Previous | Checking your credit is free, for now — here’s why you should take advantage Next | First quarter 2021 economic review and outlook
April 22, 2021 / Ray Wills
Beware of unemployment fraud — even if you’re employed

Beware of unemployment fraud — even if you’re employed

Scammers have long known how to use stolen identities to commit fraud, for instance, unemployment fraud.

Unemployment fraud is more prevalent than ever, as federal and state agencies have been providing an unprecedented amount of unemployment assistance to individuals impacted by the coronavirus crisis.

In fact, over $63 billion has been improperly paid out through fraud or errors according to the U.S. Department of Labor’s Office of the Inspector General; the Federal Trade Commission (FTC) estimates it is affecting “tens of thousands of people.”Criminals stealing private information

Unfortunately, most people whose identities are stolen by others to claim their benefits usually don’t discover it until tax time. And surprisingly, you don’t even have to be unemployed to fall victim to unemployment fraud.

Rest assured, if your unemployment benefits are stolen, you will not be held liable following a fraud investigation by your state. But it’s not a speedy process.

And if you are employed, the good news is that your unemployment benefits won’t vanish should you need them in the future. Yet, you’ll probably have to go through a process of clearing your name of any fraud.

So, if you receive an inaccurate 1099-G form (a tax form that reports your unemployment compensation for the year), don’t ignore it — report this suspected fraud immediately to your state unemployment agency so they can correct your income with the IRS and prevent any issues with your taxes.

Do not wait for a revised 1099-G form to file your taxes. Per the IRS, you may proceed with filing your taxes, reporting only your true income and not fraudulent income reported in your name. You do not need to complete the additional form normally required by the IRS for reporting identity theft.

Ray Wills is the security officer at F&M Trust

Recent Articles
Tax Law Changes: The American Families Plan and how it might impact you
Tax Law Changes: The American Families Plan and how it might impact you

Tax Law Changes: The American Families Plan and how it might impact you

October 14, 2021 / Erin Sunday

Tax Law Changes: A closer look at estate and gift taxes
Tax Law Changes: A closer look at estate and gift taxes

Tax Law Changes: A closer look at estate and gift taxes

October 12, 2021 / Erin Sunday

Tax Law Changes: A closer look at corporate taxes
Tax Law Changes: A closer look at corporate taxes

Tax Law Changes: A closer look at corporate taxes

October 07, 2021 / Erin Sunday

Tax Law Changes: A closer look at individual taxes and what the changes mean for you
Tax Law Changes: A closer look at individual taxes and what the changes mean for you

Tax Law Changes: A closer look at individual taxes and what the changes mean for you

October 05, 2021 / Erin Sunday

Why keeping up with the Joneses is never a good idea
Why keeping up with the Joneses is never a good idea

Why keeping up with the Joneses is never a good idea

September 30, 2021 / F&M Trust

How to teach kids financial responsibility with an allowance
How to teach kids financial responsibility with an allowance

How to teach kids financial responsibility with an allowance

September 20, 2021 / F&M Trust

Money myths: My partner manages our finances, so I don't need to think about it
Money myths: My partner manages our finances, so I don't need to think about it

Money myths: My partner manages our finances, so I don't need to think about it

September 16, 2021 / F&M Trust

A closer look at the link between money and happiness
A closer look at the link between money and happiness

A closer look at the link between money and happiness

September 07, 2021 / F&M Trust

Post Covid Investing: Time for a Deeper Look
Post Covid Investing: Time for a Deeper Look

Post Covid Investing: Time for a Deeper Look

May 03, 2021 / Scott Ehrig

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.