(FinancialHealth.net) – In April, the Treasury Department and IRS began sending out CARES Act Economic Impact Payments to Americans. Unfortunately, millions of people are reporting their stimulus check is a no-show. Experts believe they may know why, and it’s not good news.
Identity theft may be the reason people have not received their payments. Finder.com Banking and Investments Editor Alexa Serrano told CBS affiliate 4WWL the way the government rolled out the payments was a dream for thieves. She claims the system that allows Americans to track their payments “led to glitches and a vulnerability point for fraud.”
Serrano explained all a scammer needs is a person’s address, social security number, date of birth and zip code to reroute the checks to themselves. Earlier this year, Yahoo Finance warned of another way the thieves were stealing the payments:
If you believe criminals stole your payment, the Federal Trade Commission (FTC) wants you to report the theft to IdentityTheft.gov. Follow these steps:
- Choose “get started.”
- Pick the option that directs you to report someone filing your federal return or claiming your stimulus payment.
- Next, the FTC will ask you questions about the theft. If you’re not sure of an answer, leave it blank.
The FTC website also has a live chat option just in case you need guidance.
Some 30 million Americans have not received their stimulus payments yet. Be sure to take action if you think you’re a victim. It’s important because Congress is currently working on passing another round of direct payments. The last thing you want is to miss out on two checks.
~Here’s to Your Financial Health!
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