March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting deadlines. Unfortunately, this hectic period presents an ideal opportunity for cybercriminals to target business owners and employees who may be preoccupied.
Many hackers aim to exploit sensitive data, deceive businesses, and create disruption. In this blog, we'll discuss why tax season gives cybercriminals an 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 organizations and with external parties like accountants and payroll providers. This creates multiple vulnerabilities that hackers can exploit, particularly through fraudulent emails.
2. Tight Deadlines Lead To Mistakes
With the pressure of deadlines, employees might overlook the need to double-check emails, links, or attachments. This can make it easier for phishing scams and malware to go unnoticed.
3. Higher Volume Of E-mails
Businesses receive a surge of emails related to forms, payment requests, and compliance updates during tax season. Cybercriminals take advantage of this by sending convincing phishing emails that appear legitimate in order to steal sensitive information.
4. Widespread Scams Targeting Taxpayers
Hackers often pose as trusted entities like the IRS or tax preparation services to deceive businesses into sharing confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing E-mails: Fraudulent messages that seem to come from the IRS, your bookkeeper, or a tax service, asking for sensitive information or directing you to harmful links.
- Fake Invoices Or Payment Requests: Scammers send counterfeit invoices or payment demands to trick businesses into transferring money.
- Ransomware Attacks: Hackers may encrypt crucial financial data and demand payment for its release.
- Social Engineering: Phone calls or emails impersonating 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 the latest scams and how to identify phishing attempts. Instruct them to:
- Verify email senders before opening attachments or clicking links.
- Be wary of urgent payment requests or unusual account updates.
- Report suspicious emails immediately.
2. Secure Your Communications
Ensure that all data exchanges are encrypted, especially 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 extra layer of security, even if credentials are compromised. If this feature is available on any account you have, please enable it.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can take advantage of them. Focus on:
- Updating software and applying patches.
- Securing network endpoints and devices.
- Verifying data backup integrity.
5. Verify All Financial Requests
Double-check payment requests, especially those involving large sums or sensitive accounts. Confirm via a secondary 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 prime opportunity for hackers. By remaining vigilant, educating your team, and implementing proactive cybersecurity measures, you can safeguard your business from becoming a target.
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 Consult to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
Click
here or give us a call at 610-433-1000 to schedule your FREE Consult now!
