC, identity theft ranks among the most frequently reported forms of consumer fraud. Tax identity theft can have lasting, damaging effects.

Recognizing this growing menace, Tax Identity Theft Week was established to impart awareness and empower individuals to thwart identity theft attempts.

In this article, we unravel the layers of Tax Identity Theft Week—an annual initiative to equip consumers with the knowledge and tools to safeguard their financial identities.

When is Tax Identity Theft Week 2024?

Tax Identity Theft Week is an annual event starting on the last Monday of January lasting for 5 days. This annual campaign is strategically timed as tax season gears up. This proactive approach aligns with the urgency of protecting one’s financial identity amidst the hustle and bustle of tax filings.

This year, it occurs from January 29 to February 2, 2024.

History of Tax Identity Theft Week

Tax is the amount an individual owes to the government on their income. Throughout history, taxes evolved from gold coins to today’s digital systems.

“Tax identity, often a social security number or a tax identification number, uniquely tracks individuals for economic functions and distinguishes legal from illegal residents. It serves as a key for jobs, medical care, and financial transactions,” says Martin Walcoe, President & CEO, David Lerner Associates, Inc.

The National Social Security Administration was established in 1935 to issue SSNs to all U.S. residents.

The S.S.A. began nationwide tax collection for the first time in 1937. However, tax identity theft emerged, with hackers targeting personal information for fraud, including filing fake tax returns. To counter this, The House of Representatives introduced a bill titled “Stopping Tax Offenders and Prosecuting Identity Theft” in 2013.

In 2015, a reported 781 data breaches resulted in 169 million compromised records. This led to the creation of awareness programs, like Tax Identity Theft Week, to educate people on safeguarding their identities and reporting suspicious activities.

Who Gets Involved in Tax Identity Theft Week?

Tax Identity Theft Week is a collective effort that transcends individual boundaries.

From individual taxpayers to financial institutions, government agencies, and cybersecurity experts, a diverse cohort participates in this initiative.

At David Lerner Associates, we champion the active involvement of everyone in this shared responsibility to create a resilient defense against identity theft.

Tax Identity Theft Week Participation Ideas

1. 1. Educational Webinars on Cybersecurity
      Collaborate with cybersecurity firms to organize informative webinars accessible to the public. Cover topics such as recognizing phishing attempts, securing personal information, and staying vigilant during tax season.
   2. Interactive Workshops on Secure Tax Filing
       Organize workshops where participants can engage in simulated tax filing scenarios. Offer guidance on using secure platforms, employing multi-factor authentication, and recognizing potential red flags.
   3. Community Awareness Campaigns
      Leverage social media, local events, and community partnerships to disseminate information about common identity theft tactics and preventive measures. Encourage folks to share their experiences and insights.
   4. Collaboration with Financial Institutions
      Facilitate discussions between financial institutions and their clients. Encourage institutions to provide resources, such as educational materials and secure online platforms, to enhance customer awareness and protection.
   5. Acquire Self-Protection Skills
      Throughout this week, diverse sessions on safeguarding against tax identity theft are arranged by national authorities and financial institutions. Attendees can gain valuable insights and instructions to shield themselves effectively.

Conclusion

As Tax Identity Theft Week approaches, let’s unite in our commitment to fortify our financial identities.

At David Lerner Associates, we believe that education is the key to empowerment. Join us in embracing Tax Identity Theft Week as an opportunity to arm ourselves with knowledge, creating a shield against the subtle threats that lurk in the digital shadows. Together, we can navigate tax season with confidence and safeguard our financial well-being.

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Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.