Tax season blues: Tech company warns taxpayers about tax return scams
- Replies 1
As the financial year draws to a close, it's not just the chill in the air Australians need to be wary of.
Tax time is upon us, and with it comes the unfortunate rise of scams that can leave bank accounts colder than winter.
With the Australian Taxation Office (ATO) becoming a hive of activity, scammers are seizing the opportunity to trick diligent taxpayers out of their hard-earned cash.
Cybersecurity firm Norton urged Aussies to keep their wits as cybercriminals sharpen their tactics.
Norton's recent consumer data revealed that 14 per cent of Australians were ensnared by cybercrime in the past year, with an average loss of $863.79.
About 35 per cent of these cybercrime victims also discovered unauthorised access to their online banking or financial accounts.
Mark Gorrie, Norton APAC's Managing Director, warned that tax time is a golden hour for cybercriminals.
'With the abundance of personal and financial data being shared and stored during this period, combined with the pressure of tax filings, it creates the perfect opportunity for scammers to prey on Australians,' Gorrie said.
Gorrie emphasised that convenience should never come at the cost of cyber safety, especially when scammers are becoming increasingly sophisticated—even employing artificial intelligence (AI) in their schemes.
It's a reminder that in the digital age, our personal and financial information is as precious as gold.
Gorrie focused on three prevalent tax scams and how taxpayers can protect themselves.
Tax-related identity theft
This scam involves cybercriminals impersonating you to lodge fraudulent refund claims with the ATO.
To keep your identity safe, treat your Tax File Number (TFN) like a state secret.
Shred documents containing personal information, fortify your online accounts with strong passwords and two-factor authentication, and report any suspicious activity to the ATO immediately.
ATO impersonation scams
Scammers often masquerade as ATO officials via text messages, email, or social media.
Always verify the legitimacy of any communication claiming to be from the ATO, and never divulge personal details unless you're sure it's safe.
Dubious tax preparers
Some fraudsters promise substantial tax returns and speedy service.
To keep your online data and information safe, stick to registered tax preparers, keep your myGov passwords secret, and enable two-factor authentication.
In a previous article, the Customer Owned Bank Association warned Australians to be on high alert for sophisticated tax time scams.
According to a report, Australians lost $38 million to scams in June 2023, highlighting the need for vigilance.
If you suspect you've fallen victim to a tax-related scam, it is crucial to immediately notify your bank or financial institution and change any compromised login credentials.
SDC member @Mark@Home also encouraged members to check their myGov accounts often, change passwords regularly, and enable two-factor authentication. Read more about his post here.
If in doubt, the ATO's website is a treasure trove of resources, and their customer service team is ready to assist with any concerns.
By staying informed and cautious, you can navigate tax time without falling victim to scheming con artists.
How do you ensure that your taxes are filed promptly and scam-free? Share your experiences, tips, and advice with us in the comments below.
Tax time is upon us, and with it comes the unfortunate rise of scams that can leave bank accounts colder than winter.
With the Australian Taxation Office (ATO) becoming a hive of activity, scammers are seizing the opportunity to trick diligent taxpayers out of their hard-earned cash.
Cybersecurity firm Norton urged Aussies to keep their wits as cybercriminals sharpen their tactics.
Norton's recent consumer data revealed that 14 per cent of Australians were ensnared by cybercrime in the past year, with an average loss of $863.79.
About 35 per cent of these cybercrime victims also discovered unauthorised access to their online banking or financial accounts.
Taxes are meant to go to essential government services such as healthcare, education, and development, among others. Image Credit: Pexels/
Mikhail Nilov
Mikhail Nilov
Mark Gorrie, Norton APAC's Managing Director, warned that tax time is a golden hour for cybercriminals.
'With the abundance of personal and financial data being shared and stored during this period, combined with the pressure of tax filings, it creates the perfect opportunity for scammers to prey on Australians,' Gorrie said.
Gorrie emphasised that convenience should never come at the cost of cyber safety, especially when scammers are becoming increasingly sophisticated—even employing artificial intelligence (AI) in their schemes.
It's a reminder that in the digital age, our personal and financial information is as precious as gold.
Gorrie focused on three prevalent tax scams and how taxpayers can protect themselves.
Tax-related identity theft
This scam involves cybercriminals impersonating you to lodge fraudulent refund claims with the ATO.
To keep your identity safe, treat your Tax File Number (TFN) like a state secret.
Shred documents containing personal information, fortify your online accounts with strong passwords and two-factor authentication, and report any suspicious activity to the ATO immediately.
ATO impersonation scams
Scammers often masquerade as ATO officials via text messages, email, or social media.
Always verify the legitimacy of any communication claiming to be from the ATO, and never divulge personal details unless you're sure it's safe.
Dubious tax preparers
Some fraudsters promise substantial tax returns and speedy service.
To keep your online data and information safe, stick to registered tax preparers, keep your myGov passwords secret, and enable two-factor authentication.
In a previous article, the Customer Owned Bank Association warned Australians to be on high alert for sophisticated tax time scams.
According to a report, Australians lost $38 million to scams in June 2023, highlighting the need for vigilance.
If you suspect you've fallen victim to a tax-related scam, it is crucial to immediately notify your bank or financial institution and change any compromised login credentials.
SDC member @Mark@Home also encouraged members to check their myGov accounts often, change passwords regularly, and enable two-factor authentication. Read more about his post here.
If in doubt, the ATO's website is a treasure trove of resources, and their customer service team is ready to assist with any concerns.
By staying informed and cautious, you can navigate tax time without falling victim to scheming con artists.
.png){kind=icon}
