Common scams to watch out for at EOFY
As the end of the financial year approaches, it’s a busy time for preparing your taxes, reviewing super and getting your finances in order.
Unfortunately, it’s also a peak period for scammers looking to take advantage of people and businesses who are focused on deadlines and end-of-year financial tasks.
EOFY creates the perfect environment for fraud. With refunds, payment reminders, super contributions and updated financial documents all top of mind, scammers rely on urgency and distraction to trick people into handing over personal or financial information.
Knowing what to watch for can save you stress, money and headaches. This guide highlights the most common EOFY scams and offers practical tips to help protect your finances before you act.
Fake ATO communications
A common scam involves messages pretending to be from the Australian Taxation Office. These can arrive as emails, text messages, or phone calls, claiming that a refund is due or that a tax debt must be paid immediately.
Scammers create urgency by threatening penalties, legal action, or freezing accounts. They often ask for payment via unusual methods like gift cards, cryptocurrency, or direct bank transfer. The ATO will never request payment in these ways.
Always verify suspicious communications independently. Do not click links or provide personal information in response to unexpected messages. If in doubt, search online to find the correct contact details.
Phishing emails targeting business owners
EOFY is a particularly high-risk time for businesses. Scammers often send emails that look like they come from payroll providers, accounting software platforms, banks, or even bookkeepers.
These emails may request login credentials, bank information updates, or contain attachments that install malware. Verify any unusual requests by calling the organisation using a trusted phone number. Never rely on the contact details or links provided in the email itself.
Even seemingly minor requests can be part of a larger scheme. A small error in payment details can lead to ongoing losses if scammers are able to redirect multiple invoices over time.
Invoice and payment redirection scams
Businesses finalising accounts are often targeted with fake invoices or intercepted invoices that have altered bank account details.
Because these payments are routine and expected, they can be processed without question. Always double-check any changes to payment details with the supplier before sending funds. A quick verification call can prevent significant financial loss.
It’s also wise to keep a consistent process for approving payments, including multiple checks or sign-offs for large amounts, to reduce the risk of falling victim to invoice scams.
Superannuation and investment scams
Scammers take advantage of EOFY financial reviews by promoting fake investment opportunities or superannuation schemes that promise high returns or tax advantages. Some even claim to help access super early to “avoid tax” or “invest better.”
Be cautious of unsolicited offers and guaranteed returns. Only consider changes to super or investments through verified and legitimate channels. Check any adviser or company through the official regulatory registers before taking any action.
Social media and SMS scams
Short text messages or social media ads claiming you are eligible for a tax refund are increasingly common. These often contain links to fake websites that collect personal information. Scammers may use official-looking logos, branding, and URLs to make the message appear legitimate.
Do not click on links from unexpected messages. Verify the legitimacy of any refund or offer through official websites and use secure channels for submitting sensitive information.
Staying safe
At EOFY, it’s important to slow down. Scammers rely on urgency. Messages that pressure you to take immediate action or threaten consequences are red flags. Verify first, act second.
Keep devices and software up to date, use strong and unique passwords, and enable two-factor authentication where possible. Keep an eye on your accounts for unusual activity and regularly review payment processes to make sure safeguards are in place.
EOFY should be a time to tidy up finances and plan for the year ahead. Protecting yourself from scams ensures that money stays where it belongs and that EOFY is a time for financial clarity, not stress.
For any questions or concerns about suspicious communications, talk to us. A quick check now can prevent problems later and give peace of mind while managing your EOFY finances.
Not sure if something is legitimate?
Speak with Carrick Aland before you act—we can help you verify requests and protect your finances this EOFY.
