ADP Credentials Theft Puts Companies At Risk of Tax Return Fraud

As if there was a need for even more scam tactics, it looks like criminals are taking a new direction. Mainly companies in the US should be concerned about tax return fraud. ADP, one of the largest payroll services in the world, was breached not too long ago. Up until this day, it remains unknown if user data was stolen, and if so, how many users are affected.

Tax Return Fraud Is A Grave Concern

Enterprises in the United States will know the name

ADP all too well. Albeit it remains to be seen how the platform was affected, it has become apparent one hacker obtained information belonging to employees of US Bank. By registering new accounts using these credentials, hackers could get even more sensitive information about their targets.

All of this data can be used to effectively commit tax return fraud. In the US, filing for tax return requires personal information and W-2 information

. Needless to say, tax return fraud puts individual users, and their companies at risk. Moreover, this also means other businesses may be affected.

So far, ADP refutes all claims of their own network being breached by assailants. However, the institution remains tightlipped as to where the security flaws were exploited, or who is to blame. A third-party service connected ADP is one of the possible options, and if this is the case, it is unknown where or not that entity fixed the flaw.

Related Post

Registering an ADP account is not as straightforward as signing up for Facebook. Users need a company-issued URL, which usually required credentials to use. One mistake made by US Bank was how they published this URL online, albeit they have removed the relevant information ever since the breach was made public.

Luckily for all parties involved, the impact on US Bank employees has been minimal. Customers of both ADP and the financial institution were not affected either. But this once again goes to show cyber security measures need to be taken far more seriously. Insufficient solutions will cause harm sooner or later.

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

2 hours ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

3 hours ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

11 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

11 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

11 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

11 hours ago