Be alert for ATO Scams
Recently, the industry has become aware of several impersonation scams that are targeting individuals around tax time. Scammers have been posting as Australian Taxation Office (ATO) representatives, sending fraudulent emails and texts, or making phone calls to steal personal information and money. It’s really important to always be aware of what information you share, as these scammers can use this information to access your bank accounts, sign into personal accounts or steal money then commit fraudulent activity in your name.
These scams are most common during tax time, as a lot of people are talking to their financial agents before the End of Financial Year about tax due dates and other necessary information. Therefore, it is crucial to be aware of the recent scam circumstances that have happened in the past few years, and be able to recognise it.
More than 1,668 ATO impersonations were flagged in May this year, sending both text messages and emails, leading to 22,000 reports of scams in the last 12 months. The first sign of a scam message is the inclusion of a hyperlink, which will take you to a fake website to steal your information. The ATO, in January of this year, removed hyperlinks in their SMS. These impersonation scams will usually play on your fears to force you to click on the link or attachment. Be sure to never click on one of these links.
What to keep an eye out for:
The latest scams scenarios include:
myGov email impersonation scams
ATO social media impersonation accounts scam
Multi Factor Authentication (MFA) email scam
Tax refund SMS scams
In March of this year, the most common reported scam was an ATO branded email containing a fake link to the myGov website. However, the ATO and myGov corporations will not send emails or SMS with links to their website, they will use phrases like ‘visit our website’. This has caused many individuals to have their bank details stolen from then, leading to fraudulent activity in their name. Another example was in January of 2023, where there was an increase in social media accounts impersonating the ATO. These scammers were trying to steal personal information of clients involved in the ATO.
How to Avoid it:
In order to avoid fraudulent activity from scammers, it is important to consider the following steps when you receive communications from the ATO. If you receive an email or SMS from the ATO, do not press on the hyperlink, as this is how scammers can steal your vital personal information. Always be aware of what you share. For scammers, the smallest bit of personal information can be the key to access your financial accounts. Cyber criminals tend to use the same tactics repeatedly, especially if they have been successful. It's important to stay alert and aware of these scams throughout the year.
And when in doubt, please contact your Maher Group representative.