Older Aussies lose over $8.5 million to scammers in one month

Key points:

• The last day to lodge your tax return with the Australian Taxation Office is October 31, 2024, with financial experts warning older Australians about the dangers of rushing their lodgements
• Older Australians are more likely to be targets of scammers, with more than $8.5 million dollars in losses in September 2024, as per ScamWatch 
• Anyone can be a victim of scams, but staying vigilant about personal information and protecting passwords can reduce your risk of losing your retirement savings 

The deadline to finalise your tax return is October 31, 2024, with experts warning older Australians about the danger of leaving their lodgements to the last minute. 

Approximately 4,500 reports of scams were filed by older Australians, with more than $8,665,400 dollars lost in scams in September 2024, as per the latest data from ScamWatch.

However, this figure does not account for money lost by older Australians who are not aware they were scammed.

Australians aged 65 and over were more likely to be affected by scams than all other age groups, with investment, phishing, and romance scams being the most common. 

Investment scammers may offer to help someone make money quickly by asking to invest some money for them. However, the scammer may put this money directly into their account without investing anything, leaving the person without their money, as per information on the Australian Government’s MoneySmart website. 

Jenny Wong, tax lead at CPA Australia, a financial organisation, commented on the dangers of waiting to file your tax return because it can make you a promising target for scammers.

“Rushing to lodge can also result in more tricks than treats as scammers will target people with last-minute calls to action or promises of substantial refunds,” she said.

“Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could ultimately receive a less favourable outcome as a result.

“So, if you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time. [Alternatively], seek expert advice from a registered tax agent who can assist, especially if your finances are complicated.”

When seeking advice about financial matters, such as retirement funds or investments, talk to a financial advisor about your situation.

The Aged Care Guide offers an obligation-free chat regarding financial services options for you or your loved one with a financial services expert — call 1300 755 702 for more information.

Do not respond to unsolicited text messages or emails claiming to provide advice around tax time or stating they are from the Australian Taxation Office. 

Assistant Treasurer and Minister for Financial Services Stephen Jones previously wrote an opinion piece for the Canberra Times about the impact of scammers on older Australians. 

“If you have a phone or an internet connection, then you’ve almost certainly had a scammer try to take your hard‑earned money,” he wrote.

“Text messages [may include] telling you to click a link to pay a road toll fine [or] social media posts promising to make you rich. Scams are rife.”

Assistant Treasurer Jones also highlighted the importance of being vigilant around tax time, as it increases one’s likelihood of being a scam target.

‘Impersonation scams are mostly commonly seen at tax time. Scammers will impersonate the Australian Taxation Office contacting individuals via a link to a fake myGov login page,’ he wrote. 

Older Australians can lower their risk of being scammed by:

• being careful about the data they give away freely for competitions they enter or anything else that involves giving away personal information;
• being vigilant with odd links and monetary requests you aren’t expecting;
• updating your passwords to make your online accounts safe and having different passwords for important services such as banking;
• checking your bank statements regularly, especially since scams are carried out in different ways; and
• calling a company directly rather than clicking blue links in emails or text messages.

The Australian Taxation Office will never ask for personal information via email, text message or social media and will never send you a link to log into the online Australian Taxation Office services. 

If you are unsure if the Australian Taxation Office is trying to contact you, avoid responding to suspicious emails or text messages and call the Australian Taxation Office directly on 1800 008 540.

Approximately 16,700 scams were reported in September 2024, with total losses amounting to more than $21,893,500 for Australians, according to ScamWatch. 

Read more about protecting yourself from scams all year round by visiting this Aged Care Guide: Being wary of scams and sharing your personal information.

If you think you have been scammed, visit ScamWatch and complete the form. Additionally, you may need to file a police report if you have lost money through a scammer. 

Have you filed your tax return yet?

Let the team at Talking Aged Care know on social media. 

For more information and news in the aged care industry, subscribe to our free newsletter. 

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