All articles tagged with #fraud protection
T-Mobile has added two new default-enabled privacy settings in its Privacy Center that allow the company to collect more user data, including for fraud prevention and financial data sharing. Users are advised to review and disable these toggles individually for each phone line to protect their privacy.
SIM swappers are now targeting phone numbers by porting them into new eSIM cards, taking advantage of the reprogrammable nature of eSIMs to bypass security measures and access bank accounts. This shift to eSIMs has allowed attackers to remotely hijack phone numbers, gaining access to two-factor authentication codes and online banking services. To defend against these eSIM-swapping attacks, users are advised to use complex and unique passwords for their cellular service provider accounts, enable two-factor authentication, and consider additional security measures for valuable accounts such as e-banking and cryptocurrency wallets.
The IRS is urging businesses to review their eligibility for the Employee Retention Credit (ERC) and is conducting educational sessions for tax professionals to ensure compliance with ERC claims. The agency is intensifying compliance activities to protect against fraud and is offering voluntary disclosure and withdrawal programs for businesses with questionable claims. The IRS has also increased its focus on reviewing ERC claims for compliance concerns, including audits and criminal investigations, and is sending letters to taxpayers regarding disallowed or excessive ERC claims. The agency continues to work closely with the tax community to combat aggressive marketing and misuse of COVID-relief programs and credits.
Senate Democrats, including Elizabeth Warren and Sherrod Brown, have written to PayPal and Cash App urging them to improve their fraud detection and prevention methods for users of their P2P payment applications. The lawmakers cited a Consumer Reports survey that found 9% of weekly P2P users had been the victim of a scam and 12% accidentally sent money to the wrong recipient. The companies' "consumer protection policies have not kept pace with the explosion in customer interest in the platform," the lawmakers wrote.