Well, this certainly does not instil confidence that the IRS will handle FATCA data safely.
Yesterday, CNN reported:
A “sophisticated” organized crime syndicate used the IRS website to steal tax forms full of personal financial information on 104,000 taxpayers, the agency said Tuesday.
But the potential damage is worse. IRS Commissioner John Koskinen said he believes the criminals’ true mission was to gather vast amounts of personal information. Armed with that info, fraudsters can open bank accounts, credit lines and steal tax refunds in the future.
“This is just the latest manifestation of people getting enough data to masquerade as a taxpayer,” Koskinen said.
Now today CNN reports IRS believes the massive data theft originated in Russia.
This is exactly what we have been setting off alarm bells about. Why won’t Finance Canada or governments around the world listen?!? These thefts are with far less information than what will be provided with FATCA.
“Congress must act,” says Senator Orrin Hatch. so, Congress will review how data was stolen. (but not till next week).
Here’s a better solution. Hire Edward Snowden to investigate. He’s hanging out in Russia now. Snowden cares far more about protecting private information than the IRS, US Treasury, US government or any other government around the world.
And what happens when the next data theft comes from Yemen, Syria or Iraq?