I have had a number of calls recently from clients regarding suspected fraud and discussions with clients in our regular meetings at our Oran Park office regularly coming up with stories of some type of suspect call or fraudulent activity on their accounts.

In this article we discuss what to do if you feel that you have become a victim or are unsure about activity relating to your Financial situation. 

ATO Scam Alerts

We are seeing an increased number of reports of scammers contacting members of the public pretending to be from the ATO and claiming that there are outstanding tax debts and threatening people with arrest if the debt is not paid immediately. Scammers are using improved technology and tactics to make it look like the calls originate from a legitimate ATO phone number or leaving messages for callback.

it is very important to remember that the ATO will never:

• threaten you with arrest over a phone call
• demand immediate payment, particularly through unusual means such as bitcoin, pre-paid credit cards or gift cards and other unconventional methods
• refuse to allow you to speak with a trusted Advisor or your regular tax agent
• or present a phone number on caller ID

The best thing to do if you get a call like this is not provide any personal information and speak to your Accountant straight away or call the Tax office on 1800 008 540 to check if the call was legitimate or report a scam.

Credit card fraud is on the rise

Card fraud has been on the increase, more than doubling to $2.1 billion during 2014-15 year from $1 billion in 2010-11, according to Australian Bureau of Statistics (ABS) figures.

Credit cards are more than likely to be targeted than debit cards in reported instances.

In most cases though, you will not be liable for unauthorised transactions and will get your money back in a timely manner if everything checks out..

Please be advised that ASIC’s MoneySmart website says you won’t get your money back if you acted fraudulently; didn’t keep your PIN or password secret; unreasonably delayed telling your account institution that your card was lost or stolen or that someone else may know your PIN or code or; accidentally left your card in an ATM.

Even then though your liability will be limited to certain caps.

So what should you do if you spot a irregular transaction or don’t recognise something your statement? The most simple answer is contact your Financial institution straight away and report it so they can investigate this further to ensure there is no error.

Your financial institution will most likely block your card and issue you a new one which will result in potentially changing direct debits and updating service providers.

What happens next?

Your Financial Institute may take some time to investigate the matter which can take up to a few months in some cases.

If your Bank or credit society finds that you are liable and you do not agree with this, you should make a formal written complaint and if this is not resolved, you should take your complaint externally to the Australian Financial Complaints Authority.

In conclusion, if you feel like anything is suspect with any of your service providers, financial institutions or your personal details being jeopardised- Call the provider directly and report your suspicions.