IRS monitor: $1M phone scam 'largest ever'

The Internal Revenue Service is warning Americans of a nationwide phone scam that has stolen $1 million from thousands of people so far.

According to CNNMoney, the imposter claims to be an IRS representative and tells "intended victims they owe taxes and must pay using a pre-paid debit card or wire transfer," an IRS inspector general office said.

More than 20,000 reports have been submitted to the IRS regarding the scam.

J. Russell George, the Treasury inspector general for tax administration, called it "the largest scam of its kind that we have ever seen."

Read more from CNNMoney.