ATO teaches small businesses to spot financial crimes

To help SMEs identify bad actors who might be trying to take advantage of them, the ATO’s Serious Financial Crimes Taskforce has assembled an “identikit” with resources to help business owners understand what to look out for.

“While ‘hardcore' criminals might be easy to spot, other criminals like the ‘lieutenant’ and ‘the enabler’ might not be,” the ATO said in a statement posted to its Small Business Newsroom.

“They could be customers who pay in cash or business associates with a sudden increase in wealth (such as boats, cars, homes or jewellery).”

The ATO’s new resource kit includes:

• Information on common criminal personas ― how they can be spotted and what to do if you see something suspicious;
• A checklist of key warning signs; and
• Tips for protecting yourself and your business from cyber crime.

The kit is already available for download. The ATO is encouraging anyone who accesses the information to get the word out and share it with their colleagues and wider network.

If a business recognises any of the signs of serious financial crime or becomes aware of anything that doesn’t seem right, they should report it to the ATO.

To report any known or suspected illegal behaviour to the ATO you can either:

• Complete a tip-off form online or through the “contact us” section of the ATO’s app; or
• Phone the tip-off hotline on 1800 060 062.

The ATO stresses that it takes the reporting of suspected illegal activity seriously. Since its inception in 2015, the taskforce has collected over $510 million in ill-gotten gains from financial crimes.