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Protecting Your Finances: Stay Alert to Tax Season Scams

3 minute read

At The Capricornian, your financial security is our top priority.

Although we have the latest systems in place to ensure your money and personal information is kept safe with us, staying vigilant against scams is crucial in today’s digital age.

Recently, there has been a surge in tax-related scams – these attempts may target individuals via way of phone call, text message or email and your diligence is the best form of defense.

With this in mind, let’s dive into some ways to help you stay one step ahead and protect your hard-earned money.

Recognising the Signs: How to Spot Scams

Tax season can be stressful enough without having to worry about scams. Stay cautious and look out for these tell-tale signs:

  • Unexpected Communications: Be wary of unsolicited emails, phone calls, or text messages claiming to be from government agencies, such as the ATO. Scammers often use official-sounding language to intimidate you into complying.
  • Urgent and Threatening Language: Scammers often try to create a sense of urgency. If you’re pressured to act quickly or face severe consequences, pause and reconsider. Legitimate organisations understand the importance of clear communication.
  • Request for Personal Information: No genuine institution will ask you to provide sensitive personal or financial details via email, phone, or text. Never share your tax file number, banking details, PINs or passwords.
  • Unusual Payment Requests: Scammers might demand immediate payment via unconventional methods such as bank transfers, gift cards or crypto-currency. Authentic entities will offer standard payment options.
  • Avoid Insecure Links: Be cautious about clicking on links in unsolicited messages. Scammers often use fake links to trick you into providing personal information or downloading malicious software.

Smart Steps to Safeguard Your Finances

Here are some tips to help you stay safe:

  • Verify the Source: If you receive a communication claiming to be from a government agency or financial institution, independently verify its authenticity. Use official contact details from their official website or your trusted sources.
  • Safeguard Personal Information: Keep your sensitive information private and secure. Password protect your devices, avoid sharing personal data online and use strong, unique passwords for all accounts.
  • Educate Yourself: Stay informed about the latest scams. Regularly check official scam alert websites and subscribe to newsletters from trusted sources for regular updates.
  • Trust Your Instincts: If something feels off, it probably is. Don’t hesitate to hang up the phone, delete the email, or close the text. Reach out to your local branch or call our friendly team via the Contact Centre if you’re uncertain about any communication.

We’re Committed to Your Security

Remember, staff at The Capricornian or any of our associated third party service providers, will never call or email you asking for your PIN, passwords or banking login details.

If you’re ever in doubt – connect with us through our official website, call us on 1300 314 900 or visit your local branch directly.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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