Nov 25, 2017

 

Our Insights ...

Just how well do you know the various dodgy financial traps out there? Stay educated about the potential dangers and stay on your guard. If you fall victim to a scam, you can lose not just money but even your identity.

Common Scams

Credit card skimming - Skimming is reading your card’s information with a small machine. Machines can be handheld or covertly installed into a public ATM. 

False billing - You may be sent bills and invoices for services you didn’t order.

Buying and selling online - Fake classified ad listings and even entire websites filled with nonexistent inventory trick people into giving up money and personal information.

Investment scam - Some get-rich-quick schemes may look legitimate on the surface, but all they do is route people’s “investments” into the scammer’s wallet.

Phishing scam - The perpetrator tries to get you to share sensitive bank account information while posing as a trusted institution, such as your bank.

Australian Tax Office Scams

In one ATO scam, the caller contacts you posing as an employee of the ATO. He is often aggressive and claims that you have unpaid debt or are accused of committing tax fraud. The caller won’t explain the details to you or allow you to ask questions. This is intended to intimidate, instil fear and confuse. 

If the scammer does give you a phone number to call for follow-up, it will be a number with no connection to the ATO.

An ATO scammer also doesn’t ask for legitimate forms of payment. You may be asked to pay off your “debt” through gift cards.

It doesn’t end with a phone call. There are several email scams out there, as well, which pose as various ATO forms. Take a minute to compare the identified cases shared by the ATO here to get familiar with what’s not legit.

What to Do if You Suspect an ATO Scam

There have been a number of ATO scams in recent years, so if you are contacted be on the look out for any indication that things may not be as they seem. 

Is someone calling from the ATO and you’re not sure they’re telling the truth? Call the ATO directly to check at 1800 008 540 on Monday through Friday from 8 AM until 6 PM.

Any suspicious activity should be reported directly to your bank, the ATO, or your financial adviser. It’s a smart move to discuss your options with a financial expert any time you are offered a new financial venture or deal. Maybe it’s a scam, or maybe it’s legit but it’s just not a good option for you! A good adviser will know your position and help you stick to the best plan for you.

Experts warn that with scammers getting more difficult to spot these days, and there’s plenty of dubious schemes out there too, so you should be increasingly more cautious about sharing your personal information online. The Internet can make any information public. 

And remember: if a deal sounds too good to be true, it probably is!

Expert Financial Advice 

For a no obligations discussion about your safely managing and protecting your wealth, reach out to our team here at Calder Wealth Management. Call on 08 8373 3333 today to schedule an an appointment.

- Ben Calder, Private Client Adviser