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ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time.
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time.
The bank has cautioned that scam tactics are becoming increasingly targeted, ranging from tax-related impersonation scams to fraudulent shopping websites offering massive EOFY discounts.
ANZ Head of Customer Protection Shaq Johnson said while the bank has measures in place to protect customers, preventing more than $50 million in suspicious transactions linked to scams between October 2023 and September 2024, customers must remain vigilant.
"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," he said.
"Cybercriminals will look to exploit this, so it's crucial Australians understand the warning signs to avoid falling victim to a scam."
Johnson said scammers may use targeted, sophisticated tactics during the end of financial year period to steal money or personal information.
Common warning signs include unexpected text messages or emails claiming to be from the Australian Taxation Office or banks, alerting recipients to unclaimed refunds or outstanding tax bills.
"We're urging Australians to stop, think, and consider," Johnson said.
"If you are ever unsure that a message is legitimate, or simply would like the peace of mind, call your bank or relevant government organisation."
During tax time in 2024, ANZ experienced a spike in attempted rebate and extortion scams, with rebate scam volumes surging by 50 per cent in July before dropping sharply in August.
Extortion scams followed a similar trend, rising significantly in June by 41 per cent and July by 64 per cent.
Rebate scams involve scammers convincing victims they are entitled to a rebate from a bank or government service, asking for initial payments to cover administration fees.
Threats and extortion scams involve scammers demanding payments to avoid punishment such as arrest or deportation.
ANZ is also warning Australians about online shopping scams during EOFY sales periods.
"Australians love to snap up a bargain during the EOFY sales, and we also know scammers will attempt to take advantage of this," Johnson said.
"Common red flags to look out for when shopping online this EOFY include inconsistent or unfamiliar contact information, significantly cheaper offers compared with other sellers, or any deal that seems too good to be true."
The bank advises customers that in genuine ANZ communications, the bank will never ask customers to share sensitive banking details, click links to log into accounts, grant remote access to devices, or transfer money to other accounts.
ANZ operates customer protection teams 24/7, with customers who believe they may have been scam victims advised to contact the bank immediately on 13 13 14.
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