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Beware: ATO Refund Hack Results in Stolen Monies

By September 18, 2024No Comments

Seems the level of scams just keep rising.  One more thing small and medium sized businesses don’t need to deal with, but must.

This morning I received an urgent advisory message from my auditors of a new and serious fraud affecting companies and individuals.  I’ve anonymised the email and post the advisory below.  It may be a matter you would want to follow up with your own tax professionals.

Richard

Sent: Wednesday, 18 September 2024 9:51 AM
Subject: ATO Being Hacked and Client Monies Stolen

Hi All

I wanted to let you know that there have been a few recent instances of the ATO being hacked and client monies being stolen.

The MO* is that:

    1. The tax agent is removed as an authorised contact
    2. The bank account details are changed.
    3. Prior year returns are amended and a refund is sought.
    4. The current year tax return is lodged and a refund is sought for current year instalments.

This is systemic across the board and we all need to be vigilant.  This includes individuals and companies.  It is relevant for both income tax and GST.  It could happen to any of us!

If you receive any emails, texts etc from the ATO, please send then to us to investigate.

I gather that this is a result of some hacking of Medibank, some of the telco’s and some of the banks.

If you notice any unusual activity on your ATO account, please let us know.  Please also check your Mygov.

So far, we have been able to stop the hackers before the money has left the ATO.  However, I understand that there are examples in other firms of money leaving and then the clients have to recover their funds.

Please be on guard.

Thanks

abcd

– – – – –
Partner, Tax
Corporate & International Tax
Direct: +61 2
Mobile: +61 414

 

* MO stands for “modus operandi,” which is Latin for “mode of operation” or “method of operation.

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