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Identity Theft Scams

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Hi-Profile Identity Theft Scams

Identity theft can be a federal crime beneath the Identity Theft and Assumption Deterrence Act. It takes place when a con designer uses your personal information, such as name, emailing address, Social Security number, credit card quantity, birth date to set up a clone identity, which in turn buys merchandise, takes loans and makes other financial purchases. The impersonator keeps the loot, while you get stuck with the bad credit. Identity theft ripoffs have received their fair share of media consideration in recent years.

The criminal offense of identity theft has reached epidemic proportions, together with identity theft scams creating headlines more and more every day. One of the high-profile identity theft scams involving a New York’s restaurant busboy, Abraham Abdallah, is the largest identity theft in the history of the Internet. Abdallah, a 32-year-old high school dropout, breached the individual finances of 217 from the Forbes 400 wealthiest people in the usa. Using a few web-enabled mobile phones, virtual voicemail and a public library personal computer, the so-called \”busboy\” is said to have guessed the passwords of his favorite tycoons, input personal information therefore conveniently available in Forbes newspaper, swiped Social Security numbers, and accessed brokerage accounts.

Soon Abdallah forged bank’s stationeries deployed multiple couriers to escape recognition, and had credit cards in Steven Spielberg, Martha Stewart, Oprah Winfrey and Ted Turner’s brands! Law enforcement officers referred to it as one of the most ambitious identity theft scams they had seen, a hi-tech scheme of Hollywood proportions. Even though the police arrested Abdallah five years ago, they are still trying to trace the complex electronic walk to figure out exactly how much money had been siphoned.

Of the recent high-profile id theft scams, the MphasiS BFL – Citibank case is particularly noteworthy, because of the ease that five young employees from MsourcE, an Indian call center allegedly performed a financial fraud worth nearly half-a-million dollars. The accused were simply no geeks, and did not break through fire walls or decoded encrypted software program. Instead, they devised a simple modus operandi. Being the actual authorized e-banking service providers to be able to Citibank, these MsourcE employees have been privy to confidential specifics of various account holders. The only pieces missing were the passwords, which these employees evidently got by \”sweet-talking\” the particular account holders.