As your trusted advisor, we take the security of your sensitive information very seriously. Recent ATO incident reports involving cyberattacks on tax accounts have raised alarms, with unauthorized changes to bank details and fraudulent Goods and Services Tax (GST) refunds in Business Activity Statements (BAS) being submitted. The ATO Commissioner has reported that the agency faces approximately 4.7 million cyberattacks each month, highlighting the urgent need for taxpayers to be vigilant in protecting their data.
Recent Cyber Threats
Reports from various sources in our community have detailed scams targeting myGov accounts and tax refunds. These scams often involve cybercriminals impersonating Tax / BAS agents to gain access to personal information and redirect refunds. The Tax Practitioners Board (TPB) has also uncovered significant cases of stolen tax refunds and fraudulent returns, underscoring the need for increased awareness and preventive measures.
Protecting Your Information
To help safeguard your financial information, our office recommends working with us in undertaking the following actions:
- Update Your Bank Details and Addresses: Ensure that your bank account information; contact details and addresses are current and keep us updated of any changes. This is vital in preventing unauthorized changes that could lead to financial losses.
- Report Any Suspicious Activity: If you notice discrepancies in your account or receive unusual communications, please contact us immediately. We can work with the ATO to address potential issues promptly.
- Verbal Verification of Bank Details: To enhance security, we will require verbal confirmation for any changes to your bank details. We will never ask for sensitive information through personal contacts or unsecured devices to avoid phishing scams.
Our Commitment to Cybersecurity
Waterford Accountants is dedicated to enhancing our cybersecurity protocols and protecting your information. We believe that visibility between our team and our clients is essential, so we will proactively communicate any concerns we notice on our end.
Stay Informed
It’s crucial to stay informed about the tactics used by cybercriminals. For more information on this issue, we encourage you to read the following resources: