Prime Time Money

Tax Rebate Scams: Vishing On the Rise

I’ve written a lot lately about the tax rebate that most of us will be getting, now sooner rather than later.  Today I heard about a new scam that’s going around associated with the rebates.

Vishing: New Name for and Old Scam

Vishing is the by voice (usually over the phone) variant of “phishing” which, as most know, is a bogus email which tries to get you to give up your private information (i.e. SSN, bank account numbers).

Tax Rebate Incentive

These types of scams can happen at anytime, but apparently they are particularly common during this time of year, when people are expecting tax refunds.  This year there is an even bigger incentive to scam due to the tax rebate/economic stimulus package.  Scammers think you’ll have a bigger stash in your account and that you won’t think it odd that the IRS is calling you.

What to Do if Vished (yes, I just made that word up)

If someone calls and says they are from the IRS or Social Security Administration (SSA) and they need information from you just hang up the phone.  The IRS and SSA already have all the information they need on you, and they certainly wouldn’t call you up to ask you.  This from the IRS:

“The IRS has no business need to know, and does not ask for bank account or similar information, except when taxpayers indicate on their tax return that they are opting for the direct electronic deposit of their refund.  In that case, however, it is the individual’s responsibility to provide the IRS with the correct bank routing and account numbers on the tax return. The IRS does not contact taxpayers to verify the information.”

Remember, your tax rebate will be direct deposited into your bank account IF you gave them your banking information on your 2007 return.  If you didn’t, they will send you a rebate check to the address on your return.

Source: Pamela Yip, Morning News