March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, this hectic period attracts cybercriminals who see an opportunity to exploit the distractions of business owners and employees.
Hackers are constantly looking for ways to access sensitive data, defraud businesses, and create disorder. In this blog, we will discuss why tax season is particularly advantageous for cybercriminals and how you can stay ahead of them.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
Tax season requires sharing sensitive financial and personal information, both internally and with external parties like accountants or payroll providers. This creates numerous vulnerabilities that hackers can exploit, especially through phishing emails.
2. Tight Deadlines Lead To Mistakes
The pressure to meet deadlines can cause employees to overlook important details, making them less cautious about verifying emails, links, or attachments. This laxity makes it easier for phishing scams and malware to infiltrate systems.
3. Higher Volume Of E-mails
Businesses receive a significant influx 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 to capture sensitive information.
4. Widespread Scams Targeting Taxpayers
Hackers often impersonate trusted organizations like the IRS or tax preparation services to deceive businesses into divulging confidential information or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing E-mails: Fraudulent messages that appear to come from the IRS, your bookkeeper, or a tax service, requesting sensitive information or directing you to harmful 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 for its release.
- Social Engineering: Phone calls or emails impersonating accountants, payroll providers, or other trusted contacts to extract sensitive information.
How To Protect Your Business This Tax Season
1. Train Your Team
Educate employees about current scams and how to identify phishing attempts. Instruct them to:
- Verify email senders before opening attachments or clicking on links.
- Be cautious of urgent payment requests or unusual account changes.
- Report suspicious emails immediately.
2. Secure Your Communications
Ensure that all data exchanges are encrypted, particularly 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. If MFA is available on any account you have, be sure to enable it.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify vulnerabilities in your systems before hackers can take advantage of 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 amounts or sensitive accounts. Confirm authenticity 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 a prime time for hackers. By remaining vigilant, educating your team, and implementing proactive cybersecurity measures, you can safeguard your business from becoming a target.
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 Consult to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
Click
here or give us a call at 954-327-1001 to schedule your FREE Consult now!
