Beware bitcoin tax scammers

The ATO has issued a warning to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts, with over $50,000 already paid in Bitcoin to scammers claiming fake ATO tax debts.

Because cryptocurrency operate in a virtual world, once the scammers receive payment, it’s virtually impossible to get it back (yes, pun intended).

Last year the ATO received over 80,000 reports of scams, with taxpayers reporting almost $2.4 million lost to scammers claiming to be from the ATO.

Other versions of fake tax debt scams that you should be aware of include:

  • demands for payment via iTunes cards;
  • or with a pre-paid Visa gift cards remain the most frequently reported.
  • demands for direct deposits into third-party bank accounts;

For further information on ATO scam warnings, you can CLICK HERE or for other scams reported to ASIC you can CLICK HERE for ASIC scam warmings.