ATO is issued warning for public to be careful of scammers imitating as ATO and taking Bitcoin as a
form of payment for fake tax debts. Recent report identified new payment method introduced by
scammers in late 2017, estimating to be $50,000 paid so far in Bitcoins to scammers. Over 80,000
reports of scams reporting almost $2.4 million lost to scammers claiming to be ATO.
ATO is concerned that fraudsters would adopt ‘cryptocurrencies’, taxpayers must remain aware of
fake tax debt scam. Cryptocurrencies means ‘a digital currency in which encryption techniques are
used to regulate the generation of units of currency and verify the transfer of funds, operating
independently of a central bank’. Over $900,000 worth of iTunes gift cards scammed.