As Australians prepare for end-of-financial-year (EOFY) sales and tax time, NGM Group, the customer-owned banking group behind Greater Bank and Newcastle Permanent, is warning consumers to remain alert to scams targeting people during one of the busiest financial periods of the year.
Scammers commonly use fake tax refund messages, impersonation phone calls, fraudulent online shopping websites and phishing emails to target people who are spending more time online and managing their finances.
NGM Group Fraud Operations Manager Jason Veltruski said EOFY can present opportunities for scammers because consumers are expecting communications from banks, government agencies, retailers and delivery companies.
“At this time of year, Australians are actively looking for sales, lodging tax returns, checking invoices and responding to more emails and text messages than usual,” Veltruski said.
“That creates an opportunity for scammers to blend in. A fake message about a tax refund, suspicious bank activity or a parcel delivery can easily look legitimate when you’re already expecting similar communications.”
Veltruski said scammers are becoming increasingly sophisticated in their attempts to impersonate trusted organisations, often replicating logos, branding and phone numbers.
“We’re seeing scam messages and phone calls that look incredibly convincing,” he said.
“In some cases, people receive a text that appears in the same message thread as genuine messages from their bank. Others receive phone calls where the caller claims to be from a trusted organisation and pressures them to act immediately.”
“One of the biggest red flags is urgency. Scammers want people to panic, click quickly or hand over information before they’ve had time to stop and think.”
Common EOFY scams
Fake ATO scams
Text messages, emails or phone calls claiming a recipient is owed a tax refund or must urgently pay a debt. Some scams threaten legal action if payment is not made immediately.
Bank impersonation scams
Messages claiming there has been suspicious activity on an account and requesting the recipient click a link, transfer money or verify banking details.
Fake EOFY sales websites
Online stores and social media advertisements promoting heavily discounted products that either never arrive or are used to collect payment card details.
Parcel delivery scams
Text messages claiming there is an issue with a delivery or that a fee must be paid before a parcel can be released.
Invoice and payment scams
Fraudsters posing as suppliers, tradespeople or service providers and providing alternative bank account details for payments.
Mr Veltruski said consumers should avoid responding directly to unexpected messages or phone calls, even when they appear genuine.
“If you receive a text or email claiming to be from your bank, the ATO or another trusted organisation, don’t click the link,” he said.
“Instead, go directly to the organisation’s official website or app yourself. If you receive a phone call and something doesn’t feel right, hang up and call the official phone number listed on the organisation’s website.”
“That extra step can prevent people from unknowingly handing over passwords, banking details or security codes to scammers.”
Tips to help reduce scam risk
- Do not click links in unexpected text messages or emails claiming to be from a bank, the Australian Taxation Office (ATO) or delivery companies.
- If you receive a suspicious phone call, end the call and contact the organisation directly using the official phone number listed on its website.
- Do not share passwords, PINs or internet banking security codes.
- Be cautious of sales or offers that appear unusually cheap or create pressure to act immediately.
- Check website addresses carefully and look for legitimate contact information and reviews before making online purchases.
- Monitor bank accounts regularly and report suspicious activity promptly.
People who believe they have been targeted by a scam can report it to the Australian Competition and Consumer Commission (ACCC) through Scamwatch. Those who have made payments to suspected scammers or shared banking information should contact their financial institution as soon as possible.
“Scammers rely on people being distracted, rushed or caught off-guard,” Veltruski said.
“The best defence is slowing down, independently verifying communications and trusting your instincts if something doesn’t feel right.”
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