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Board urges agents to raise client awareness of increasing cyber fraud.
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Accountants first line of scam defence, says TPB
13 October 2022
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Tax agents and bookkeepers have a vital role to play in protecting clients against cyber scams, says the TPB.
It said accountants should raise awareness by talking to clients so that they were alert to the signs of cyber criminals and their methods.
“When it comes to scams, prevention is better than a cure,” said the TPB.
“It can be difficult to recover money lost to a scam and even more difficult to recover your identity if your personal information is stolen.”
TPB said accountants could help remove the stigma that surrounded scams and the false narrative that no one was caught by them. They had a history of discussing sensitive financial information with their clients that made them uniquely well placed to raise the issues.
Data from Scamwatch showed that the number of people being caught by cyber fraud is on the rise.
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To the end of August it had 146,000 reports of losses from scams worth $381 million, double that of the same period the previous year.
Investment scams caused the greatest financial damage, with more than $267 million lost according to Scamwatch.
TPB said investment scams were prevalent because they promised big payouts, quick money or guaranteed returns, and cryptocurrency rorts were currently the most popular.
The board provided a list of steps to help accountants and clients alike stay safe from scams.
- Never give any personal information to someone who has contacted you.
- Do not click on hyperlinks in text/social media messages or emails, even if it appears to come from a trusted source.
- Go directly to a website through your browser, for example, type my.gov.au into the browser to reach the MyGov website.
- Never respond to unsolicited messages and calls that ask for personal or financial details, even if they claim to be from a reputable organisation or government authority.
- Never provide a stranger remote access to your computer, even if they claim to be from a company you use.
- To verify the legitimacy of a contact, find them through an independent source such as an online search or past bill.
- Hang up and verify the identity of the person contacting you by calling the relevant organisation directly.
- Be wary of sellers requesting unusual payment methods such as upfront payment via money order, wire transfer, preloaded card, or crypto.
- Verify any request to change back details by contacting the supplier directly.
- Consider a multi-factor approval process for transactions over a certain dollar amount.
- Keep the security on your network and devices up-to-date, and have a good firewall to protect your data.
The TPB said that if you are aware of a scam whether you had been caught by it or not, it had to be reported to Scamwatch to protect others.
The board also said that if through a scam or other means a tax agent or bookkeeper shared sensitive information such as a TFN they had to inform the ATO by calling 1800 467 033.
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