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Filing taxes early, identity theft & Equifax breach

Old 09-19-17, 03:00 PM
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kevmk81
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Filing taxes early, identity theft & Equifax breach

Riddle me this

Say your info was stolen in the Equifax breach that has recently been on the news. So, SSN, drivers license etc are in the data that was stolen.

Come tax time, it's suggested now that you file early to avoid someone else filing for your taxes.

However, some people, like myself, won't get all of my forms till possibly late February.

So with the Equifax breach, and the fact that some people don't get their forms till late Feb, isn't this a perfect storm scenario?

Just wondering what some of Foo's thoughts are on this. I feel like this year there will be a lot of taxes done by people who are not who they claim to be - and I don't wanna be one of them. :-/

That question aside, so what happens say if you owe taxes, and someone does your tax return incorrectly? You could get audited, right?? lol... what a mess this will be.

Thanks equifax.

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Old 09-19-17, 03:05 PM
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aaaaaaaaaaaaaaaaand that post on the internet probably put a bulls-eye on my forehead
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Old 09-19-17, 03:34 PM
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I thought about this. Specifically, filing one with very little info and then following up with an amended return.
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Old 09-19-17, 04:10 PM
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You mean that someone will pay your taxes for you?
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Old 09-19-17, 05:01 PM
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While it is possible that someone will try to falsely claim a tax credit, that may be complex. In particular, they would have to fake 2017 W-2 forms (or acquire copies of the forms from your employer). Hopefully the Federal government can compare actual employer payments with the submitted W-2 forms, so fakes would show up quickly.

I'd be less concerned about beating an illegal alien to paying legitimate taxes using a false social security number.

I think the biggest concern is identity theft. The ability for fraudsters to open bank accounts and apply for credit cards, and then leave you on the hook to pay off their fraudulent debt. Perhaps even break into your bank accounts and get duplicate bank cards or otherwise withdraw money without authorization.

About 20 years ago, I called one of the credit agencies to get a credit report and my call was routed overseas. Since then I have absolutely refused to deal with these companies. I have never voluntarily given them any personal information. As far as I am concerned, they are collecting information about Americans without the permission of the consumers they are collecting information about.
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Old 09-19-17, 07:51 PM
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Originally Posted by CliffordK View Post
As far as I am concerned, they are collecting information about Americans without the permission of the consumers they are collecting information about.
Quite right. And what's really galling is they are selling our information. Is our personal information their property to sell? I think there is some litigation on this very issue.
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Old 09-20-17, 03:37 AM
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Riddle me this

Say your info was stolen in the Equifax breach that has recently been on the news. So, SSN, drivers license etc are in the data that was stolen.

Come tax time, it's suggested now that you file early to avoid someone else filing for your taxes.

However, some people, like myself, won't get all of my forms till possibly late February.

So with the Equifax breach, and the fact that some people don't get their forms till late Feb, isn't this a perfect storm scenario?

Just wondering what some of Foo's thoughts are on this. I feel like this year there will be a lot of taxes done by people who are not who they claim to be - and I don't wanna be one of them. :-/

That question aside, so what happens say if you owe taxes, and someone does your tax return incorrectly? You could get audited, right?? lol... what a mess this will be.

Thanks equifax
.



You are only affected if you opened an account with Equifax, and registered a username name, password, and PIN. If you haven't done any of these, your info is safe.

I doubt people are going to use stolen information to file tax returns, unless they have managed to steal your employer's tax ID, and your withholding information.

You can "opt out" to prevent random access and soft inquiries being performed on your credit records (and prevent that "pre-approved" junk mail from filling your mail box), and you can lock access to your records entirely, just call the 800 numbers of Equifax, Transunion, and Experian, it takes only a few minutes.

Is our personal information their property to sell?

Yes, it is, because whenever you apply for credit, and sign a release to access your credit reports, you are also granting permission for that information to be shared or sold. Take a look through all that fine print next time you apply for a credit card, car loan or mortgage, or open a bank account.

These businesses pay the credit reporting agencies a subscription fee, and information is traded back and forth.

I was in the credit biz for some time, and know very much about the industry.
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Old 09-20-17, 03:47 AM
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if someone filed my 3rd quarter taxes a few days ago or my 4th in Jan...they'd be paying not getting
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Old 09-20-17, 04:59 PM
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Originally Posted by Sangetsu View Post
You are only affected if you opened an account with Equifax, and registered a username name, password, and PIN. If you haven't done any of these, your info is safe.

I doubt people are going to use stolen information to file tax returns, unless they have managed to steal your employer's tax ID, and your withholding information.

You can "opt out" to prevent random access and soft inquiries being performed on your credit records (and prevent that "pre-approved" junk mail from filling your mail box), and you can lock access to your records entirely, just call the 800 numbers of Equifax, Transunion, and Experian, it takes only a few minutes.

Is our personal information their property to sell?

Yes, it is, because whenever you apply for credit, and sign a release to access your credit reports, you are also granting permission for that information to be shared or sold. Take a look through all that fine print next time you apply for a credit card, car loan or mortgage, or open a bank account.

These businesses pay the credit reporting agencies a subscription fee, and information is traded back and forth.

I was in the credit biz for some time, and know very much about the industry.
Ok,
So I haven't dealt with any of those "credit companies" for a very long time, so that means that my info may have survived this most recent breach, but what about the next one?

I suppose I could call them to try to block access to my private information, but isn't interacting with the credit companies what you just said allowed the information to be leaked out?

I had my credit card info stolen about 2 years ago. I still don't know the source of the leak. It was plugged pretty quickly, but it was still frustrating. In the end, it was the retailers who lost their merchandise who suffered.
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Old 09-20-17, 05:32 PM
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Ok,

So I haven't dealt with any of those "credit companies" for a very long time, so that means that my info may have survived this most recent breach, but what about the next one?

I suppose I could call them to try to block access to my private information, but isn't interacting with the credit companies what you just said allowed the information to be leaked out?

I had my credit card info stolen about 2 years ago. I still don't know the source of the leak. It was plugged pretty quickly, but it was still frustrating. In the end, it was the retailers who lost their merchandise who suffered.



Most credit card numbers are stolen by employees of the places you shop at, the most common shops being restaurants. All they need is the number and the CVV number. But your credit card is insured by the issuer, and stolen cards and card numbers are easy deal with.

If you call the credit reporting agencies on the telephone rather than registering with them online, your information will be safer.

As much as some people may hate the way American credit reporting agencies share or handle information, America's system is the fairest and most transparent of any country. Here in Japan I cannot get access to my credit information, and if it were stolen or lost, finding out how or why would be extremely difficult. If you are ever denied credit in America, the company which denied you must give you a clear reason whey they did so, and you are entitled to a free copy of your credit reports to verify that reason. If you are denied credit here in Japan, you receive a letter saying that they are not required to tell you why.
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