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Protect Yourself from W-2 Scams with O1ne Mortgage

Keeping your personal information safe is crucial in preventing identity theft. Unfortunately, sometimes the situation is beyond your control. A data breach could expose your sensitive information, or your employer might fall victim to a W-2 scam, giving cybercriminals access to your personal and financial details.

What Are W-2 Scams?

W-2 scams target employers rather than individuals. Scammers attempt to trick someone with access to employees’ W-2s, often in the finance or human resources department, into sending them copies of every employee’s W-2. This type of phishing scam can provide cybercriminals with sensitive information, which they can use to file fraudulent tax returns or commit other types of identity fraud. They may also sell the information on the dark web.

These attacks often involve “spoofing” an email to make it appear as though it is from a company executive. The email might request a list of employees and their W-2s, often with a sense of urgency. Employees, eager to comply with higher-ups, might quickly respond and send the requested information.

Fraudulent W-2 Scams

In March 2023, the IRS warned of a new type of W-2 scam promoted on social media. This scheme encourages people to create fraudulent W-2 forms and use them to file false tax returns for large refunds. Filing a fraudulent tax return can result in severe penalties or criminal charges. Don’t fall for it.

How to Avoid W-2 Scams

While you can’t always prevent someone from sharing your W-2 without your permission, you can take steps to protect yourself and your company:

• Anti-phishing training: Encourage your employer to set up cybersecurity training programs. These can help employees detect and avoid phishing scams.
• Report suspicious emails: Forward any suspicious emails to your IT department without clicking on any links.
• Confirm requests: Verify requests for W-2s by calling or messaging the sender directly.
• Share information: Educate your colleagues about scams by sharing warnings and informational articles.

If you suspect your information has been compromised, file your tax return early to prevent duplicate filings. You can also sign up for a free tax Identity Protection PIN from the IRS.

How to Report W-2 Scams

If you receive a W-2 scam email and do not reply, forward it to the IRS following their instructions. If you fall for a W-2 scam, report it to your company immediately. You may also need to report the incident to law enforcement, state agencies, and the IRS. The IRS provides specific instructions for reporting W-2 scams and can help protect employees from identity theft.

Email StateAlert@taxadmin.org for state-specific reporting information. Additionally, file a report with local law enforcement and the FBI’s Internet Crime Complaint Center (IC3).

Monitor Your Credit and Identity

W-2 scams are just one way your personal information can be compromised. Regularly monitor your credit and identity to stay vigilant. Use a free dark web scan to check if your SSN, email, or phone number is exposed. Free credit monitoring can alert you to suspicious changes in your credit report, and subscription identity theft protection services can offer additional monitoring and recovery services.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence and security.

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