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with tax season is fast approaching, Norton is warning Australians to remain vigilant as various tax scams begin to emerge. Cybercriminals are known to take advantage of the increased activity – as individuals and businesses prepare to file their returns with the Australian Taxation Office – to steal sensitive information and inflict financial damage on unsuspecting victims.
New consumer data released by Norton shows 14 percent of Australians say they have personally experienced cybercrime in the past 12 months, with the average amount lost totaling $863.79.
Of those who experienced cybercrime in the past 12 months, 35 percent experienced unauthorized access to online banking or financial accounts.
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“Certain times of the year are more attractive to cybercriminals and tax time remains a popular target,” said Norton APAC managing director Mark Gorey.
“With the abundance of personal and financial data being shared and stored during this period, combined with the pressure of tax returns, it creates the perfect opportunity for fraudsters to target Australians.”
Gorey emphasizes the importance of not compromising cybersecurity for convenience, especially with cybercriminal tactics constantly evolving with the use of AI. Gori highlights three common tax scams to watch out for and tips on how to avoid falling prey to them.
Tax-related identity theft
This scam involves cybercriminals gaining access to a victim’s account, impersonating them and fraudulently submitting refund claims to the ATO using stolen personal information such as Tax File Numbers (TFNs).
To avoid this scam, people should protect their TFNs — destroy documents containing personal information, use strong passwords with two-factor authentication for online accounts and report any suspected compromises to the ATO.
ATO impersonation fraud
Fraudsters can impersonate ATO representatives through various communication channels such as SMS, email or social media to trick victims into revealing sensitive information.
Recognizing signs of fraud, verifying the legitimacy of communication channels and avoiding sharing personal information can help people prevent such schemes.
Shady tax preparers offer to handle tax refunds
Scammers may promise substantial returns and a faster process to attract tax refund claimants.
By keeping out unregistered tax preparers, refraining from sharing myGov passwords and enabling two-factor authentication, people can protect themselves from falling victim to these fraudulent practices.
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