News & Insights from republic bank

Avoiding Tax Scams

While we’re in the thick of tax season, it’s important to be aware of possible tax scams. Scammers are always evolving and finding new ways to steal thousands or even millions of dollars in taxpayer money. Try avoiding tax scams that come through regular mail, phone, or email.

Many scammers will contact you claiming to be the IRS, but it is important to understand that the IRS will never call to demand immediate payment using a specific payment method, threaten to immediately bring in local police or other law enforcement, demand payment without giving taxpayers the opportunity to question or appeal, or call unexpectedly about a tax refund. Additionally, the IRS does not contact taxpayers by email or text message to request financial information. There are certain circumstances in which the IRS will call or come to a home or business, but they will first send several notices by mail before doing so.

How Can You Identify a Scam?

Whether it’s by mail, phone, or email, there are a number of ways to recognize an attempted scam. Anyone claiming to be a government agent or law enforcement official that demands immediate payment and threatens legal repercussions should alert you as suspicious. With that, you should never trust any form of contact that asks you to provide or confirm personal or financial information, even if they claim to be the IRS, your bank, or another official institution.

What Should You do to Avoid Scams?

First and foremost, never click links or open attachments in unsolicited or suspicious messages by text message, email, or social media. Scammers can be quite skilled in making a link appear as though it comes from a trusted source when in reality it does not.

To help ensure the security of your information, the IRS recommends taxpayers set up an online IRS account. Through this account, you can view important information about your federal taxes, such as your payoff amount, the balance you owe in taxes for each year, payment history, and more. This allows you to review and manage that information in real-time and lessen the risk of phone, email, or other scams.

Additionally, never provide or confirm personal information over the phone or by email if you have been contacted unexpectedly. This includes bank account login information, account numbers, social security numbers, tax information, and more.

If you are suspicious of a scam, you should report it right away. Here are a few ways you can do so:

If you ever have any reason to believe you’ve received a scam related to Republic Bank of Chicago, please reach out to us immediately at 800-526-9127.

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