March 10, 2025
As tax season approaches, businesses are focused on preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, cybercriminals view this busy period, when business owners and employees are distracted, as the perfect opportunity to strike.
Most hackers aim to exploit sensitive data, scam businesses, and cause disruption. In this blog, we will explain why tax season gives cybercriminals a significant advantage and how you can stay ahead of their tactics.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
Tax season requires sharing sensitive financial and personal information both within your organization and with external parties such as accountants or payroll providers. This creates multiple vulnerabilities for hackers to exploit, particularly through fake emails.
2. Tight Deadlines Lead To Mistakes
The pressure to meet deadlines may cause employees to be less cautious when reviewing emails, links, or attachments. This increases the likelihood that phishing scams and malware can bypass defenses.
3. Higher Volume Of Emails
During tax season, businesses receive a large number of emails related to forms, payment requests, and compliance updates. Cybercriminals take advantage of this by sending convincing phishing emails that appear legitimate to capture sensitive information.
4. Widespread Scams Targeting Taxpayers
Hackers often impersonate trusted organizations like the IRS or tax preparation services to deceive businesses into sharing confidential data or making fraudulent payments.
Common Tax Season Threats You Need To Watch Out For
- Phishing Emails: Fraudulent messages pretending to be from the IRS, your bookkeeper, or tax services, requesting sensitive information or directing you to malicious links.
- Fake Invoices Or Payment Requests: Scammers send bogus invoices or payment demands to trick businesses into wiring money.
- Ransomware Attacks: Hackers may encrypt critical financial data and demand payment for its release.
- Social Engineering: Phone calls or emails impersonating accountants, payroll providers, or other trusted contacts to extract information.
How To Protect Your Business This Tax Season
1. Train Your Team
Educate employees about the latest scams and how to identify phishing attempts. Teach them to:
- Verify email senders before opening attachments or clicking links.
- Be cautious of urgent payment requests or unusual account updates.
- Report suspicious emails immediately.
2. Secure Your Communications
Ensure all data exchanges are encrypted, especially when sharing sensitive tax documents. Use secure portals or file-sharing tools instead of email whenever possible.
3. Implement Multifactor Authentication (MFA)
Require MFA for access to financial systems, email accounts, and any platforms used for tax-related activities. This adds an extra layer of security even if credentials are compromised.
We cannot stress the importance of MFA enough. If your password is compromised, this feature can protect you. If MFA is available on any account you use, please enable it.
4. Conduct A Cybersecurity Audit
Collaborate with your IT provider to identify and address vulnerabilities before hackers can exploit them. Focus on:
- Updating software and applying patches.
- Securing network endpoints and devices.
- Verifying the integrity of data backups.
5. Verify All Financial Requests
Double-check payment requests, especially those involving large sums or sensitive accounts. Confirm authenticity through a second communication method, such as a phone call.
Don't Let Hackers Score This Tax Season
Tax time doesn't have to be an open invitation for hackers. By remaining vigilant, educating your team, and adopting proactive cybersecurity measures, you can safeguard your business from becoming a target.
Let's make sure the only thing you're filing this
season is a successful tax return - not a cybersecurity incident report. Start
with a FREE 15-Minute Discovery Call to uncover potential vulnerabilities and
ensure your systems are ready to handle whatever comes your way.
Click
here or give us a call at 817-589-0808 to schedule your FREE 15-Minute Discovery Call now!
