Timely Reminder to keep your information safe from scams
We understand the significance of safeguarding your financial and personal data and minimising the chances of scams is crucial for safeguarding both your identity and sensitive business information.
The 2022-23 financial year has witnessed a surge in ATO impersonation scams. However, there's some encouraging news – Australians are becoming increasingly savvy in recognising and reporting these scams.
Key findings include:
Increased Reports: Over 25,000 ATO impersonation scams were reported, up 25%
Reduced Losses: Money paid to scammers dropped by 75%
Fewer Victims: Only 28 people paid scammers, a 66% decrease
Less Disclosure: Only 346 people shared personal information, down 71%
Changing Tactics: Scammers increasingly use email (up 179%) and SMS (up 414%)
Demographic Shift: 35–44-year old’s are now the most targeted group
During August 2023, there were 2,499 reported instances of ATO impersonation scams, marking an 18% upswing compared to the prior month. Unfortunately, individuals suffered losses totalling $1,700 to scammers during this period. While this reflects an increase from the preceding month it signifies a decrease when contrasted with the same period in August 2022. It's worth noting that the preferred payment method for scammers in August 2023 was iTunes gift cards.
To safeguard your financial well-being, it's essential to remain vigilant and well-informed about these evolving scams.
In the same way that we implement measures to protect your information, we advise you to take similar precautions for your business and the individuals associated with it. If you find yourself in the unfortunate situation where your personal or business information has been compromised, you can report it to Scamwatch by clicking here.
For a detailed analysis of the most recent ATO Scam Data, click here. We also refer to our Blog article in February 2023 which discusses various scenarios around cyber scams and how to safeguard your business against online threats, please click here.