As tax season approaches, the risk of scams escalates, with AI technology amplifying the threat. McAfee's findings highlight a surge in phishing emails, deepfake calls, and fraudulent tax preparation websites. Alarmingly, over half of Americans perceive a rise in sophistication among fraudulent schemes. The youngest adults, despite being prime victims, report lower losses than older individuals, with significant financial impact on those aged 45-54. Various tactics are employed to deceive victims, including impersonation of well-known tax services and pressure tactics that exploit urgency.
Unfortunately, tax season also comes with a rise in scams. Recent research from McAfee reveals that AI-powered phishing emails, deepfake phone calls, and fake tax prep websites are making tax scams more convincing - and costly - than ever.
More than half of Americans say fraud is more sophisticated than last year. Cybercriminals are impersonating trusted tax services to steal personal and financial information, adding another layer of deception.
While adults aged 18-24 are the most frequent targets of these increasingly sophisticated tax scams, people in this age group who have fallen victim to a scam and lost money as a result tend to lose smaller amounts.
Some fraud tactics include: Flooding inboxes with fake IRS messages - 48% of Americans have received a fraudulent tax-related message pressuring them to act fast or face penalties.
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