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Revelations by ABC News earlier this year highlighted a security loophole in MyGov, allowing fraudsters to claim over $557 million through overlinked MyGov accounts.
Australian Bookkeepers Network (ABN) Director, Peter Thorp, acknowledges that vigilance is necessary in light of these revelations and any suspicions of fraudulent activity should be reported to the ATO Tax Integrity Centre Hotline on 1800 060 062.
So, what are these such ‘threats’ ?
The fraudulent activity revealed in the ABC story relates to a MyGov capability, called ‘overlinking’, which can have far-reaching implications for our industry. Peter emphasised how important it is to understand and address the Overlinking issue.
This process involves a criminal in possession of an individual’s stolen identity information creating a new or second myGov account for that person, linking it to the ATO for access to personal data, potential government tax refund fraud as well as other types of fraud.
The anonymity maintained by perpetrators of Overlinking makes detection challenging. BAS and Tax Agents can support the efforts of authorities to identify and penalise those engaging in this deceitful practice.
What can we do?
“Overlinking is a security wake-up call for us all,” said Peter. “The impact of this fraudulent activity on financial security cannot be overstated. It's imperative that we, as bookkeepers, raise our own (and our client’s) awareness about this threat and take proactive measures to mitigate the risks.”
You can be assured that government is aware and is working behind the scenes on this and other cyber security issues. "Bookkeepers are one of the many lines of defence against Overlinking,” continued Peter. “Educating our clients about safe practices, such as monitoring their MyGov accounts regularly and reporting suspicious activity to the ATO, can make a significant difference in combating this fraud."
One tangible step anyone can take to improve security around their myGov account is to connect your myGovID to your myGov account. A myGovID security level of “strong” rather than “standard” is preferred. myGovID is the Australian Government Digital Identity app which is increasingly become necessary in dealing with government in a secure manner, so it is good practice for us all. Useful links:
"Bookkeepers can be a powerful force in this fight against Overlinking by guiding clients to improve security around their myGov accounts and reporting any suspected fraudulent activity to the ATO's Tax Integrity Centre hotline, or using the online tip-off form,” said Peter. “Our collective action can make a significant impact in keeping the financial ecosystem secure."
If you think you see something suspicious, it’s better to be safe than sorry - report it to the ATO's Tax Integrity Centre hotline at 1800 060 062.
