With tax season fast approaching, Norton is cautioning Australians to stay vigilant as various tax-related scams start to surface.Cybercriminals are known to take advantage of the increased activity — as individuals and businesses gear up to file their returns with the Australian Taxation Office — to steal sensitive information and inflict financial harm on unsuspecting victims.
New consumer data released by Norton shows 14 per cent of Australians say they have personally experienced cybercrime in the past 12 months, with the average amount lost totalling $863.79.
Of those who have experienced cybercrime in the past 12 months, 35 per cent detected unauthorised access to an online banking or financial accounts.
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“Certain times of the year are more appealing to cybercriminals and tax time remains a popular target,” Norton APAC managing director Mark Gorrie said.
“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 stresses the importance of not compromising cyber safety for the sake of convenience, especially with cybercriminal tactics constantly evolving with the use of AI.Gorrie highlights three common tax scams to watch out for and provides tips to avoid falling victim to them.
Tax-related identity theft
This scam involves cybercriminals gaining access to a victim’s account, impersonating them, and fraudulently submitting refund claims with the ATO using stolen personal information such as tax file numbers (TFNs).
To avoid this scam, individuals should safeguard their TFN — shred documents with personal information, use strong passwords with two-factor authentication for online accounts, and report any suspected compromises to the ATO.
ATO impersonation scams
Scammers may pose as ATO representatives through various communication channels such as SMS, email, or social media to trick victims into divulging sensitive information.
Recognising signs of scams, verifying the legitimacy of communication channels, and avoiding sharing personal information can help individuals steer clear of such schemes.
Dubious tax preparers offering to handle tax refunds
Fraudsters may promise substantial returns and a quicker process to entice individuals seeking tax refunds.
By being wary of unregistered tax preparers, refraining from sharing myGov passwords and enabling two-factor authentication, individuals can protect themselves from falling prey to these deceitful practices.