True Pundit

Business Politics

IRS “Security” Program Can’t Stop $3.1 Billion Scam

FOLLOW US!
Follow on FacebookFollow on Twitter

While it’s absorbed persecuting law-abiding conservative groups the Internal Revenue Service (IRS) can’t seem to stop crooks from scamming it to the tune of several billion dollars in one year alone via bogus tax refunds. It’s the latest of many transgressions at the agency that’s doubled as an Obama administration tool to crack down on political adversaries.

A special IRS security feature called Taxpayer Protection Program (TPP) couldn’t prevent criminals from scamming the agency out of an eye-popping $3.1 billion in one year, according to a federal audit. TPP was implemented to curb an epidemic of identity theft that allows criminals to fraudulently get tax refunds. Supposedly, identity theft fraud is reduced through a verification process but the federal probe, conducted by the investigative arm of Congress, the Government Accountability Office (GAO), found serious loopholes. “TPP uses single-factor authentication procedures that incorporate one of the following authentication elements: ‘something you know,’ ‘something you have,’ or ‘something you are,’” the GAO report states. “TPP’s single-factor authentication procedures are at risk of exploitation because some fraudsters obtain the PII (personally identifiable information) necessary to pass the questions asked during authentication.” – READ MORE

FOLLOW US!
Follow on FacebookFollow on Twitter