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Scams in tax season,
Australians must beware,
Vigilance is key.
CBA urges vigilance ahead of tax time amid rising fraud
New research from The Commonwealth Bank of Australia (CBA) has revealed that nearly one in three Australians fail to identify a tax scam, despite 90% of the population expressing confidence in their ability to spot fraudulent activity.
The study tested multiple tax phishing scams on Australians over the age of 18, with only 69% able to successfully identify all of them. It was found that around one in four Australians have been exposed to a tax-related scam.
Scammers often impersonate myGov and the Australian Tax Office (ATO) in SMS phishing attempts, 'phishing' for personal information, including bank card details. The deceptive SMS messages contain links that direct recipients to a counterfeit website, where they are prompted to enter their card details, providing scammers with access to their funds.
CBA's General Manager of Group Fraud, James Roberts, said: "While it's encouraging to see a majority of Aussies were confidently able to spot scams when tested, concerningly almost a third didn't correctly spot all of them. As a nation, we've made good inroads into reducing the impact of scams, but we all need to stay vigilant and across the latest scam trends."
With the risk of scams heightened during tax season, the bank is urging Australians to exercise extra caution and to stay updated on the latest scam trends.
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