Are you at risk? NAB unveils alarming rise in scammer activities just before tax season
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With the end of the financial year fast approaching, preparing your tax return may already be on your to-do list. However, this tax time comes with an alarming rise in scammer activities that could leave you vulnerable to fraud if you're not careful.
To help you stay one step ahead of the scammers, we’re here to share some vital information.
One of Australia's major banks, National Australia Bank (NAB), has recently warned about increased scammer activity. The bank has seen such a spike in scams impersonating the Australian Taxation Office (ATO) that they've had to increase their fraud team by over 50 members in the past nine months.
According to NAB’s Scam Awareness Lead Tessa Bowles, the end of the financial year invites a surge in cyber criminals keen on swiping innocent people's hard-earned tax refunds.
'Current cost of living pressures mean tax returns will be front of mind for many Australians hoping for a refund,' she said.
'No one ever wants to lose their hard-earned money to criminals.' she added.
The ATO has already received around 20,000 reports of tax scams in the 2022-23 financial year, averaging 360 reports per month.
In June alone, NAB tracked double the monthly average of ATO scams, proving fraudsters are ramping up their schemes in anticipation of tax time.
Common scams include fake communications from ATO asking individuals to pay a processing fee or provide personal details to release tax refunds.
Tessa Bowles cautioned, 'Scammers may also try to trick people into thinking they owe a tax debt and must pay to avoid being arrested.'
Scammers predominantly use text and email to impersonate the ATO, while online communications are most common for rebate scams. These online schemes have already cost taxpayers more than $4.2 million in losses this year.
But it's not all doom and gloom: there are ways to stay vigilant and safeguard yourself from these scams.
Ms Bowles emphasised the importance of remaining alert. 'Never feel pressured into making a payment and contact your bank immediately if you think you’ve been scammed.' she said.
If you receive an unexpected call from someone claiming to be from the ATO, remain sceptical and hang up.
Remember, the ATO would never request your Tax File Number or any other personal information via email, text, or social media. Nor will they ask for payment of tax debts into non-ATO bank accounts.
Check the legitimacy of any tax debt by logging into your myGov account since that is the secure and official channel for liaising with the ATO.
Additionally, be mindful that the ATO will never threaten you with arrest over tax payments or debts. To know more on how to identify these scams, click here.
Stay safe and take precautionary measures to protect your hard-earned money from scammers so that you can enjoy your well-deserved tax refunds.
Members, how do you plan to safeguard yourself against potential fraudsters and protect your hard-earned money during this tax time? Share your strategies to stay one step ahead of scammers and help others stay safe!
To help you stay one step ahead of the scammers, we’re here to share some vital information.
Scammers Impersonating ATO Surge: NAB Reports Alarming Spike Ahead of Tax Time Image from Shutterstock
One of Australia's major banks, National Australia Bank (NAB), has recently warned about increased scammer activity. The bank has seen such a spike in scams impersonating the Australian Taxation Office (ATO) that they've had to increase their fraud team by over 50 members in the past nine months.
According to NAB’s Scam Awareness Lead Tessa Bowles, the end of the financial year invites a surge in cyber criminals keen on swiping innocent people's hard-earned tax refunds.
'Current cost of living pressures mean tax returns will be front of mind for many Australians hoping for a refund,' she said.
'No one ever wants to lose their hard-earned money to criminals.' she added.
The ATO has already received around 20,000 reports of tax scams in the 2022-23 financial year, averaging 360 reports per month.
In June alone, NAB tracked double the monthly average of ATO scams, proving fraudsters are ramping up their schemes in anticipation of tax time.
Common scams include fake communications from ATO asking individuals to pay a processing fee or provide personal details to release tax refunds.
Tessa Bowles cautioned, 'Scammers may also try to trick people into thinking they owe a tax debt and must pay to avoid being arrested.'
Scammers predominantly use text and email to impersonate the ATO, while online communications are most common for rebate scams. These online schemes have already cost taxpayers more than $4.2 million in losses this year.
With June 30 approaching, Australians are being strongly advised to proceed with caution and keep in mind that the Australian Taxation Office (ATO) will never request personal information through text messages, emails, or social media channels. Image from Shutterstock
But it's not all doom and gloom: there are ways to stay vigilant and safeguard yourself from these scams.
Ms Bowles emphasised the importance of remaining alert. 'Never feel pressured into making a payment and contact your bank immediately if you think you’ve been scammed.' she said.
To keep yourself safe online during tax time, follow these basic tips:
- Don't click on suspicious links or download unexpected attachments in emails.
- Use strong, unique passwords for each of your online accounts.
- Keep your device's software up to date with the latest security patches.
If you receive an unexpected call from someone claiming to be from the ATO, remain sceptical and hang up.
Remember, the ATO would never request your Tax File Number or any other personal information via email, text, or social media. Nor will they ask for payment of tax debts into non-ATO bank accounts.
Check the legitimacy of any tax debt by logging into your myGov account since that is the secure and official channel for liaising with the ATO.
Additionally, be mindful that the ATO will never threaten you with arrest over tax payments or debts. To know more on how to identify these scams, click here.
Stay safe and take precautionary measures to protect your hard-earned money from scammers so that you can enjoy your well-deserved tax refunds.
Members, how do you plan to safeguard yourself against potential fraudsters and protect your hard-earned money during this tax time? Share your strategies to stay one step ahead of scammers and help others stay safe!
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