Ato fraud is a common type of identity theft that can result in significant financial losses. It involves malicious actors illegally gaining access and control of user accounts, which can include bank accounts, credit cards, government benefit accounts, and other types of financial services.
Understanding Auto Fraud: How to Protect Your Business from Auto Fraud Schemes
As users become more comfortable with conducting banking, investing, and other financial services online, cybercriminals have more opportunities to steal money and personal data. One of the biggest threats is Account Takeover Fraud, which allows cybercriminals to take over a victim’s account, make purchases, and transfer funds on their behalf.
What Are the Most Common Forms of ATO Fraud?
Traditionally, tax fraud has been targeted towards individuals who file their returns incorrectly. However, it is becoming more sophisticated and cybercriminals are using other forms of identity theft to gain access to their victims’ accounts.
The ATO has launched a national crackdown on suspected GST fraud, targeting 40,000 individuals it suspects of inventing fake businesses to claim false refunds. This week’s raids are part of a “zero tolerance” crackdown that began last month.
Australians have been warned they could face jail if they take part in a fraudulent scheme that has cost the country around $850 million. Deputy Commissioner Will Day says the fraud involves people creating fake businesses, applying for an Australian business number and submitting fake activity statements to the ATO in order to claim a false GST refund.