Friday Flight - Bitcoin Boom, Tax Refund Robbers, & Bogus Bag Fees #798

Fraud Prevention

Tax fraud is a growing concern, with nearly 300,000 individuals reporting fraudulent tax filings in their name. Matt Altmix explains that scammers file inaccurate returns to steal refunds, leaving victims without their due funds for months 1. To combat this, the IRS has introduced pin codes, akin to two-factor authentication, to secure tax filings. Joel Larsgaard emphasizes the importance of setting up these pins to prevent becoming a victim of tax fraud 2.

It's a significant extra step of protection, which makes it so much harder for the criminals to file taxes if they were you and get that refund sent their way.

--- Joel Larsgaard

Additionally, staying informed about cybersecurity threats, such as phishing scams, is crucial to safeguarding personal information.

   

Navigating Reviews

Online reviews can be misleading, with many being fake or incentivized. Matt Altmix advises not to rely solely on star ratings but to read specific reviews to spot inconsistencies 3. Tools like Fakespot can help identify fake reviews, making it essential to do due diligence before purchasing. Joel Larsgaard shares a personal experience where a brewery offered free beer for five-star reviews, highlighting how businesses can manipulate ratings 4.

It's making it hard to know how much you can trust the review that you're reading.

--- Joel Larsgaard

Understanding these dynamics is crucial for making informed consumer choices.