March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, this hectic period provides cybercriminals with an ideal opportunity to target business owners and employees who are preoccupied.
Many hackers aim to exploit sensitive data, scam businesses, and create disruption. In this blog, we will discuss why tax season presents a significant advantage for cybercriminals and how you can stay ahead of them.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
During tax season, sensitive financial and personal information is shared both within organizations and with external parties like accountants or payroll providers. This creates multiple vulnerabilities for hackers to exploit, particularly through fraudulent emails.
2. Tight Deadlines Lead To Mistakes
With the pressure of looming deadlines, employees may overlook the need to double-check emails, links, or file attachments. This can make it easier for phishing scams and malware to infiltrate systems.
3. Higher Volume Of E-mails
Businesses receive a high volume of emails related to forms, payment requests, and compliance updates during tax season. Cybercriminals take advantage of this by sending convincing phishing emails that appear legitimate in order to intercept sensitive data.
4. Widespread Scams Targeting Taxpayers
Hackers often pose as trusted entities, such as the IRS or tax preparation services, to deceive businesses into sharing confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing E-mails: Fraudulent messages that appear to be from the IRS, your bookkeeper, or a tax service, requesting sensitive information or directing you to malicious links.
- Fake Invoices Or Payment Requests: Scammers send counterfeit invoices or payment demands to trick businesses into transferring money.
- Ransomware Attacks: Hackers may encrypt critical financial data and demand payment to restore access.
- 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 on the latest 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 that all data exchanges are encrypted, especially 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 additional layer of security, even if credentials are compromised. It is crucial to enable this feature wherever possible.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can exploit them. Focus on:
- Updating software and applying patches.
- Securing network endpoints and devices.
- Verifying the integrity of data backups.
5. Verify All Financial Requests
Double-check payment requests, especially those involving large sums or sensitive accounts. Confirm the authenticity of requests through a secondary communication method, such as a phone call.
Don't Let Hackers Score This Tax Season
Tax season doesn't have to be an open season 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 Discovery Call to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
Click
here or give us a call at 407-278-5664 to schedule your FREE Discovery Call now!
