Tax season in Australia is already in sight, and along with it, fraudsters are also increasingly waging their actions targeting Australians for their personal information.
Fraudsters are now highly sophisticated, and new technology has allowed them to circumvent targeted anti-fraud efforts.
New data from the Commonwealth Bank of Australia shows that 24 per cent of Australians have been the target of tax-related fraud, and 31 per cent have difficulty identifying different types of fraud.
The method of impersonating trusted sources to lure victims into providing personal information is a well-known fraudulent practice known as phishing.
According to the National Anti-Scam Centre's quarterly report in January to March 2024, phishing is the most reported type of fraud in Australia, followed by fake billing fraud and identity theft.
The national communications regulator has tackled the increasing number of scams by introducing a new regulatory code that ensures telecoms companies must step up their efforts to detect and block fraudsters before they have time to reach their victims.
If they fail to comply, they can be fined up to 250,000 dollars.
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