Solving Tax Refund Identity Fraud
- Date:May 30, 2013
- Author(s):
- David Fish
- Research Topic(s):
- Prepaid
- PAID CONTENT
Overview
Identity thieves have been going after the big bucks by submitting fraudulent tax returns and then claiming refunds that are deposited to bank accounts and prepaid card accounts that bear no relation to the identity used on the return. The good news is that the payments industry has a solution. The bad news is that the IRS???s rules around data privacy may impede application of a process that could have saved federal taxpayers $7 billion this year.
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