IRS sees big drop in identity theft

The IRS said that the number of victims of identity theft was nearly cut in half last year when compared to the previous year. In 2015, thieves stole the identities of nearly 700,000 victims, but last year that number dropped to 377,000. Thieves use the stolen identities to file fraudulent tax returns. The IRS issues $300 billion in tax refunds each year, making it a popular target for sophisticated identity thieves. But several years ago, the IRS began teaming up with major tax preparers to crack down on the problem.