ANZ warns customers about increased scam risks during end-of-year tax season

Banking & Financial Services
Webp 3xskzf8e2zuivv31hlqyfw99ba9y
Elisa Clements Group Executive Talent and Culture | Australia and New Zealand Banking Group

As the financial year draws to a close, ANZ has issued a warning to Australians about the heightened risk of scams and fraud. This period is particularly vulnerable as cybercriminals exploit the busy tax season.

The Australian Tax Office (ATO) reported 19,843 instances of tax-related scams in the 2022-2023 financial year. They anticipate an increase in such activities this year as Australians prepare their tax returns.

ANZ's Head of Customer Protection, Shaq Johnson, highlighted the ease technology brings: “Technology has made our lives easier and more accessible; customers can now file their tax returns online using a range of tools and services that have transformed the way we manage our tax affairs.”

Johnson noted that during this time, individuals often share personal and financial information online with accountants and tax agents. He warned: “When you pair this with being the busiest period of the year for most businesses, this can create the perfect opportunity for online criminals to take advantage and catch people off-guard.”

Common tactics employed by scammers include impersonating tax officials to obtain bank details or personal information, promising larger or quicker refunds, mimicking trusted retailer websites, convincing people they owe money to the ATO, and offering fake refunds to gather personal data.

To safeguard against these threats, ANZ advises vigilance across all communication channels. It is crucial to verify requests before clicking links or providing information.

ANZ offers several protective measures:

- Confirm any request for payment changes through known contact details.

- Enable multi-factor authentication on key accounts.

- Access websites directly via browser rather than email links.

- Be cautious if an offer seems too good to be true.

- Stay informed about current scams like myGov tax return scams.

ANZ’s customer protection teams are available around-the-clock. Customers suspecting scam activity should immediately call 13 33 50 and report it via ScamWatch.

Further guidance on scam types and prevention can be found at http://www.anz.com.au/security/types-of-scams and ScamWatch.