Arvest Bank Warns Consumers, Businesses About Tax Identity Theft
With tax filing season in full swing, consumers and businesses should stay alert and take proactive steps to protect themselves from tax-related identity theft – a growing form of fraud that can delay refunds, create long-term financial headaches and take months to resolve.
According to the IRS, tax identity theft occurs when criminals use a stolen Social Security number to file a fraudulent tax return and claim a refund before the legitimate taxpayer files. Criminals frequently use advanced methods, such as AI-generated phishing emails and fake text messages, to impersonate the IRS or financial institutions and trick victims into providing sensitive information. In 2024, the IRS flagged an estimated $16.5 billion in refunds for possible identity fraud.
Taxpayers are encouraged to watch for common warning signs of tax identity theft, including an electronically filed return being rejected because a duplicate return was already submitted, receiving an IRS notice about a tax return you did not file, or receiving an unexpected 1099-G form for unemployment benefits you never applied for.
As scammers use more sophisticated tricks, Arvest Bank urges everyone to be cautious when sharing personal information. By staying alert and following a few simple habits, you can help protect yourself and keep your finances safe.
To reduce the risk of becoming a victim of tax identity theft, we recommend following these tips provided by the IRS:
- Get an IRS Identity Protection PIN: An IP PIN is a six-digit number assigned by the IRS that prevents anyone else from filing a tax return using your Social Security number.
- File Early: Submitting your return early in the season reduces the window for thieves to file a fraudulent one before you do.
- Know How the IRS Will Contact You: The IRS does not initiate contact via email, text or social media to request personal or financial information. Don’t give your personal information to someone who calls, emails or texts and says they’re with the IRS. It could be a scammer impersonating the IRS to steal your information or money. If you need to contact the IRS, call them at 1-800-829-1040
- Protect Personal Records: Secure your Social Security card, shred tax documents before throwing them away, and secure your computer with firewalls and antivirus software. Tax-related documents you should keep for a year include bank statements and deposited checks. Documents you should keep for at least three years include canceled checks and records related to selling a home. Check the IRS website for a complete list.
- Use Trusted Tax Preparers: Ensure you trust your tax preparer and review your return before signing. If you use online software, secure your account with two-factor authentication, which adds an extra layer of security by requiring two or more credentials to log in.
- Check Credit Reports: Regularly check your credit report to monitor for unauthorized activity.
Anyone who believes they may be a victim of tax identity theft should immediately file a report at IdentityTheft.gov, the federal government’s centralized identity theft recovery site. Arvest customers should also contact Arvest’s fraud department right away if they suspect their banking credentials or accounts have been compromised.
Erin Gray is the director of Integrated Account Protection at Arvest Bank.
With more than $27 billion in assets, Arvest is a full-service bank that delivers financial solutions to individuals and businesses of all sizes. Since entering the Kansas City market in 2009, Arvest has grown to become one of the top 20 banks and the sixth-largest mortgage lender in the metro. The bank has 20 locations in the metro area. Arvest is an Equal Housing Lender and Member FDIC.