beware of tax scams — they’ll be everywhere this EOFY » Scammer News

 beware of tax scams — they’ll be everywhere this EOFY » Scammer News

The end of the financial year is near. So all of us — especially those scrambling at the last minute to get their receipts in order — should keep an eye out for the accompanying onslaught of tax scams.

Posing as the Australian Taxation Office in particular has been a key vehicle for scammers to target victims, with considerable success over the years.

According to an Australian Competition and Consumer Commission report, scams targeting Australians last year cost an estimated A$851 million. Reported financial losses over the past five years show a clear upward trajectory.

Reported financial losses from scams over the last five years (data from ACCC)
Author provided

And while this is clearly concerning, it only represents a proportion of the overall problem, as many victims are unlikely to report being scammed.

Bargaining psychology

Scams come in various forms. Often they will use social engineering to…

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