The Ticker

TurboTax shuts off state tax return filing

TurboTax, the country's most popular do-it-yourself tax preparation software, said yesterday that it has temporarily stopped processing state tax returns because of an increase in fraudulent filings.

The Massachusetts Department of Revenue says 160,000 refunds are currently in the pipeline, and due to the increase in the filing of fraudulent tax returns nationwide, it will more carefully scrutinize information on returns.

Other state agencies have also reported a rise in filings with stolen personal information, said Intuit, the company behind TurboTax. Most victims found out that a fraudulent tax return was submitted in their name when they received a rejection notice after filing their returns, said Intuit spokeswoman Julie Miller.

There haven't been issues with federal returns to date because the Internal Revenue Service has implemented stronger fraud detection policies, Miller said.

Intuit is working with security company Palantir to investigate the problem. So far, there has been no security breach of its systems, the company said. Instead, it believes personal information was stolen elsewhere and used to file returns on TurboTax.

West Coast dockworkers won't handle cargo due to labor dispute

Terminal operators at the 29 U.S. West Coast ports won't handle cargo this weekend as a labor dispute with dockworkers escalates, their bargaining agent said. Loading and unloading of vessels at ports from San Diego to Bellingham, Wash., will be suspended through Monday morning, according to an emailed statement from the Pacific Maritime Association.

Shipping lines and terminal operators can't justify paying overtime to unionized dockworkers who are handling cargo at reduced levels of productivity, an association spokesman, Wade Gates, said in the statement.

Consumer borrowing picks up in Dec.

Consumer borrowing picked up in December as Americans used their credit cards more after pulling back the previous month.

Total outstanding non-mortgage credit increased by $14.7 billion to $3.3 trillion, the Federal Reserve said yesterday. Economists expected a $15 billion rise.

Revolving debt, which includes credit cards, increased by $5.8 billion to $887.9 billion, the largest increase since April. That's a positive sign of growing consumer confidence amid strong job growth and falling gasoline prices.

Non-revolving credit, which is mostly auto and student loans, rose by $8.9 billion to $2.42 trillion. Auto sales have reached near-record levels as Americans replace aging vehicles and lending standards ease.

• Citizens Bank announced that Bradley L. Mattox, left, has been hired as a vice president and relationship manager for Citizens Commercial Banking. Mattox joins Citizens in Boston from BNY Mellon, where he was a vice president and senior private banker.

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