Business
Younger Consumers Less Aware of Common Tax Fraud Schemes, According to New Report From ACI Worldwide Developed in Partnership With YouGov
Report also finds that consumers in all demographics are seeking counsel from tax professionals at higher rates as they navigate increasingly complicated
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nReport also finds that consumers in all demographics are seeking counsel from tax professionals at higher rates as they navigate increasingly complicated filings this year.\n\n\n MIAMI--(BUSINESS WIRE)--\nA new tax payment report from ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payment solutions, developed in partnership with YouGov, shows that awareness of common payment fraud schemes during tax season is down year over year (YoY), making people more susceptible to potential fraud. The greatest change is among younger taxpayers, particularly Gen Z, where fraud awareness decreased from 83% in 2022 to 72% in 2023.\n\n\nGen Z trails all other age demographics in terms of the knowledge of common potential tax season fraud, such as email scams, ghost tax preparers and identity theft, among other methods. The report finds that 30% of respondents from Gen Z and 21% of Millennials said they would find out where to pay their taxes from a Google search or a friend or family member, which may result in taxes being filed or paid on a phony site.\n\n\n“Because overall awareness of payments fraud is down this tax season, we must continue to focus on consumer education — especially among younger members of our workforce. It’s important that we urge all taxpayers to be on high alert for potential fraud and protect their digital identity. Taxpayers also need to obtain information from official sources like the Internal Revenue Service (IRS) to ensure their filings are secure and properly completed,” said Ron Shultz, head of the biller segment at ACI Worldwide.\n\n\nThis year’s ACI-commissioned YouGov study also found that the total number of U.S. adults who plan to consult a tax professional to prepare their taxes has increased from 27% in 2022 to 30% in 2023, while the use of self-service electronic software has decreased by three percentage points YoY.\n\n\nThe rise in taxpayers seeking professional guidance may be due in part to increasingly complicated filings. Many taxpayers are having to consider new regulations rolled out by the IRS, such as Premium Tax Credits for qualified health plans and Clean Vehicle Credits. These considerations — in conjunction with growing consumer interest in ensuring personal filings are accurate and include all potential deductions — are driving taxpayers to consult outside e...