ANZ has issued a reminder to its customers to remain vigilant against scams during the end of the financial year (EOFY), a period when scammers often target Australians. The bank highlighted that scam tactics are becoming more targeted, particularly with tax-related impersonation scams and fraudulent shopping websites offering significant EOFY discounts.
Shaq Johnson, ANZ's Head of Customer Protection, emphasized the importance of vigilance despite the bank's protective measures, which prevented over $50 million in suspicious transactions linked to scams from October 2023 to September 2024. "Tax time is already a confusing period for many Australians," Johnson stated. He advised customers to cross-check all communications with their bank or relevant government organizations.
Johnson warned that during this period, scammers might use sophisticated tactics to steal money or personal information. He pointed out common red flags such as unexpected messages claiming to be from the Australian Taxation Office (ATO) or banks about unclaimed refunds or outstanding tax bills. These messages often include urgent requests and links.
ANZ observed an increase in rebate and extortion scams during last year's EOFY, with rebate scam cases rising by 50% in July before declining sharply in August. Extortion scams also saw significant increases in June and July.
Rebate scams involve scammers convincing victims they are entitled to rebates from banks or government services like the ATO but require an initial payment for 'administration fees.' Extortion scams involve threats of punishment unless payments are made for alleged unpaid charges.
In addition to tax-related scams, ANZ cautioned about online shopping frauds during EOFY sales. Johnson noted that inconsistent contact information and deals that seem too good could indicate a scam.
To help identify rebate scams, ANZ listed signs such as unexpected contacts requesting fees for unclaimed money or emails asking for upfront payments for refunds. For threat and extortion scams, warning signs include aggressive calls from supposed officials demanding quick fund transfers.
For online shopping frauds, indicators include inconsistent domains, uncommon payment methods like direct transfers or gift cards, and overly positive reviews on unfamiliar brands' sites.
ANZ assured customers it would never request sensitive banking details through calls or messages nor ask them to click links for account logins or transfer money elsewhere.
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