Scammers Use FATCA to Target US Taxpayers


Scam artists have recently targeted U.S. taxpayers with foreign accounts by demanding information from foreign banks and other firms, according to an alert issued by the Internal Revenue Service. Experts say individuals are also being targeted directly.

In IR-2014-92, the IRS issued a fraud alert to international financial firms complying with the Foreign Account Tax Compliance Act, known as Fatca.  It said that scammers posing as IRS personnel have asked for account holder identity and financial account information.

In its fraud alert, the IRS stressed that it doesn’t require foreign firms to provide specific account holder identities or account information over the phone or by fax or email. The agency also does not ask for Fatca registration passwords or similar account-access information, the alert said.

To understand the shocking real reason for FATCA see this IM article here.

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