News / Article

Tax-Refund Fraud Soaring, Little IRS Can Do

Source: nbcnews.com/business/taxes/tax-refund-fraud-soaring-little-irs-can-do-n304951 - Feb 12, 2015

Tax-refund fraud is expected to soar again this tax season, and hit a whopping $21 billion by 2016, from just $6.5 billion two years ago, according to the Internal Revenue Service.

And the problem—which the agency admits is growing quickly—is compounded by an outdated fraud-detection system that has trouble identifying many attempts to trick it.

"The flaws in [the IRS'] system are so basic," said Akli Adjaoute, founder and CEO of artificial intelligence firm Brighterion.

"The whole system is a disaster," Adjaoute said.

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Category: IRS