taylorcocks warns business to beware of online tax fraudsters

Portsmouth based accountants and business advisers, taylorcocks, is warning local businesses to be vigilant when receiving and disposing of sensitive financial information. 

In a new scam aimed at online self-assessment tax returns, fraudsters have been acquiring passwords issued by HM Revenue and Customs and using this information to make fraudulent claims for tax refunds. 

Some of the passwords have fallen into the hands of the criminals through scams that persuade taxpayers to reveal their online details. Others have simply been acquired by people trawling through rubbish bins. 

Once the passwords are in the possession of the fraudsters, they are used to submit claims for bogus tax refunds which are then directed to bank accountants other than those of the taxpayer. 

Tax director at taylorcocks, Paul Taylor, said: “Businesses should exercise caution and always check the authenticity of requests for personal data and passwords. All sensitive financial material should be shredded rather than simply binned. For companies with large amounts of sensitive financial data, arrangements should be made for special confidential waste collections. 

“It is surprisingly easy for these criminals to access highly sensitive data that can be used in scams like this. However, it is equally simple to implement measures to exercise reasonable levels of caution to protect your sensitive information.”