If you pay attention to financial news, then you
may have heard the rumors that Microsoft is running outdated Windows XP
operating software, and unfortunately, that is true. The “big deal” about this
discovery is that the software has year-old security updates, which is scary
since you and others trust the IRS with your most personal and sensitive
information. Even more scary is the fact that the current software the IRS uses
to catch fraudsters in the act is twenty years old!
A lot of people believe that the IRS’ continued
use of outdated software is to blame for the recent hack of over 100,000
taxpayer accounts, in which hackers used personal information they’d previously
obtained to get personal data about people, such as tax returns.
Though that scare has been taken care of, it and
other security concerns were still brought up to the House Financial Services
and General Government Committee. There, congressman Ander Crenshaw expressed
grave concern that the IRS had not updated its software in such a long time.
The IRS’ commissioner, John Koskinen blamed
budget cuts for the lack of updates, though many people lack sympathy, due to
the fact that the Government Accountability Office (GAO) found almost 70
problems on its last assessment of IRS security controls.
Information such as this often comes as a cold shock to well-meaning
taxpayers. After all, the last thing you think when you send your information
off to the IRS is that it will be unprotected. While the IRS is supposedly
taking measures to increase security, this news really drives home the fact
that you can never be too careful when it comes to protecting your financial information and alerting your financial advisor at the first sign or even hint
of fraudulent or suspicious activity. #ProtectingFinancialInformation
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