HMRC Reports $56 Million in Tax Loss Due to Phishing Scam

By Netvora Tech News

The UK's HMRC has announced that it has fallen victim to a massive phishing scam, resulting in the theft of £47 million, equivalent to approximately $56 million. Criminals managed to gain access to existing tax accounts or create new ones in the names of British citizens who did not have online accounts. They then requested tax refunds on behalf of the compromised accounts and individuals.

Taxpayers Affected

The HMRC reports that the accounts of 100,000 British taxpayers were compromised in the scam. The criminals used the stolen information to request refunds, with 47 million pounds being stolen in total. The affected accounts have been blocked, and login credentials have been reset to prevent future unauthorized access.

Notification and Impact

British taxpayers who were affected by the scam will be informed by the HMRC in the coming weeks. Fortunately, the HMRC assures that the affected taxpayers will not suffer "financial damage" as a result of the incident, according to reports from the BBC and The Guardian.

Phishing Scam Details

Criminals used phishing to gain access to existing tax accounts or create new ones in the names of British citizens.
They requested tax refunds on behalf of the compromised accounts and individuals.
The scam resulted in the theft of £47 million, equivalent to approximately $56 million.

The HMRC has taken steps to prevent future unauthorized access to compromised accounts and is working to inform affected taxpayers. The incident serves as a reminder of the importance of online security and the need for individuals to be vigilant against phishing scams.