March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, this hectic period is seen by cybercriminals as an ideal opportunity to attack, taking advantage of the distractions faced by business owners and employees.
Many hackers aim to exploit sensitive data, scam businesses, and create disorder. In this blog, we will discuss 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
Tax season requires sharing sensitive financial and personal information both internally 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 looming deadlines, employees may become less careful about verifying emails, links, or attachments. This lack of vigilance makes it easier for phishing scams and malware to infiltrate.
3. Higher Volume Of E-mails
During tax season, businesses deal with a surge of emails related to forms, payment requests, and compliance updates. Cybercriminals take advantage of this influx by crafting convincing phishing emails that seem legitimate in order to capture sensitive data.
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 pretending to be from the IRS, your bookkeeper, or a tax service, requesting sensitive information or directing you to harmful links.
- Fake Invoices Or Payment Requests: Scammers send fake invoices or payment demands to trick businesses into wiring money.
- Ransomware Attacks: Cybercriminals may encrypt critical 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 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 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 extra layer of security, even if credentials are compromised. The importance of this feature cannot be overstated; if your password is compromised, MFA can help protect you. If it's available on any of your accounts, 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 through a second communication method, such as 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 609-676-3597 to schedule your FREE 15-Minute Discovery Call now!
