Table of Contents
Scams Surge as Tax Season Approaches: What Australians Need to Know
As millions of Australians prepare to submit their tax returns, the season also brings an increased risk of scams. Experts caution that this period is a prime time for scammers to exploit individuals who are expecting official communications from entities like the Australian Taxation Office (ATO) or tax agents.
Rising Scam Incidents
Recent research by cybersecurity firm Norton reveals that nearly one in three Australians have already encountered scams this year, with 22% of them succumbing to these schemes. Victims, on average, reported a financial loss of $1,537, while some individuals lost as much as $15,000. Dean Williams, a senior systems engineer at Norton, explains that the stress associated with tax time makes individuals vulnerable to deception. "Scammers are aware that Australians are particularly anxious during this time, which makes it easier for them to take advantage of people," he said.
Types of Scams
The ATO has flagged a staggering 300% surge in impersonation scams compared to last year. Victims may receive fake invoices or phishing messages from impersonators posing as the ATO or even legitimate accountants. Such messages often contain links that prompt recipients to input sensitive personal information or make payments urgently, asserting a debt or a “need to resolve” issues before filing returns.
Norton warns that any unsolicited message with an unknown link should be disregarded. One red flag includes communications that closely mimic the official myGov website, but with a fraudulent URL—a tactic scammers commonly employ.
Protecting Personal Information
Among the most vital pieces of personal information is an individual’s Tax File Number (TFN). If scammers gain access to this, they can impersonate individuals to lodge fraudulent tax returns or claim refunds. This poses significant risks to personal and financial safety, as the misuse of stolen data can continue long after the initial scam.
To safeguard against these threats, Norton advises shredding documents containing personal details, employing strong and unique passwords, and activating two-factor authentication on myGov accounts. Should you suspect that your TFN has been compromised, immediate reporting to the ATO is essential.
Staying Vigilant
Williams underscores the importance of taking a moment to verify any suspicious messages. "Scammers thrive on urgency, which makes people prone to react irrationally. A few minutes spent verifying a message can save you from losing money," he emphasises.
To enhance security during tax season, Australians are encouraged to take a measured approach: slow down, verify every message carefully, and refrain from hastily sharing personal or financial information. Such vigilance, combined with trusted security tools, can significantly mitigate risks during this sensitive financial period.
In conclusion, as the tax season unfolds, it is crucial for Australians to remain alert and informed about the tactics employed by scammers. By taking proactive measures to safeguard personal information, individuals can better protect themselves against these unscrupulous activities.
