CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. IRS Warns Banks Of FATCA-Linked Identify Theft Attempts

IRS Warns Banks Of FATCA-Linked Identify Theft Attempts

by Mike Godfrey, Tax-News.com, Washington

29 September 2014


The Internal Revenue Service has said that it does not require foreign financial institutions to provide information on account holders by phone, fax, or email under the Foreign Account Tax Compliance Act. The statement comes after the emergence of fraud, with scammers posing as the IRS to seek access to bank client data.

The IRS has further clarified that it will not seek FATCA registration passwords or similar confidential account access information from banks.

"Tax scams using the IRS name can take many forms and they are not limited by national borders," said IRS Commissioner John Koskinen. "People should always be cautious before sending sensitive information to anyone."

It was confirmed that FFIs directly registered to comply with FATCA, and those in jurisdictions that are treated as having in effect agreements to implement FATCA through intergovernmental cooperation have been approached by persons claiming to represent the IRS.

The IRS has reports of such "phishing" incidents from multiple countries and continents, and the scams are typically carried out through the use of unsolicited emails and/or websites that pose as legitimate contacts. The agency has asked FFIs that suspect they are the subject of a scam to report the matter to the Treasury Inspector General for Tax Administration.

TAGS: individuals | expatriates | compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax compliance | FATCA | Internal Revenue Service (IRS) | tax authority | United States | Compliance | Expats | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »