4 SCAMS that are exploiting US “economic impact payment” scheme
A variety of scams are targeting US residents after the news that most US tax-payers will receive up to $1,200 as an “economic impact payment” from the federal government amid the coronavirus pandemic.
As the coronavirus pandemic worsens across the world, many governments have announced various programs to help their citizens receive certain relief as economies stall and many cannot go into work. In the US, most residents will receive a payment from the IRS up to $1,200 based on their annual gross income (AGI.)
The IRS has said on their website that the majority of recipients don’t need to do anything, and the amount they receive will be based on their 2019 tax return (or if not yet filed, their 2018 tax return) and sent to the “same banking account reflected on the return filed”. If taxpayers have not provided their current bank information, they can login to a secure portal at IRS.gov, or failing that, a paper check will be mailed to the address on file. (Full details on this scheme is available here.)
However, scammers are tricking victims into handing over money or their sensitive information, and they’re using these economic impact payments from the IRS as their bait. Here are four scams that are in the wild right now.
SCAM: Get your stimulus check faster…
This scam can be initiated by a phone call or an email (or social media message.) The crook pretends to be from the IRS and tells the victim that they need to provide their personal information and banking information in order to get their economic impact payment (often referred to as stimulus check) faster, or to avoid unnecessary delays.
If initiated via a phone call, the scammer will ask the victim for their details over the phone. If initiated through an email or social media message, the victim will be asked to click a link which leads to a spoof phishing website that steals all data entered into it and sends it straight to the scammer.
The IRS has said they will not call or email people to ask them to verify their details, and there is no way people can get their payments early or faster than normal. If you’re in doubt, hang up the phone or delete the email and call the IRS directly or go their website directly without clicking any links. Victims who give out their information make themselves vulnerable to identity fraud.
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SCAM: You need to “sign up” to get the payment
Scammers may call or email US residents claiming that they need to ‘sign up’ to the payment scheme to get their money, which is incorrect. This is a trick to lure victims into handing out their sensitive personal information. Victims may be asked for this information over the phone, or asked to click a link to spoof phishing websites that steal any data that is entered into it.
US residents don’t need to “sign up” to receive their economic impact payment. As per above, most people who are eligible for the payment will automatically receive it through direct deposit, or if bank information is lacking, through a paper check.
SCAM: Confirm your details to get your stimulus check
Email or social media messages may ask recipients to “confirm” their personal details such as their address or bank information in order to receive their economic impact payment. Such messages will provide a link for recipients to click in order to confirm their details.
Again though, this is phishing scam that will lead to spoof websites that steal any information that is entered into them. And again, the IRS will not contact people in this way since payments are made being either banking information on file or sent to the address on file automatically. Eligible US residents do not need to confirm their details to qualify for the payment.
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SCAM: Check through the post asks you to call a number of visit a website
There has been reports of US residents actually receiving a check, but it comes with instructions that ask recipients to call a phone number or visit a website in order to “activate” or “verify” yourself.
This is another scam that is after your personal and sensitive information. The check is fake, and cannot be cashed (successfully) and if a victim does call the number or visit a website, it will be the crooks on the receiving end of any information a victim is asked for, again making them vulnerable to identify theft.
While some US residents will get checks if there is no banking information available for them, they won’t have to call a number of visit a website before cashing the check.
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If you receive a scam trying to exploit the economic impact payment, you can forward it to [email protected] which allows them to warn of current or trending scams to others.
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