Scammers are coming for your money!

It’s that time of year again, receipts are flying, tax time’s looming, and EOFY sales are flooding your inbox. But there’s one more thing Aussie business owners need to watch out for: scammers looking to cash in on the chaos.

The Australian Banking Association (ABA) has issued a critical warning as we head into end-of-financial-year territory, reminding customers and small business owners alike to stay alert. Because while you’re chasing deductions or snapping up a sale, scammers are quietly plotting how to steal your hard-earned money.

“EOFY is prime time for scammers,” says ABA CEO Anna Bligh. “It could be a big sale, a half-yearly clearance or a tax refund – they’re all opportunities for scammers to get in your wallet.”

Key points

Watch out for fake EOFY sales and dodgy websites impersonating real brands
Scammers are pretending to be the ATO, your bank, or even your accountant
Stay scam-safe by pausing, checking, and never clicking suspicious links

3 scams to watch out for this season

Fake shopping sites

Keep your eyes peeled for dodgy websites pretending to be legit retailers offering ‘massive EOFY deals’. These scam sites often copy branding from popular stores to lure you in. The trap? You pay, and get nothing in return.

Impersonation and tax scams

Scammers are stepping up their impersonation game, posing as the ATO, your bank, or even your accountant. They might email, text or call you, demanding urgent tax payments or promising juicy refunds. It all looks official—until it isn’t.

Parcel delivery tricks

This sneaky scam involves fake delivery notifications, usually via SMS or email. You’ll be asked to ‘confirm’ your details or pay a small fee. What you’re really doing is handing over personal or financial info.

Scammers are raking in your money

And these scams aren’t just annoying, they’re costing businesses big bucks. According to the Australian Competition and Consumer Commission (ACCC), scams cost Australians over $3.1 billion in 2022 alone, with business email compromise and phishing scams making up a big chunk of that. Small businesses are particularly vulnerable, often lacking the time or tools to double-check dodgy links or strange requests during busy periods like EOFY.

Bligh says scammers aren’t lurking in shady corners anymore. They’re right in your inbox and social feeds.

“They’re pretending to be your favourite brands or trusted institutions,” she warns. “Don’t let a dodgy link or fake website turn your EOFY win into a scammer’s payday.”

While banks have upped their scam-fighting defences, Bligh says customers still need to be on their toes.

“Banks are doing more to stop scams in their tracks, but customer vigilance is essential. Always double check, especially if something feels off.”

How can you stay scam-safe this EOFY?

Start by being sceptical of anything that looks too good to be true. Don’t click on unexpected links in emails or texts, and always check website URLs carefully. Look for sneaky misspellings or unusual domain names. If you get a suspicious message from the ATO, your bank, or a courier company, contact them directly through verified channels before taking any action. And if a deal seems dodgy, trust your gut. It’s better to be safe than scammed.

For more tips and updates on what banks are doing to help, check out the ABA Scam-Safe Accord.

Want more? Get our newsletter delivered straight to your inbox! Follow Business Builders on Facebook , X , Instagram , and LinkedIn