STOP A SCAM

“Share a Story, Stop a Scam” was the theme for Scam Awareness Week, held by the National Anti-Scams Centre at the end of August 2024. It's purpose was to encourage more people to report scams. Because many scam attempts go unreported, others are left vulnerable to the same schemes. By sharing your experiences, you not only protect yourself but also help others avoid falling into similar traps.

Hills Accounting is your local small business accountant, bringing you tips on how to survive the scammers. Scams continue to cost Australians billions of dollars every year, and businesses are prime targets.

So How Much Do Scams Cost Australian Businesses?

In 2022, Australians lost over $3.1 billion to scams. Small businesses are particularly vulnerable, with scammers using fake invoices, phishing emails, and tax-related fraud. One growing tactic involves fraudsters posing as the Australian Taxation Office (ATO), demanding payments or attempting to steal sensitive information.

The ATO has issued a clear staement to help prevent these scammers from getting your hard-earened cash. They no longer send emails with clickable links. If you receive a message claiming to be from the ATO that contains a link, it's going to be a scam.

If it is from a different organisation that you recognise, but are unsure about, always verify communications through trusted channels.

Simple Steps to Recognising Scams

Scammers often appear convincing, but knowing what to look for can save you time and money. Here are five simple steps to help you recognise and avoid scams:

Verify the Source

Don’t trust unexpected emails or calls asking for personal details or payments. Always contact the organisation directly using their official contact information.

Beware of Urgency

Scammers thrive on panic, using tactics like threats of fines or promises of rewards to make you act quickly. Genuine organisations rarely use such urgency.

Spot the Errors

Poor grammar, spelling mistakes, and awkward formatting are red flags. Reputable organisations take care with their communications.

Protect Your Information

Be cautious about sharing sensitive details online. Use strong passwords and enable multi-factor authentication for added security.

Check the Links

Never click on links in unsolicited emails, particularly those claiming to be from trusted entities like the ATO. If in doubt, visit the website directly by typing the URL into your browser.

"Share a Story, Stop a Scam" – Why Reporting Matters

If scams go unreported, this allows scammers to continue targeting other businesses and individuals. By sharing your story, whether you've fallen victim or simply recognised a scam attempt, you help raise awareness and prevent others from becoming victims.

The ATO and ACCC actively encourage people to report any scam attempts, no matter how small. Reporting helps authorities track scam trends and take action against these criminals.

Stay Informed, Stay Safe

Education and vigilance are your best defence against scams. Take advantage of resources offered by the ATO and ACCC to stay informed about the latest scam techniques. And remember, sharing your experience can make a real difference in stopping scams from spreading.

Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

For more information, email us today at admin@hillsaccounting.com.au or call us on 03 62737800