1. IRS braces for onslaught of coronavirus stimulus scams

    IRS braces for onslaught of coronavirus stimulus scams

    The Internal Revenue Service is bracing for another epidemic -- scammers trying to get their hands on the $1,200 payments being sent out to millions of Americans to bolster the economy.

    The payments, plus an additional $500 for each child, have begun hitting bank accounts this week, opening a wide avenue of opportunities for scams, identity theft and low-tech crimes such as stealing checks from mailboxes.

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    1. Right now, due to how vulnerable the population is, it's really prime picking for fraudsters to come out in full force.
    2. I understand scammers are already contacting innocent Americans by impersonating IRS or Treasury Department officials, offering so-called COVID-19-related assistance that requires the sharing of personal financial information.
    3. IRS Criminal Investigation is actively working to combat scam artists trying to exploit Economic Impact Payments.
    4. The potential for fraud is present, but it is not substantially different from what IRS needs to deal with every tax filing season.
    5. Fraud isn't going to be reduced to zero.
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