Originally Presented: January 26, 2016
Tax Refund Fraud is a multifaceted, growing crime — in 2013 over $5.8 billion in fraudulent refunds was processed. With Suspicious Tax Fraud analysis in Verafin, financial institutions can detect when multiple tax refund payments, directed to different individuals, are made to a single account.
These tax fraud schemes are often linked to multiple illicit activities, such as identity theft that can leave victims devastated, and unknowing mule account holders who may be complicit in moving illicit funds at the hands of more savvy criminals.
Brendan Brothers discusses the problem of Tax Refund Fraud and demonstrates how Verafin can help financial institutions identify suspicious activity during tax filing season, including Tax Refund Fraud, Identity Theft, and Mule Accounts:
- Discussion on the scale of the crime of Tax Fraud in the U.S., including the role of identity fraud as a precursor to Tax Refund Fraud.
- Review of industry advisories and red flag indicators to help financial institutions identify perpetrators of this crime.
- Demonstration of Tax Refund Fraud detection for financial institutions by identifying potential mule accounts with multiple returns.
