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What Business Leaders Need to Know to Prevent Tax Identity Fraud in 2025
- Tax season in the US is also fraud and scam season, with Americans losing over $9 billion from tax fraud in 2024.
- Business leaders must be vigilant in preventing tax identity fraud, especially in financial services and tax preparation.
- GenAI technology poses a significant fraud risk, amplifying familiar fraud types like synthetic identity fraud and phishing scams.
- Companies need to invest in mobile fraud prevention and develop an omnichannel view of fraud to combat evolving fraudster tactics.
- Collaborative efforts and international intelligence sharing are crucial for effective fraud prevention, as fraud schemes transcend borders.
- Balancing fraud prevention with customer experience is essential, focusing on security, data protection, and seamless onboarding processes.
- Financial organizations should prioritize safe and rewarding customer experiences while optimizing fraud prevention measures.
- Having a proactive fraud protection strategy is key to safeguarding customer data and maintaining trust in the financial sector.
- In 2025, security outweighs convenience, and businesses need to ensure a secure tax filing experience.
- By implementing the right fraud prevention playbook, businesses can connect safely with genuine identities while protecting against fraud.
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