Tens of thousands of fraudulent e-mails were sent out prior to the 31 January tax return deadline, according to a report by the BBC.
Recipients are told they are due a tax refund and asked to fill in an online form with bank or credit card details. Victims who respond to these e-mails run the risk of having their bank accounts emptied or card limits used and their details sold on to criminal gangs.
Revenue & Customs (HMRC) has warned taxpayers not to respond to the "phishing" e-mails.
HMRC has said that they never use e-mails or telephone calls, as they inform customers of a refund by post only; they are urging anyone who has received such an e-mail to forward it to them for investigation before deleting it. According to HMRC at least 20,000 fake e-mails have been sent out in the past week alone.
A massive upsurge is expected following the 31 January deadline when many people will be waiting to hear about genuine tax refunds.
It is estimated that 9.5 million self-assessment returns were due to be filed. If any member of the Institute has received such an e-mail, please let us know!!