Published On: November 16, 2015

The Financial Industry Regulatory Authority (FINRA) issued an Investor Alert on Saturday warning investors about a phone scam, with calls allegedly coming from the Internal Revenue Service (IRS). The calls have targeted more than 700,000 investors since 2013, demanding that they immediately pay a tax obligation or face serious consequences, such as the possibility of being arrested. The callers have become increasingly successful and sophisticated by building credibility through altered caller ID numbers and official-looking documents. FINRA warned investors that the IRS never calls taxpayers and demand immediate payment of a tax obligation. If you receive a call such as this, FINRA recommends to please alert the IRS and the Treasury Inspector General.

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