Tuesday, 25 June 2024

CBA: Research finds almost one in three fail to spot tax scam

5 min read

CBA is encouraging Aussie taxpayers to stay alert during tax season, as new research reveals almost a third fail to spot a tax scam.

When multiple tax phishing scams were tested with Australians over the age of 18, only 69% could successfully identify all of them. Interestingly, nine in 10 believed they were confident they could spot a fake SMS or email.

The research also showed around one in four Australians have been exposed to a tax-related scam. As millions of people wait for a tax return over the next few months, scammers will be keen to capitalise on the moment.

SMS phishing scammers impersonate myGov and the Australian Tax Office (ATO) to “phish” for personal information, including bank card details. The link within the SMS will take the recipient to a fake website, which might look very real. There will be a place to enter their card details and then this unfortunately allows access to their money.

James Roberts, CBA’s general manager of group fraud, said: “While it’s encouraging to see a majority of Aussies were confidently able to spot scams when tested, concerningly almost a third didn’t correctly spot all of them. As a nation, we’ve made good inroads into reducing the impact of scams, but we all need to stay vigilant and across the latest scam trends.”

He said: “Scammers are the most opportunistic criminals and will actively campaign to capitalise on tax season. Everyone should keep an eye out for text messages and emails impersonating myGov and the ATO. They may appear in a thread of legitimate messages from these organisations. The major red flag for this type of scam is the link, which differs considerably from the official myGov and ATO website addresses. If you’re unsure, contact the organisation on a verified phone number or via their official website or app, otherwise delete the text.”

The research also found that 84% of Aussies are concerned about someone in their close circle falling victim to a scam, with 42% of those being concerned for parents or grandparents.

According to the National Anti-Scam Centre, those aged over 65 recorded the highest losses of any age cohort last year and the research highlights many people are particularly concerned about older Australians.

"We urge people to talk to their social network and remind them to stop, check and reject anything suspicious. If you think you may have fallen victim to a scam, then contact your bank immediately,” added Roberts.

“At CBA, we’re committed to protecting customers from all types of scams. More broadly, we have implemented new detection, prevention and education initiatives to help keep customers safe, including CBA’s NameCheck feature that gives you an indication whether the account name and account information matches,” he said.

Re-disseminated by The Asian Banker

Attend Our Next Events
Finance Vietnam 2024
18 July 2024
Finance Thailand 2024
25 July 2024
Finance Philippines 2024
07 August 2024
Finance Malaysia 2024
22 August 2024