Scams and how to avoid them

HomeInsights

Scams and how to avoid them.


I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million.

Once the scammer establishes contact, they start requesting money for an urgent bill or a replacement phone etc. For those with children or dependant family members, it is not that hard to believe. According to the Australian Consumer and Competition Commission (ACCC), two-thirds of family impersonation scams were reported by women over 55 years of age.

Another common scam is the lost or unable to deliver package texts and voicemail. With Christmas just around the corner, we can expect to see another escalation of this scam where tracking links purportedly from Australia Post, Toll, or Amazon etc., are used to instal malware.

Once accessed, the malware will access your contacts and spread the malware and potentially access your personal information and bank details.

In July, the Australian Taxation Office (ATO) reported a new wave of ‘Tax refund SMSF scams’. The texts purported to be from the ATO stating that the individual had a tax refund and to click on the link and complete the form.

Another scam purporting to be from the ATO advised that the recipient was suspected of being involved in cryptocurrency tax evasion and requested that they connect their wallet. At which point the wallet was accessed and any assets stolen.




The ACCC’s Targeting Scams report states that in 2021, nearly $1.8bn in losses were reported but the real figure is likely to be well over $2bn. The largest combined losses in 2021 were:

  • $701 million lost to investment scams with 2021 figures significantly increased by cryptocurrency scams - more scammers are seeking payment with cryptocurrency and losses to this payment method increased 216% to $84 million.
  • $227 million lost to payment redirection scams.
  • $142 million lost to romance scams.


GET IN TOUCH GET IN TOUCH



25 Sep

Navigating the Changing Legal Landscape: Key Updates for Employers

WEBINAR 25 SEPT // 12PM

The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate risks.


READ MORE READ MORE
11 Sep

Super Guarantee and Employee Terminations: Compliance Essentials for Employers

WEBINAR 11 SEPT // 12PM

In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.


READ MORE READ MORE
4 Sep

Allowances, FBT, and Compliance for Employers

WEBINAR 4 SEPT // 12PM

Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs. living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging arrangements.


READ MORE READ MORE
2 Sep

4 factors that influence car loan interest rate

Understanding the factors that influence your interest rate can help you secure a better deal.


READ MORE READ MORE
2 Sep

How to Prepare a NFP Self-Review Return

Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:


READ MORE READ MORE
30 Aug

Motorbike Loan Or Personal Loan?

The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.


READ MORE READ MORE


Related News

2 Sep

How to Prepare a NFP Self-Review Return

Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:


READ MORE READ MORE
12 Aug

The Power of Systemisation: Why, How, and What Types of Businesses Can Benefit

Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.


READ MORE READ MORE
16 Jul

Small Business Productivity: Industry & Regional Trends

Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.


READ MORE READ MORE