Scammers masquerading as ASIC and ATO could be setting their sights on your clients. Have you warned them?

As a series of email and phone scams claiming to be from ASIC and ATO Chairperson ‘Barbara DuFrene’ prompt an urgent statement from the two regulators, financial advisers would be well advised to inform their clients of this potential financial trap.

The email under scrutiny claims recipients are entitled to receive a tax refund by clicking on a provided link, but ASIC has urged all recipients to hit the delete button immediately – even if the email appears only remotely similar to the one just described. 

ASIC has also been alerted to phone calls made by scammers claiming to be from ASIC, connecting call takers to an automated service that requests payment for ASIC fees. ASIC does not use automated services to collect payments, and clients should be advised to hang up immediately.

“Scams can be very convincing and sometimes quote your personal information such as your address, phone number and date of birth to sound genuine. Their offers can also be very attractive but don’t be lured by the false promises. Protect yourself by conducting a few basic checks before acting on an email or phone call out of the blue,” said ASIC commissioner Peter Kell.

The success of scams typically hinges on the sender pretending to be from a trusted organisation and claims the recipient is eligible to reclaim money following the payment of an upfront fee to cover ‘administration fees’ – which typically must be sent via a money transfer service. Personal or financial details must also be provided in most cases.

Clients should be directed to delete suspicious emails and hang up on suspicious callers. Above all, advise your clients never to send money or give financial details to someone they do not know and trust. ASIC has also pointed out that it is rare to recover money from a scammer.

Suspected scams can be directed to ASIC or the ATO via the report a scam page, or by calling 1300 300 630.

WP

WEALTH PROFESSIONAL