Economic Impact Payments

With the recent issuance of Coronavirus Economic Impact Payments, tactics of cybercriminals are on the rise! Cybercriminals are using the coronavirus crisis to prey on people and attempt to trick them into giving their account login information, bank account numbers and other personal information that could be used to defraud an account. Be mindful of tactics that may be used by cybercriminals to collect your information.

Don’t Fall For Scams Related to Economic Impact Payments!

  • According to the IRS, the official term is economic impact payment. Be mindful of emails, texts or social media posts using terms such as stimulus check or stimulus payment.
  • Be especially mindful if you receive any notification asking you to sign over your economic impact payment check to anyone.
  • The IRS will NOT call, email, text or contact you via social media to request your personal and/or banking information. Cybercriminals may use this tactic, saying it will speed up the process to get your payment.
  • Cybercriminals may contact you and suggest they can work on your behalf to get your payment faster. This tactic could be used via email, text, phone call, social media or in person.
  • Fake checks, possibly with an odd amount, may be sent with a contact number for the recipient to call and confirm. The criminal would then collect personal or bank account information.
  • Phishing scams will continue to be the easiest way to collect your information. Always hover over links to see where it points and never download any attachment you were not expecting. Never send personal information, login information or bank account details over email.

What actions do I need to take?

NO additional action is needed to be awarded an economic impact payment if you have filed a tax return for either 2019 or 2018 tax season. The IRS will use these tax years’ information to make economic impact payment calculations. Payments will be automatically deposited into the bank account associated with prior year tax returns. Checks will be mailed beginning in May to those who file paper returns, and will be distributed over a 20 week period. The IRS is expected to add a tool to track payment status on April 17.

For up-to-date information about the economic impact payments, visit https://www.irs.gov/coronavirus/economic-impact-payments.

This website and articles posted on this website have been prepared by Bank OZK for informational purposes only. They are meant to serve as general information security guidelines and are NOT intended to convey legal advice or form a contractual relationship.