Fintech Finance

OCTOBER 24, 2024

Government impersonation scams: Consumers are falling victim to scams where fraudsters pose as representatives from the government, including agencies like the USPS, the FBI and the IRS. In the first three months of 2024, the average government impersonation scam victim in the U.S. lost $14,000 in cash, totaling more than US$20 million.

Scams

PYMNTS

SEPTEMBER 28, 2020

Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs. A Marriage Of Advanced Tech With Due Diligence.

Financial Crimes

PYMNTS

APRIL 6, 2020

There are all kinds of frauds taking root out there, but among the more popular are the spoofing scams in which the consumer gets a phone call from “the IRS” or “their bank” making requests that absolutely no consumer should ever acquiesce to. Edwards concurred the same is true of the IRS and all other government agencies.

IRS

PYMNTS

JANUARY 12, 2021

According to Edwards, the problem isn’t that the government lacks the information it needs to authenticate properly. Right now, the IRS has everything it needs, except for one big, important thing: the ability to electronically engage a citizen safely, asking how she wants her money.”. The Government's Engagement Problem .

Governance

PYMNTS

SEPTEMBER 10, 2018

Authenticating a transaction can be a widely varied experience. The fact that most firms know that, and set up measures to properly authenticate those customers, is a good thing, said Chief Commercial Officer Dewald Nolte of Entersekt in a recent conversation with Karen Webster. Sometimes, that cashes out in semi-amusing ways.

Authentication

FICO

JULY 7, 2020

For instance, if you receive a call from the IRS, you could use the search term “IRS scam” or “IRS scam” with the phone number you received the call from to see if a scam has been reported. Use a different password for each account and enable multi-factor authentication where available.

Scams

PYMNTS

APRIL 24, 2020

Clicking on the link directs users to a page that looks like the authentic Microsoft Office 365 login web page and tries to pilfer the recipient’s corporate credentials. The phishing expedition, as explained by AbnormalSecurity.com , requests the recipient’s signature for PPP documents.

Phishing

PYMNTS

MARCH 14, 2016

Hence the revelation by the Online Trust Alliance (OTA) that almost half of 13 “free” E-File tax sites recommended by the IRS fail OTA’s rigorous security testing. One actually also failed by the IRS’ less stringent requirements. The areas of particular concern were in authentication.

IRS

PYMNTS

AUGUST 7, 2019

NSTIC called out the national need to eliminate PINs and passwords as single authentication factors and to use multifactor authentication for stronger [verification],” Temoshok explained. “It NIST is also a member of the FIDO Alliance , an association of businesses that develops non-password-based authentication solutions.

Multifactor Authentication

PYMNTS

JANUARY 27, 2017

There could potentially be issuance of a wallet, said Madhu, with multiple keys, as citizens sign up with relevant authorities (and not necessarily a central one) for a fishing license, for example, or as they apply to the DMV for a driver’s license or interact with the IRS during tax season.

Social Security

PYMNTS

APRIL 22, 2020

Instead, said Edwards, they handed it off to the dual purviews of the IRS and the Bureau of the Fiscal Service. “By By law, [payments] like these are set up around a checks and balances system so that the IRS authorizes the payments and the Bureau of Fiscal Service distributes them.

Bureau of the Fiscal Service

PYMNTS

JANUARY 1, 2021

The IRS is ready to deal with direct deposit if you have a regular bank account, and they are ready to deal with paper checks, [but] they are not used to dealing with [more] payment methods on a widespread scale,” said Linda Jun , senior policy counsel for the AFP.

Economy

FICO

JUNE 4, 2018

Around tax season, hypnofraud spikes as fraudsters claim to be Internal Revenue Service (IRS) employees (or HM Revenue & Customs in the UK), using spoofing to make telephone calls look like they are coming from IRS phone numbers.

Demand Deposit Account (DDA)

Payment Savvy

NOVEMBER 14, 2022

Compared to a conventional paper check, it also has more security features, including authentication, digital signatures, public key cryptography, encryption, and many more. There are multiple levels of authentication during the transaction process, which helps ensure funds are routed correctly. Multi-factor authentication.

Checks

PYMNTS

MAY 31, 2018

The IRS is hiring and training more than 3,000 agents to enforce its Foreign Account Tax Compliance Act (FATCA), and the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.

Remote Deposit Capture

PYMNTS

MAY 31, 2018

The IRS is hiring and training more than 3,000 agents to enforce its Foreign Account Tax Compliance Act (FATCA), and the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.

Remote Deposit Capture

PYMNTS

APRIL 7, 2017

In the end, he stated, there is a fine line between authentication and usability. He likened his own firm’s efforts to activities that take place in the physical world, such as when DMVs issue drivers licenses and working with the VA, the IRS and Treasury, and “citizens can authenticate with a trusted login that they already have.”.

Cybersecurity

Wharton Fintech

NOVEMBER 13, 2023

The IRS had just started accepting e-signature so we could get what was called a 4506-T tax transcript programmatically from the government. And yet in that moment in 2013, a lot of the data that we thought we would need to understand the financial health of these small businesses was just becoming available online via API.

FinTech

Nanonets

JUNE 5, 2024

Reconciliation Finance teams spend hundreds of hours authenticating reimbursement claims to ensure accuracy. Enhanced verification: OCR helps verify receipts' authenticity and cross-check them against submitted claims, improving reimbursement accuracy. How to manage invoices and receipts for reimbursements?

Automation

Nanonets

MARCH 4, 2024

Non-compliance with IRS or International Guidelines Misclassification of expenses can lead to tax compliance issues. Enhanced Verification: OCR helps in verifying the authenticity of receipts and cross-checking them against submitted claims, improving the accuracy of reimbursements.

Process

Nanonets

FEBRUARY 28, 2024

Ready for an Audit: If one is audited by the IRS (Internal Revenue Service), it will be simple to formulate the audit since your monetary records are all in one spot. User Authentication : Secure login processes. Your general ledger can enable you to instantly locate and identify whatever data you need.

Automation

PYMNTS

JUNE 29, 2020

The Internal Revenue Service (IRS) noted that these payments would arrive much faster if recipients arranged for direct deposit rather than receiving a check in the mail, driving many Americans to open online accounts specifically for this purpose. How Data Aids Seamless Onboarding .

Online and Mobile Banking

PYMNTS

MARCH 31, 2020

Instead, it seems it will be piggybacking off the account and authorization information from IRS and social program administrators for as many as possible — and will be able to push many citizens their funds via ACH payment, just like a tax return. The technology exists to do it, Edwards said. Ingo does it today.

Economy

PYMNTS

JULY 16, 2020

The attack has also drawn the eye of legislators, specifically Senator Josh Hawley of Missouri, who as of Wednesday (July 15) had written Twitter CEO Jack Dorsey looking for a fuller explanation of how cybercriminals has managed to get through Twitter’s two-factor authentication. “I And the forms these frauds appear in is varied.

Law Enforcement

PYMNTS

DECEMBER 18, 2020

and it can happen in real time to the account a recipient chooses and authenticates.”. PYMNTS’ December 2020 Disbursements Tracker® , done in collaboration with Ingo Money , notes that “the pressure is on for … government agencies to upgrade their legacy infrastructures to facilitate a modernized, digital disbursements experience.

Instant Payments