Scammers Using Feature To Fleece Aussies

Australians are expected to go on a spending spree this month with the Holiday season approaching. Con artists know that this is also a great time for them to run their scams and fleece people who are unaware of their modus operandi. 

The Australian Tax Office (ATO) has warned the general public to be aware of the latest scam that victimises people through cardless cash transactions.

Cardless cash withdrawals are a feature of many ATMs spread across Australia. This allows Aussies to withdraw funds from an account without a card. It usually requires access to a banking app or a phone held by the account holder.

But con artists are pretty creative and have taken a rather unique approach to manipulate this process which is why the Tax Office has gotten involved.

CommBank

According to the ATO’s representatives, scammers are now trying to convince people that they have a sizable tax debt. Con artists then get them to pay this amount and settle the debt. They use scare tactics to intimidate these unsuspecting victims who are ready to pay up to avoid legal action. This scam has been going around for a long time but the new twist is that scammers are now using the cardless withdrawal feature.

When people are victimized by this scam, they are tricked into giving cardless withdrawal codes to the scammer. The result is that people don’t even know it is a scam, believing that it was the tax office making the deduction.

Increase in Recent Months

Reports of cardless withdrawal scams have been increasing in recent months. This increase is timely because this is the period in which the ATO usually contacts those who have outstanding tax obligations.

Scams are a common thing in Australia, with experts estimating around $500 million was stolen via these scams in 2019. Several popular scams include the threat of jail time if a “fine” is not paid, with the victim receiving a link to click. The result is that all of the information entered via the link gets picked up and is then used to steal money. 

Phone scams are a major threat nowadays and the Australian Communications and Media Authority (ACMA) has decided to take steps to curb them by compiling lists of scam numbers and even trying to hunt down the scammers. 

Australians have been cautioned to be extra vigilant during the holiday season and report any suspicious activity.