Company Agrees to Buy Cloud-Based Security Leader Porticor
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Amid heightened data security awareness this week and on the heels of a
recent national symposium on tax fraud, Intuit Inc. (Nasdaq: INTU) today
reiterated its call for the tax preparation industry to join in its
fight against tax fraud.
“People work hard for their money, pay their taxes, and do their best to
be in compliance. Yet criminals steal names and identities to wreak
havoc with people and the tax system,” said Brad Smith, CEO and
president of Intuit. “Private industry and government need to work
together to find ways to take billions of fraudulent dollars out of the
hands of criminals and put them back in the pockets of American families
where it rightfully belongs.”
The Internal Revenue Service estimates that billion is lost each year
due to tax fraud and improper payments. The rise of cyber-fraud
threatens to push that number even higher.
Intuit is actively engaged with federal and state governments, as well
as industry associations, to fight fraud. Last week the company
sponsored a symposium in Washington, D.C., – “The Fight Against Fraud:
Solving a -billion Tax Challenge” – where thought leaders discussed
and debated the challenge of tax fraud. Today, the company is continuing
the conversation by calling on leaders to take the next step.
“It is time for a renewal of innovation, ingenuity and vigilance by the
public and private sector to fight fraud,” Smith said. “I call on my
competitors across the industry, along with federal and state
governments, to convene a summit, forge a strategy together and apply it
against today’s challenge to the tax system.
“This cause should not and cannot increase the burden on the American
taxpayer. Instead, we must collectively work with Congress to support
the drive for tax reform and help ensure that tax simplification for the
average taxpayer and small business in this country is a high priority.
Eliminating excessive complexity from our tax code is essential to
reducing error, abuse and fraud in the tax system,” said Smith.
“The fraud threat to U.S. financial and tax systems is well known, but
seldom understood,” said Thomas M. Lenard, president and senior fellow
of the Technology Policy Institute. “Last week’s Washington symposium
underscored the need for action. Fraud is a common enemy of government
and industry, consumers and business. Solutions must come from
collaboration and mutual strategy development between the public and
private sectors working in common cause, and it should be undertaken as
a national priority.”
Private Industry’s Role in Fight Against Fraud
Private industry plays a significant role in protecting the privacy and
security of customer information. For Intuit, this is particularly
important during tax season when fraud attempts are on the rise.
Intuit consistently invests in leading-edge technology, world-class
technologists and pioneering products that help prevent, detect and
respond to suspicious and fraudulent data activity. The company today
announced plans to acquire Porticor, a leader in cloud-based security,
headquartered in Israel.
Porticor’s unique combination of state-of-the-art encryption and
patented key management systems protects critical data in public,
private and hybrid cloud environments. The transaction is expected to
close in the next week.
In addition, Intuit works closely with a community of security experts,
including industry-leading firms, such as FireEye and Palantir.
“Tax fraud is a difficult industry challenge and we are pleased to
partner with Intuit to address this challenge at the industry level,”
said Kevin Mandia, chief operating officer of FireEye. “In our
multi-year partnership with them, we’ve come to appreciate not only
their unflinching mindset around being responsible stewards of customer
data, but also the security-oriented innovation within the company
across the board.”
How Consumers Can Protect Themselves
Identity theft is a predominant contributor to tax fraud. Intuit has
seen an increase in the number of criminals who’ve stolen identities
outside the tax filing process and then attempted to access its products
to file fraudulent returns. Industry and government must work together
to educate consumers and help them to take steps to safe guard their
identity online. Intuit continuously advises consumers on how to protect
Consumers can learn more at:
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®,
Quicken® and TurboTax®,
which make it easier to manage small
businesses and payroll
processing, personal finance,
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit’s
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of .5 billion in its fiscal year
2014. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Source: Intuit Inc.