Cybercrime is a year-round profession, but there’s no question that fraudsters take advantage of seasonal events such as gift-giving season in the winter and tax filing deadlines in the spring. The most common fraud types that ensue this time of year are fraudulent tax returns on the consumer side and W-2 fraud on the business side.

IBM X-Force researchers recently looked at spam traps for a glimpse into the rise in tax-themed spam, and the numbers show a startling near-400 percent growth in spam volume of this type. While spam may just seem like a nuisance in your inbox, the repercussions go further, as we see from the specific cybercrime activity on the Dark Web for the sale of tax data.

Read the complete IBM X-Force report to learn:

  • How cybercriminals are using the Dark Web to coordinate tax fraud attacks;
  • What these tax scams look like to consumers; and
  • Best practices for keeping your tax filings safer.

Download the report now: Cybercrime Riding Tax Season Tides

More from Banking & Finance

Kronos Malware Reemerges with Increased Functionality

The Evolution of Kronos Malware The Kronos malware is believed to have originated from the leaked source code of the Zeus malware, which was sold on the Russian underground in 2011. Kronos continued to evolve and a new variant of Kronos emerged in 2014 and was reportedly sold on the darknet for approximately $7,000. Kronos is typically used to download other malware and has historically been used by threat actors to deliver different types of malware to victims. After remaining…

Why Cybersecurity Risk Assessment Matters in the Banking Industry

When customers put money in a bank, they need to trust it will stay there. Because of the high stakes involved for the customer, such as financial loss, and how long it takes to resolve fraud and potential identity theft, customers are sensitive to the security of the bank as well as fraud prevention measures. Banks that experience high volumes of fraud are likely to lose customers and revenue. The key is to protect customers and their accounts before problems…

Cost of a Data Breach: Banking and Finance

The importance of cybersecurity has touched almost every industry. Beyond that, robust cybersecurity is table stakes for several sectors, particularly health care and the banking and finance industry. Not only is financial data at risk, but so is customer trust. In banking and finance, trust means everything. Yet, consumers are hesitant to share their confidential data. A recent McKinsey survey revealed that no industry achieved a trust rating of 50% for data protection. Here’s the most sobering stat: 87% of…

What Do Financial Institutions Need to Know About the SEC’s Proposed Cybersecurity Rules?

On March 9, the U.S. Securities and Exchange Commission (SEC) announced a new set of proposed rules for cybersecurity risk management, strategy and incident disclosure for public companies. One intent of the rule changes is to provide “consistent, comparable and decision-useful” information to investors. Not yet adopted, these new rules – published in the Federal Register on March 23 – could change reporting requirements. Take a look at some of the big-ticket items and what your organization needs to know.…