CommBank is warning Australians to watch out for tax scams in the coming months.

CommBank found that 24% of Australians have seen or experienced an end-of-financial-year or tax scam.

Due to rising costs, many people are eagerly awaiting their tax refunds. Scammers take advantage of this to steal taxpayers' money.

Tax scams, especially those impersonating the Australian Tax Office (ATO), have increased alarmingly. In 2022-23, the ATO received nearly 20,000 tax scam reports, or 360 per month.

Scammers call and say they need a processing fee or personal information to speed up tax refunds. These scams can cause financial loss, identity theft, and emotional distress.

"We understand the financial pressures many Australians face during tax season and protecting their hard-earned money is paramount," said James Roberts, CommBank's General Manager of Group Fraud Management Services.

“Please be aware of tax scams and stop, check, and reject suspicious requests. Staying informed, questioning suspicious messages, and verifying communications can prevent these scams.

“CommBank protects customers from all scams. Our Scam indicator and NameCheck technology aim to prevent and detect scams. "These tools protect our customers from tax scams, giving them confidence and protection during tax season," said Mr. Roberts.

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