Number of businesses reporting scams quadruples around this time of year, it says
With the end of the financial year approaching, the Commonwealth Bank of Australia (CBA) has warned small businesses against scammers employing sophisticated tactics to steal tax returns.
The bank said scammers typically increase their tax scam activities during this season, using phishing tactics to steal login credentials and redirect tax return payments to their accounts.
According to Bec Warren (pictured), executive general manager of small business banking at Commonwealth Bank, the bank usually sees a 400% increase in businesses reporting member portal scams around this time of year.
“This just shows the determination scammers have to try to scam unassuming small business owners out of their hard-earned money,” Warren said. “We all know small businesses are often family run, have fewer resources and not a lot of free time on their hands, which can make them more likely to miss some of the red flags they otherwise would have spotted.”
Member portal scams usually involve phishing for taxation or superannuation portal credentials via email or text messages. Once scammers gain access, they alter payee details, resulting in tax returns or superannuation payouts being deposited into accounts controlled by the scammers.
Commonwealth Bank is urging small businesses to be cautious of any emails or texts asking for their taxation portal login details, especially at this time of year.
“Make sure that, when you are entering your login details and passwords, you do so on the organisation’s official portal and do not click on any suspicious links,” Warren said. “Scammers will usually create a sense of urgency to get you to act quickly, not leaving you enough time to think. This is why it’s always important to stop, check and reject any unusual emails, texts, links or payment requests.”
CBA said helping customers stay safe by improving early detection and prevention of scams is among its highest priorities, adding that it continues to work to make small businesses more resilient to scams with initiatives such as NameCheck, CallerCheck, and CustomerCheck as well as progressive advances in cyber protections.
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