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W-2 Phishing Scam on Moneytree

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Moneytree, the payday lending firm, has become the latest company to fall victim to a phishing scam. Like Seagate before it scammers made off with employ tax data that includes information like names, addresses, social security numbers, and salaries.

Dennis Bassford, Moneytree co-founder, wrote to employees on March 4 that a scammer had impersonated him and requested the company’s payroll information. Though their servers were not breached and no customer information was leaked, the personal information of all current US Moneytree employees and anyone who were hired in early 2016 was.

This is type of information is especially valuable to scammers who then file a W-2 in a victim’s name in order to get a refund sent electronically to their own bank account. Most people are completely unaware this type of W-2 spoofing has even occurred until they have their tax returns rejected because a scammer has already filed in their name.

Again like Seagate and other companies who have been duped, Moneytree is offering to enroll employees in two year credit monitoring service. This, of course, doesn’t do anything to stop them from being the victim of W-2 Spoofing and Tax Refund fraud. To their credit, Moneytree has offered employees an extra $50 in their paycheck in order to cover the cost of putting a freeze on their credit.