March 10, 2025
As tax season approaches, businesses are busy preparing financial documents, filing returns, and meeting tight deadlines. Unfortunately, cybercriminals view this hectic period, when business owners and employees are distracted, as an ideal opportunity to launch attacks.
Most hackers aim to exploit sensitive data, scam businesses, and cause disruption. In this blog, we'll explain why tax season gives cybercriminals a significant advantage and how you can stay ahead of them.
Why Tax Season Attracts Cybercriminals
1. Increased Exchange Of Sensitive Data
Tax season requires sharing sensitive financial and personal information within your organization and with external parties like accountants or payroll providers. This creates multiple vulnerabilities for hackers to exploit, particularly through fraudulent emails.
2. Tight Deadlines Lead To Mistakes
The pressure to meet deadlines can cause employees to be less cautious about verifying emails, links, or attachments. This makes it easier for phishing scams and malware to get through.
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 crafting convincing phishing emails that look legitimate to intercept sensitive data.
4. Widespread Scams Targeting Taxpayers
Hackers often impersonate trusted organizations like the IRS or tax preparation services to trick businesses into revealing confidential information 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 a tax service, asking for sensitive information or directing you to malicious websites.
- Fake Invoices Or Payment Requests: Scammers send counterfeit 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 current scams and how to spot 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
Make sure 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 protection even if credentials are compromised.
We cannot stress this enough: if your password is compromised, MFA can save you. If it's available on any of your accounts, set it up.
4. Conduct A Cybersecurity Audit
Work with your IT provider to identify system 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 amounts or sensitive accounts. Confirm authenticity through a second communication method, such as a phone call.
Don't Let Hackers Score This Tax Season
Tax season doesn't have to be a free pass for hackers. By staying alert, educating your team, and implementing proactive cybersecurity measures, you can protect your business from falling victim.
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 866-523-2985 to schedule your FREE 15-Minute Discovery Call now!
