HM Revenue and Customs (HMRC) has issued a stark warning to TikTok users urging them not to disclose their tax information online, following the uncovering of a suspected fraud operation worth £153million.
The tax authority's alert comes in the wake of an ongoing investigation into an alleged scheme that exploited the popular social media platform to target unsuspecting users.
HMRC is cautioning the public to remain vigilant against online content that promises "risk free" financial gains in exchange for personal details.
The suspected scam involved fraudulent tax repayment claims submitted using credentials obtained from victims who believed they would receive easy money.
HMRC has issued a scam warning to TikTok users
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Two Romanian nationals, aged 22 and 25, were taken into custody by HMRC officers in east London on April 23 in connection with the alleged fraud.
The pair are suspected of having used TikTok to advertise offers of straightforward financial rewards to users willing to hand over their tax credentials.
Such information could include business VAT registration numbers or personal self-assessment login details. The men were questioned under caution before being released on bail while investigations continue.
They face potential charges relating to fraud by false representation, unauthorised access with intent, and money laundering offences.
The Government has previously pledged to clampdown on fraudsters | GETTY LATEST DEVELOPMENTS
HMRC raises £13million by warning taxpayers it could raid bank accountsThe alleged operation functioned by using the stolen tax details to file bogus repayment requests with the revenue authority.
HMRC's fraud detection mechanisms successfully identified and prevented £153million worth of these fraudulent claims from being processed.
Investigators believe numerous businesses may have been recruited by the two suspects, with multiple false claims traced back to these companies before being intercepted.
The investigation into the suspected scam remains active, with authorities continuing to piece together the full extent of the alleged criminal network. HMRC has indicated that the blocked claims represent a significant attempted theft from public funds.
Experts urge consumers to be vigilant | GETTYSimon Grunwell, head of cybercrime investigations at HMRC's Fraud Investigation Service, said: "You should protect your personal tax details in the same way you protect your bank details.
"Claims of quick, risk-free cash in return for sharing your personal information are a scam."
HMRC has warned that victims may also be required to repay any fraudulently claimed money and could even face criminal prosecution themselves.