The U.S. Internal Revenue Service (IRS) is warning accountants and taxpayers that crucial steps must be taken now to prevent data theft. It comes amid nearly two dozen reports of stolen data over the past two months as the tax season kicks off.
It’s a scary warning and certainly one to heed, given that a breach of your data could lead to theft of your identity. We have all seen the devastating impact of the Equifax hack.
But the IRS does have a solution and it’s a sound one already used by many individuals and firms: multi-factor authentication.
In a news release, the IRS is encouraging tax professionals and taxpayers to use the free, multi-factor authentication feature offered on tax preparation software products. “Use of the multi-factor authentication feature is a free and easy way to protect clients and practitioners’ offices from data theft,” the news release reads.
Kenneth Corbin, commissioner of the IRS wage and investment division explained how the IRS, state tax agencies and the private-sector tax industry worked together as the Security Summit to ensure the multi-factor authentication feature is available to practitioners and taxpayers.
“The multi-factor authentication feature is simple to set up and easy to use,” Corbin said, warning: “Using it may just save you from the financial pain and frustration of identity theft.”..Read more>>