Connect with us

Business

Tax Scams on the Rise as Filing Season Approaches: How to Stay Safe

Published

on

With tax season fast approaching, experts warn that scammers are ramping up their efforts to defraud taxpayers. From phishing emails to fake tax preparers, fraudsters are finding new ways to exploit the stress and confusion that often accompany filing season.

In 2024, the U.S. Internal Revenue Service (IRS) reported $9.1 billion (€8.7 billion) in financial and tax-related fraud. As scams continue to evolve, taxpayers are urged to remain vigilant and take precautions to protect their personal information and finances.

Common Tax Scams to Watch Out For

1. Fake Refund Offers

One of the most prevalent tax scams involves fraudsters posing as tax professionals and promising substantial refunds. They may ask for an upfront fee or personal details before filing a fraudulent return on the taxpayer’s behalf. Once the scam is detected, the filer—not the scammer—is held responsible.

Taxpayers should be wary of unsolicited emails or messages claiming they are owed a refund, especially if they request personal information or payment. The best approach is to verify directly with the relevant tax authority or rely on trusted tax professionals.

2. Ghost Tax Preparers and Fake Tax Advisors

‘Ghost’ tax preparers file returns without signing them, often inflating numbers to secure bigger refunds. Once their fees are collected, they disappear, leaving the taxpayer responsible for any fraudulent claims. Some even steal refunds and personal information.

Before hiring a tax preparer, individuals should verify their credentials. In the U.S., for example, legitimate tax preparers are registered in the IRS directory and have a Preparer Tax Identification Number (PTIN). Checking online reviews and ensuring preparers sign the return can also help prevent fraud.

See also  UK Car Production Plunges 35.9% After JLR Cyberattack, Industry Warns of “Unfair” Tax Threat

3. Fake Charity Scams

Following natural disasters or crises, scammers set up fake charities to solicit donations, falsely promising tax deductions. However, these funds often end up in the fraudsters’ pockets.

To avoid falling victim, taxpayers should verify charities using official databases such as the IRS Tax Exempt Organization Search in the U.S. or the National Council for Voluntary Organizations (NCVO) in the U.K. Donations should be made through official channels, avoiding cash or gift card requests.

4. Smishing and Phishing Scams

Fraudsters often send fake text messages (smishing) or emails (phishing) claiming to be from tax authorities, urging recipients to verify personal information or fix errors on their return. Clicking on these links can lead to identity theft and financial fraud.

To stay safe, taxpayers should avoid clicking on suspicious links, never share sensitive information via email or text, and report any suspected scams to the relevant authorities.

5. Fake Tax Debt Collection

A growing scam involves fraudsters calling taxpayers and falsely claiming they owe back taxes. Using scare tactics, they threaten arrest, deportation, or asset seizure unless immediate payment is made.

To protect against these scams, individuals should familiarize themselves with how tax authorities communicate. For example, the IRS typically sends written notices before any phone contact. If uncertain, taxpayers should hang up and call the tax office directly to verify any claims.

Social Media and Online Scams Targeting Taxpayers

Scammers have increasingly turned to social media, promoting so-called tax ‘hacks’ that promise large refunds with minimal effort. These often involve fraudulent claims that can lead to legal trouble.

See also  Musk Refocuses on Tesla After Profit Slump, Pledges Major Push on Autonomy

Additionally, fraudsters target non-English speakers and seniors, using intimidation and language barriers to steal personal information. Raising awareness and educating vulnerable groups can help prevent such scams.

Debt Relief and Tax Shelter Scams

Some scammers claim they can reduce tax debts for a fee, only to disappear once payment is received. Others promote dubious tax shelters, promising to shield assets from taxation—often leading to serious legal consequences.

To avoid these schemes, taxpayers should seek assistance only from accredited tax relief services and consult legitimate tax professionals before engaging in tax-saving strategies.

How to Protect Yourself This Tax Season

Michael Moore, Chief Information Officer at cybersecurity firm Next Perimeter, advises taxpayers to remain cautious:

  • File early to prevent fraudsters from filing in your name.
  • Use strong passwords and enable two-factor authentication for tax software.
  • Verify tax professionals before hiring them.
  • Avoid clicking on suspicious links in emails or texts.
  • Report scams to tax authorities immediately.

Tax season may be stressful, but staying informed and vigilant can help prevent financial losses and identity theft.

Business

Oil Tanker Attacked in Strait of Hormuz, Crew Evacuated

Published

on

An oil tanker was attacked off the coast of Musandam in the Strait of Hormuz on Sunday, leaving four people injured and prompting the evacuation of all 20 crew members, according to Oman’s Maritime Security Centre.

The vessel, named Skylight and flying the flag of the Republic of Palau, was targeted around five nautical miles (9.26 km) north of Khasab Port, Oman authorities said. The incident marked the first reported attack on a ship in the strategic Strait of Hormuz on Sunday morning.

Oman’s Maritime Security Centre confirmed that the tanker’s crew included 15 Indian nationals and five Iranian nationals, all of whom were safely evacuated. The four injured crew members were transferred for medical treatment. Authorities did not immediately provide details on the cause of the attack or the identities of the attackers.

The incident has heightened concerns about shipping safety in one of the world’s most important oil transit routes. The Strait of Hormuz handles a significant portion of global crude oil exports, and any disruption to its operations can have major implications for energy markets.

In response to the attack, major shipping companies have suspended operations through the Strait of Hormuz. Danish shipping and logistics giant Maersk announced on Sunday afternoon that it had halted all future transits through the waterway until further notice. Other operators are reportedly reviewing their shipping schedules and implementing additional safety measures.

The attack comes amid ongoing regional tensions, with the Strait of Hormuz often at the center of geopolitical disputes. Analysts say the incident could lead to further disruptions in global oil supplies and push energy prices higher if shipping companies continue to avoid the area.

See also  Germany Faces Challenging 2025 Amid Stagnation and Structural Woes

Maritime security experts emphasize the need for close monitoring of shipping traffic and coordinated responses to ensure the safety of vessels and crews in the region. The rapid evacuation of Skylight’s crew has been described as a positive example of emergency preparedness, but the attack underscores the continuing risks faced by commercial shipping in the Gulf.

Authorities are continuing to investigate the circumstances of the attack and are coordinating with international maritime agencies to prevent further incidents. The situation remains fluid, and the potential impact on shipping and regional security is likely to unfold in the coming days.

Continue Reading

Business

EU Household Energy Prices Remain Above Pre-War Levels Despite Stabilisation

Published

on

Residential electricity and natural gas prices across the European Union remain higher than before Russia’s invasion of Ukraine, even though markets have steadied in recent years.

The war, which began in February 2022 and has now entered its fifth year, reshaped Europe’s energy landscape. According to the European Council, Russia’s share of EU pipeline gas imports fell sharply from around 40 per cent in 2021 to about 6 per cent in 2025, following sanctions, embargoes and efforts to diversify supplies.

New data from Eurostat show that between the first half of 2021 and the first half of 2025, household electricity prices in the EU rose 30 per cent, from 22 cents per kilowatt-hour to 28.7 cents. Over the same period, natural gas prices climbed 79 per cent, from 6.4 cents to 11.4 cents per kilowatt-hour.

The Household Energy Price Index (HEPI), compiled by Energie-Control Austria, MEKH and VaasaETT, tracks monthly end-user prices in European capital cities. Its January 2026 figures indicate that electricity prices across EU capitals were 5 per cent higher than in January 2022. However, compared with January 2021, prices were up 38 per cent.

Some cities experienced particularly sharp increases over the five-year period. Electricity prices more than doubled in Vilnius, rising 102 per cent. Other large jumps were recorded in Bucharest (88 per cent), Bern (86 per cent), Kyiv (77 per cent), Amsterdam (75 per cent), Riga (74 per cent), Brussels (67 per cent) and London (64 per cent).

Only Copenhagen and Budapest posted declines over that period, at minus 16 per cent and minus 8 per cent respectively.

See also  Women in Europe Shoulder Two Hours More Unpaid Work Than Men, OECD Finds

Among the capitals of Europe’s five largest economies, London and Rome saw notable increases, while Madrid and Berlin recorded relatively modest rises. Paris remained below the EU average increase.

Energy analysts at the European Energy and Climate Policy (IEECP) say the electricity mix has been a decisive factor. Countries such as Spain benefit from a higher share of wind, solar and hydropower, while Nordic nations rely heavily on hydropower, geothermal and wind energy, reducing exposure to fossil fuel price swings.

Looking only at the period from January 2022 to January 2026 presents a different trend. Copenhagen recorded a 44 per cent fall in electricity prices, while London, Madrid, Berlin and Rome also saw declines. Paris, by contrast, registered a 21 per cent increase. Vilnius showed the largest EU rise at 70 per cent, while Kyiv topped the overall list at 87 per cent.

Natural gas prices across EU capitals edged down by 1 per cent between January 2022 and January 2026. Berlin, Brussels and Athens recorded declines of around 40 per cent, while Riga, Warsaw and Lisbon saw strong increases.

Despite the recent stabilisation, household energy bills across much of Europe remain well above pre-invasion levels, reflecting the lasting impact of the energy crisis.

Continue Reading

Business

Transatlantic Tensions on Digital Rules Highlight Need for Cooperation

Published

on

Discussions between Europe and the United States over digital regulation continue to be marked by miscommunication and frustration, even as competitors observe from the sidelines. Europeans and Americans talk past each other while rivals watch. The European Union can set its own standards, but in an interconnected economy, decoupling fantasies and grandstanding won’t help.

The debate often centres on “free speech” concerns voiced by U.S. tech companies and policymakers in response to the EU’s legislative framework for digital platforms. In Europe, such narratives typically prompt defensive reactions. Some Europeans respond with a blunt message: “This is our land, our Union, our laws, follow them, or leave the EU—we’ll find alternative products to use!” Public awareness of American constitutional amendments is low across Europe, just as Americans pay little attention to European digital acts and regulations.

The transatlantic dialogue is further complicated by the global nature of social media platforms. Any EU legislation affecting user experience inevitably influences the functioning of these platforms worldwide, touching on what Americans see as free speech rights. The EU also seeks to extend its influence through the “Brussels effect,” ensuring that European rules shape global standards, while the U.S. maintains a large trade surplus in services and competes technologically with China. This mix of economic, political, and regulatory factors explains why U.S. attention is sharply focused on Europe’s digital policies.

Europeans argue that their 450-million-consumer market has the right to set rules that reflect local principles and values. Attempts to adjust or simplify regulations are difficult, with efforts often met with political resistance and scrutiny. The regulatory ecosystem in Europe supports industries of lawyers, consultants, and experts whose work depends on maintaining complex rules, making reform a sensitive topic.

See also  Record-Breaking Bluefin Tuna Sells for €2.78 Million at Tokyo New Year Auction

On the American side, anti-EU rhetoric by public figures has sometimes compounded the problem, drowning out moderates and reinforcing defensive European responses. Analysts note that both regions have seen productive voices sidelined as grandstanding and negative statements dominate public discourse.

Observers argue that long-term thinking is necessary. By evaluating the EU-U.S. tech partnership in the broader context of global alliances, including China and Russia, policymakers can better assess priorities and avoid unnecessary disruption. Blank-slate decoupling between Europe and the United States is unrealistic, and delaying constructive dialogue risks broader economic consequences.

Experts warn that continued transatlantic infighting benefits other global powers and weakens the ability of both regions to set coherent standards in emerging technologies. The message from analysts is clear: cooperation, not confrontation, will determine whether the EU and U.S. can maintain leadership in digital regulation while safeguarding economic and technological interests.

Continue Reading

Trending