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ANZ saw a spike in attempted rebate and extortion scams at the end of the last financial year.
Big four lender, the Australia and New Zealand Banking Group (ANZ), has warned customers to be on high alert as the financial year nears due to scammers attempting to target Australians during the tax period.
The major said scam tactics were becoming increasingly targeted and urged consumers not to be complacent when protecting their finances.
Experts from ANZ reviewed data from May to August 2024 and found a clear spike in rebate and extortion scams, especially in June and July.
The volume of rebate scams surged by 50 per cent in July before dropping sharply in August. Extortion scams followed a similar trend, rising significantly in June (41 per cent) and July (64 per cent).
Common scams include criminals telling victims they are owed money from the Australian Taxation Office (ATO), banks, or other institutions. To claim the amount owed to the victim, the scammer will ask for a small initial payment to cover ‘administration fees’ or taxes. Scammers can also demand payment under threat of serious consequences, often impersonating officials.
Rebate scams refer to instances where scammers attempt to convince victims they are entitled to a rebate or reimbursement from a bank or government service, such as the ATO or myGov.
ANZ head of customer protection, Shaq Johnson, said that it was important customers remained vigilant and cross-checked all contact with their bank, the ATO, or other government organisations at this time of year.
“Tax time is already a confusing period for many Australians and in the businesses of lodging a return, it's easy to let your guard down. Cybercriminals will look to exploit this, so it's crucial Australians understand the warning signs to avoid falling victim to a scam,” Johnson said.
“During the end of financial year period, scammers may use targeted, sophisticated tactics to attempt to steal money or personal information. While many Australians have a good understanding of how to spot a scam, it’s important to be aware of the specific red flags related to this time of year.
“Common watchouts include unexpected text messages or emails claiming to be the ATO or your bank alerting you to an unclaimed refund or outstanding tax bill. These messages will often include a link to click and have a sense of urgency to the request.”
[Related: Interest rate cut sparks rise in scam risk, ANZ warns]
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