COVID-19 “ECONOMIC IMPACT PAYMENT”- Watch Out for Scammers

With the federal government starting to send out stimulus payments, scammers are taking this as an opportunity to collect your Social Security Number, bank account information and other personal information to steal your identity and to take your money.

Earlier this month, the IRS issued a warning about scammers taking advantage of the COVID-19 situation,

"We urge people to take extra care during this period. The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster," said IRS Commissioner Chuck Rettig. "That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information."

The IRS will automatically send out your Economic Impact Payment to you if you filed tax returns in 2018 and 2019 or if you receive Social Security, Railroad retirement, disability or veterans’ benefits. You do not have to take any action. If you have not filed in those years, the IRS has a portal for you to enter your information at this link:

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Remember, the IRS will not contact you to “verify” your personal information.

The IRS warns you to watch out for the following scammer techniques:

·         Emphasize the words "Stimulus Check" or "Stimulus Payment." The official term is economic impact payment.

·         Ask the taxpayer to sign over their economic impact payment check to them.

·         Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment.

·         Suggest that they can get a tax refund or economic impact payment faster by working on the taxpayer's behalf. This scam could be conducted by social media or even in person.

·         Mail the taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.

For more about COVID-19 scams and more information about the Economic Impact Payment program check out the following links

COVID-19 Scams-

Internal Revenue Service:

https://www.irs.gov/newsroom/irs-issues-warning-about-coronavirus-related-scams-watch-out-for-schemes-tied-to-economic-impact-payments

AARP Fraud Watch Network:

https://www.aarp.org/money/scams-fraud/info-2020/stimulus-checks-scams.html?intcmp=AE-FRDSC-MOR-R2-POS3

FBI:

https://www.fbi.gov/news/stories/protect-yourself-from-covid-19-scams-040620



Information about the Economic Impact Payment Program-

The Seattle Times:

https://www.seattletimes.com/business/irs-launches-website-to-speed-relief-payments-to-some-low-income-americans-who-dont-file-taxes/

Internal Revenue Service:

https://www.irs.gov/coronavirus/economic-impact-payments