Check Your Bank Account: Scammers Are Trying To Steal Your Child Tax Credit

It’s only been a week since tens of millions of eligible families started receiving child tax credit payments and the IRS has already issued a warning about scammers.

Watch Out: Pandemic Fraudsters Swindled Nearly $500 Million From Americans — And They’re Not Finished Yet
See: Child Tax Credit Blows Up On TikTok

“While millions of American families started receiving the advance Child Tax Credit payments last week, criminals were already looking for innovative tactics to take advantage of unwitting victims,” the tax agency cautioned on Wednesday. “Taxpayers should be on the lookout for a variety of phone, e-mail, text message and social media scams targeting families eligible for the credit.”

The agency warned families to be on the lookout for criminals who ask you by phone, email, text or social media to verify information so that you can get your payments. The IRS does not initiate contact through these channels to request personal or financial information. The agency also does not leave pre-recorded phone calls and will never ask taxpayers to send money via wire transfer, gift card or cryptocurrency, Fox Business reports.

Make Your Money Work

The expanded child tax credit is $3,600 for the 2021 tax year for children under the age of 6 and $3,000 for children between the ages of 6 and 17. Half of these payments are being sent out monthly through December, while the other half can be claimed while filing your 2021 income tax return.

Learn: Here’s How to Unenroll From Monthly Child Tax Credit Payments – And Why You Might Want To
Know: Is There Still Time To Get The Child Tax Credit?

The IRS uses your 2019 and 2020 tax return information to automatically enroll families for advanced payments; additional action is not required. Earlier this month, the IRS released its child tax credit update portal, which lets you check to see if you’re eligible, change information or opt-out of the advanced monthly payments.

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Last updated: July 22, 2021

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

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