Money’s on the way to millions of households, and that means scammers are not far behind!
The Child Tax Credit (CTC) taking effect in July will provide monthly payments of up to $300 per child for approximately 40 million households. The payments will provide struggling families with desperately needed funds unless the scammers get to the money first.
Here’s what you need to know about CTC scams and how to avoid them.
In one variation of the scam, victims receive phone calls, emails, or social media messages appearing to be from the IRS and asking them to authenticate their personal details or share sensitive information to get their CTC funds. Instead of pretending to be the IRS, the scammer may claim to be offering to “help” the victim get their funds. In either scenario, if the victim follows the instructions, they’ll be playing right into the hands of scammers.
In another variation of the scam, victims land on a spoofed government website and are invited to input their personal information. Unfortunately, this can open the door for scammers to pull off identity theft and more.
If you believe you’ve been targeted by a CTC scam, follow the cardinal rule of personal safety: Never share sensitive data with an unverified source. Triple-check the URL on any IRS webpage you visit, as these are easily spoofed. Finally, report all suspicious activity to the IRS and the FTC.
For additional information on the upcoming Child Tax Credits, to check if you qualify, or to update your dependent or banking information, visit the IRS’s CTC webpage directly at IRS.gov
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