⚠️ Beware of the Fake Tax Debt Scam ⚠️
- September 27, 2018
- Posted by: Quarles Business and Financial Strategists
- Category: Business Advice
Beware of the Fake Tax Debt Scam – Scam Warning from the ATO
A new scam method has been identified by the ATO, with an increasing number of victims losing thousands of dollars to this scheme.
So, what is the new scam? How can you make sure you are protected?
How the Fake Tax Debt Scam Works
The new scam, labelled the fake tax debt scam, begins with the fraudsters impersonating the ATO and asking you to reveal the name of your tax agent.
They will then initiate a three-way phone conversation with you and another scammer pretending to be your registered agent or someone from the agent’s practice.
The three-way phone conversation can appear very legitimate, and people are more inclined to trust the scammer ‘tax agent’.
Victims have been losing significant amounts of money to the new scam. A recent case identified by the ATO found one person depositing thousands of dollars into a Bitcoin ATM in fear of an arrest warrant.
So, what can you do to avoid being scammed?
How to Ensure You Don’t Get Scammed
The best way to avoid being scammed is to learn the differences between a real ATO call and a scam.
The ATO will never:
- Demand an immediate payment
- Threaten you with an arrest
- Request you to pay by unusual means such as iTunes vouchers, store gift cards or Bitcoin cryptocurrency.
Scammers impersonating the ATO will often do these things. If you get a call like this, it is a scam and not a legitimate ATO call.
If you are suspicious about a phone call regarding your tax situation, you can hang up the call and contact us directly to confirm the status of your tax affairs.