How Scammers Stole $40 Million in Tax Refunds From IRS.gov🎙Darknet Diaries Ep. 26: IRS
Source: YouTube · Jack Rhysider · published Jun 2, 2022 · 35:18
The IRS collects an astonishing $3 trillion annually through voluntary compliance, making it a massive target for cybercriminals despite facing historically low funding levels that hinder its security capabilities 0:07.
Key Takeaways:
• The IRS processes $3 trillion each year from American taxpayers using a voluntary compliance system 0:07.
• Handling such massive sums of money inevitably attracts hackers and criminals looking to exploit the system 0:20.
• Protecting the agency is complicated by a shrinking budget, which as of 2015 was at its lowest level since 2008 0:36.
• When adjusted for inflation, the IRS's budget had dropped to levels comparable to 1998 funding 0:40.
The stark contrast between the enormous financial flows the IRS manages and its diminishing budget creates a significant security vulnerability for American taxpayers.
Sources:
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First 800 characters of the transcript
JACK: Internal Revenue Service is the American
tax collection agency and guess how much money they collect every year from American taxpayers. COMM’R: We collect three trillion dollars
a year in a voluntary compliance system. JACK: [MUSIC] That’s the IRS Commissioner
himself. Three trillion dollars is a lot of money that travels through the IRS’s fingers
and something I’ve learned over the years is that if that kind of money is going through
an organization, it’s going to attract criminals and hackers like a hound dog attracts fleas.
A lot has to be done to protect the IRS from attackers. There are problems; first of all,
the budget is shrinking. Again, here’s the commissioner from 2015. COMM’R: The IRS is now at its lowest level
of funding since 2008. If you adjust for inflation our budge…