Brett’s Scam Watch

Older man, sitting at a desk, reading a book, with a keyboard beside him

EOFY Scams 

As the financial year draws to a close in Australia, it’s essential to remain vigilant against scammers who often exploit this time of the year to target us. These fraudsters employ various tactics, such as email and SMS phishing, to deceive people into divulging sensitive financial information or making fraudulent payments.

Identifying Financial Year End Scams

1. Tax Refund Scams: Scammers impersonate government agencies or tax authorities, sending emails or SMS messages claiming that you are eligible for a tax refund. They often ask for personal information, such as your tax file number or banking details, to process the refund. Remember that legitimate organisations will never request such sensitive information via email or SMS.

Old style calculator with a yellow sticky note with the words Tax Refund on it
Paper invoice with the PAID stamp in red

2. Fake Invoices and Payment Requests: Fraudsters may send deceptive invoices or payment requests, posing as legitimate suppliers or clients. These messages may appear genuine, complete with official logos and professional language. Always verify the authenticity of such requests by cross-checking with known contact details or by contacting the person directly through a trusted source.

3. Phishing Emails: Scammers send emails disguised as financial institutions, requesting you to update your banking details, verify account information, or confirm transactions. They create a sense of urgency, warning that your account will be closed or that unauthorised activity has occurred. Be cautious of unsolicited emails and never click on suspicious links or download attachments unless you are certain of their authenticity.

Modified keyboard with one red key with the @ symbol, a fish hook and the word phishing
Two hands over a document, one with a pen and a stack of money in the foreground

Here are some best practices to protect you:

1. Be Sceptical: Develop a healthy scepticism towards unsolicited emails and SMS messages, especially if they relate to financial matters. Take the time to carefully review the content and check for inconsistencies, misspellings, or poor grammar—common signs of a scam.

2. Verify the Source: When in doubt, independently verify the legitimacy of the sender or organisation. Use official contact details obtained from trusted sources, such as the official website or previously established communication channels, to confirm the authenticity of the communication.

Document with the Verified stamp on it
A desk with a portion of a keyboard showing, and a sticky note with My Password written on it and a number of passwords listed

4. Secure Online Practices: Maintain strong security measures on your devices, including up-to-date antivirus software, firewalls, and spam filters. Regularly update your operating system and applications to patch any security vulnerabilities. Use strong, unique passwords for your online accounts, and enable multi-factor authentication whenever possible.

A pair of hands holding an iPad with the words Educate Yourself displayed on the screen

5. Educate Yourself: Stay informed about the latest scamming techniques and educate yourself about common red flags. Organisations like the Australian Competition and Consumer Commission (ACCC) and Scamwatch provide valuable resources and information on prevalent scams and how to protect yourself.

Remember, if something seems too good to be true or raises suspicions, it’s always better to err on the side of caution and verify before taking any action. Stay informed, stay cautious, and protect yourself from financial year end scams.

Brett Levy

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