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The Australian Federal Police are urging Australians to be wary of a new scam spreading across social media, in which criminals lure individuals into opening legitimate bank accounts in their own name. After the account is opened, control is then handed over to the fraudster in exchange for payment. Known as a ‘money mule scam’, this scam tricks people into becoming part of a criminal operation. The bank accounts are later used to launder money or receive funds from other fraudulent activities.Serious Legal ConsequencesWhile it may seem like a harmless favour or an easy way to make money, acting as a money mule is a criminal offence. Those who take part, knowingly or not, may face: Bank account bans or closure Permanent marks on their credit file Investigation by law enforcement Criminal charges for money laundering, which carry heavy penalties including prison time What to Watch Out ForBe cautious of the following red flags: Job offers on social media promising “quick money” for minimal effort Requests to open a new bank account for someone else to use Being asked to share your bank login details or bank card Vague explanations about the purpose of the account We take fraud prevention seriously. We monitor for unusual account activity and work closely with law enforcement and other financial institutions to shut down suspicious accounts. However, we also rely on our members to be vigilant. Never allow anyone else to use a bank account in your name.Need help?If you believe someone has gained access to your bank account and/or personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical. If you have concerns about your account contact us immediately. You can report cybercrime directly to the Australian Cyber Security Centre (ACSC). Find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via Scamwatch. As always, we remain committed to your security and privacy online. To understand how we help to keep you safe, please refer to our Security page. For information on common scams and how to protect yourself, please visit the News section of our website.

As the end of the financial year (EOFY) approaches, many Australians are gathering documents, receipts, and tax statements. But it’s just as important to prepare for something else: staying safe from tax scams. With over $119 million lost to scams in just the first four months of 2025, scammers are exploiting every opportunity, including the tax system. To help keep you and your money safe, Customer Owned Banking Association's (COBA) Financial Crimes and Cyber Resilience team share expert tips on how to spot and avoid tax scams.What is a tax scam, and how do they work?Tax scams often involve criminals impersonating government agencies like the Australian Taxation Office (ATO) or myGov. These scammers send phishing emails or text messages to trick you into sharing personal information - such as your myGov username, password, or other sensitive details - or to get you to click malicious links.How can you protect yourself from tax scams?Here are four key ways to stay safe:1. Verify the sourceAlways double-check the sender's email address. Official messages from myGov typically come from addresses ending in @my.gov.au. Don’t respond unless you’re certain it’s legitimate.2. Avoid clicking on linksIf you receive an email or text with a link claiming to be from myGov, don’t click it. Instead, type the official website address directly into your browser: https://www.my.gov.au3. Be wary of urgency or threatsScammers often try to pressure you with urgent messages - like threats to suspend your account or offers of unexpected refunds. These are red flags. Stay calm and verify the claim independently.4. Never share personal detailsmyGov and government agencies will never ask for your password, Tax File Number (TFN), or bank details via email or text. Never share this information in response to unsolicited messages.How do you report a tax scam?If you receive a suspicious message claiming to be from myGov or another government agency, it’s important you report it to protect yourself and others from being scammed. Report it to the Australian Cyber Security Centre (ACSC) or the myGov Help Desk If it's related to the ATO: Call the ATO’s dedicated scam line: 1800 008 540Forward suspicious emails to ReportScams@ato.gov.au Take a screenshot of fake social media posts or phishing messages and email them to ReportScams@ato.gov.au More information about how to report a tax scam can be found on the ATOs website.   Published: 27 June 2025

While booking time off is exciting, it’s even more important to ensure your plans are legitimate so you don’t end up the victim of a travel scam. "Scammers often lure travellers with discounted travel packages that promise luxurious accommodation, exclusive deals, or free prizes, only for the victim to realise none of it was true," explained COBA’s Acting Chief of Financial Crimes and Cyber Resilience, Martin Latimer. To help ensure your holiday plans go ahead, COBA’s financial crimes team share expert tips on how to identify and avoid travel scams. What is a travel scam? A travel scam entices travellers with cheap flights and accommodation offers, free vacations, or exclusive holiday rentals that promise the holiday of a lifetime. Scammers create fake listings for popular travel destinations that mimic legitimate online travel agencies, often requiring payment upfront or request unusual and unsecured methods of payment that scam victims out of money. Travel scams can take many forms, including: Fake travel websites, booking platforms or rental listings advertised online. Unsolicited calls or emails offering free or heavily discounted luxury vacations. Fraudulent online marketplaces where scammers demand upfront payments for non-existent bookings. “These fake travel deals target victims booking big overseas holidays or short domestic trips, so it’s important to ensure you’re using reputable sites and avoid any requests for suspicious methods of payment,” Martin says. “Once the victim hands their money over to the scammer, they may discover the deal doesn’t exist, the accommodation listing was fake, or – upon arrival at the destination – realise it’s nothing like what was advertised,” he adds. Tips to protect yourself Do your research: Verify the legitimacy of travel websites, agencies, or accommodation listings by reading reviews from other travellers or ask for proof of the agency’s accreditation or certification. Beware of listings with limited photos, vague descriptions, or deals significantly cheaper than market rates. Be sceptical of unsolicited travel offers: Avoid holiday deals that seem too good to be true, especially if they’re unexpected. You may receive emails notifying that you’ve won a free vacation and ask you to click a link to claim the prize – this is likely a scam, especially if you haven’t entered any competition. Use secure payment methods: Avoid transferring money or paying through untraceable methods like gift cards or cryptocurrency. Stay vigilant during travel Remember, travel scams don’t stop once you’re on holiday as scammers can lurk in popular tourist destinations and trick travellers looking to use common services or holiday activities. These can include: Taxi scams. Vehicle hire scams. Wrong or overcharging scams. Credit card skimming. Pickpocketing and theft scams. Visa scams. Fake ticket scams. QR code scams. “Carry my bag” scams. More information on how these scams occur and how you can protect yourself is found at Smartraveller. What to do if you suspect a scam If you encounter a potential scam, report it to ScamWatch.gov.au to help protect others from falling victim. If you’ve been scammed, immediately notify your bank or financial institution. Customer-owned banks are dedicated to safeguarding their customers from scams and fraud. In November 2023, 55 mutual banks and credit unions demonstrated this commitment by joining forces to launch the Scam-Safe Accord with the Australian Banking Association. This industry-wide initiative represents a united front against scammers and reinforces the banking sector’s determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here.