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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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‘Alarming scam’ costing young Aussies their savings

By Cameron Micallef

February 22 2021
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‘Alarming scam’ costing young Aussies their savings

By Cameron Micallef
February 22 2021

The Australian Taxation Office (ATO) is warning of an automated scam call that is duping Australians out of everything they have.

‘Alarming scam’ costing young Aussies their savings

By Cameron Micallef

February 22 2021
Share

The Australian Taxation Office (ATO) is warning of an automated scam call that is duping Australians out of everything they have.

Since 1 January 2021, the ATO has received 638 reports of scammers pretending to be from the ATO, telling people their tax file number (TFN) has been compromised and requesting the call recipient to either pay a fine to release their TFN or transfer all bank funds into a holding account to protect it from future misuse.

So far, seven victims have been duped by the scammers into paying out nearly $118,000.

Young people between the ages of 18 and 24 have paid the most under this new tactic, with one person losing $36,000 just a week ago.

Assistant commissioner Trent Jakubowski said that while the number of people paying these scammers is low, the large amounts being lost per person is alarming.

“We’re seeing that instead of scammers asking for a specific amount of money, they’re requesting victims to transfer every last dollar in their bank account,” Mr Jakubowski said.

“What’s most malicious is that, in some cases, these scammers are stealing money under the guise of saving it from other fraudsters trying to access their account.”

The ATO said the robo-calls follow two common scripts:

Your TFN has been suspended as scammers have your TFN details. You need to transfer all your money to the ATO in order to protect it while we sort it out.

Your TFN has been used illegally and you need to move all the money in your bank account to a holding account pending the outcome of legal action.

“This is a reminder for everyone to keep their guard up when answering an unexpected call. While we more often hear stories of older Australians being targeted by scammers, these devastating losses show that anyone can be a target,” Mr Jakubowski said.

The ATO is warning taxpayers it will never:

send unsolicited pre-recorded phone messages
use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
suspend your TFN
request direct transfers of money to a personal bank account
project their number onto your caller ID

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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