EOFYS - End of Financial Year SCAMS
Tax Time Threats: How to Protect Your Finances This EOFY
The end of the financial year (EOFY) is a busy time for everyone, but it's also a prime opportunity for cybercriminals. With tax returns, refunds, and financial stress on our minds, scammers ramp up their efforts to steal your hard-earned money and sensitive information.
But the good news is, with a few simple precautions, you can significantly reduce your risk. Here's what you need to know:
The EOFY Scam Landscape: What to Watch Out For
Phishing Emails and Texts: These often look like they're from the Australian Taxation Office (ATO) or your bank. They might ask you to update your details, verify your identity, or even claim a "refund."
Fake Websites: Scammers create convincing websites that mimic legitimate organizations. Be wary of clicking links in emails or texts, and always double-check the web address before entering any information.
Phone Scams: You might receive calls from someone claiming to be from the ATO, threatening legal action or demanding immediate payment. Remember, the ATO will never do this.
Remote Access Scams: Someone might call offering to "help" with your tax return or computer problems, then try to gain remote access to your device. Never give control of your computer to someone you don't trust.
Invoice and Payment Scams: Small businesses are often targeted with fake invoices or requests to change bank account details for suppliers. Always verify any changes directly with the supplier through known contact methods.
Typosquatting: This is a strategy where the attacker will create a malicious website which may appear the same as a legitimate website, but the URL (address) will be ever so slightly different, that a mistype will send your browser to it. For example www.taxdapartment.com
Your EOFY Cybersecurity Checklist
Be Sceptical: If something seems too good to be true, it probably is. Don't rush into anything, and always take a moment to verify the legitimacy of any communication or request.
Check the Source: Emails, texts, and websites can be easily faked. Look for spelling mistakes, strange email addresses, or anything that seems off. If in doubt, contact the organization directly using their official contact details.
Protect Your Information: Never share your personal or financial information (like your tax file number or bank account details) unless you're absolutely sure you're dealing with a legitimate organization.
Keep Your Software Updated: This includes your operating system, antivirus software, and web browser. Updates often contain important security patches that protect you from the latest threats.
Use Strong Passwords: Make sure your passwords are long, complex, and unique for each account. Consider using a password manager to help you keep track of them.
Be Aware of Your Surroundings: When using public Wi-Fi, be cautious about what information you access or share. Consider using a VPN for an extra layer of security.
Report Scams: If you think you've been targeted by a scam, report it to the ATO's Scam Report line or Scamwatch.
One Simple Step to Bypass a Scam Message:
The safest and easiest way to bypass a phishing message is to go the long way around. What we mean by this is instead of clicking the link to a website or a phone number (the short way), independently go to the website, service, or application that is allegedly contacting you, and log in your usual way. This is extremely effective because the way an attacker executes their attack is through the link they send you. Going the long way rather than clicking the link bypasses their entire attack. Once you are logged in you can usually see a history of correspondence between you and the service which you can use to confirm if the messages sent were legitimate.
Small Business Owners: Take Extra Precautions
Educate Your Staff: Make sure your employees are aware of the common scams and know how to identify them.
Secure Your Systems: Keep your software updated and use strong passwords. Consider implementing multi-factor authentication for extra security.
Regularly Back Up Your Data: This will help you recover quickly if your systems are compromised.
Stay Vigilant, Stay Safe
By staying informed and taking these precautions, you can enjoy a stress-free EOFY and protect yourself from the ever-evolving tactics of cybercriminals.
Need Help?
If you're concerned about your cybersecurity, or need help implementing these security measures, consider reaching out to a cybersecurity professional.