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 info, such as name, mailing address, Social Security number, credit card number, birth date to set up a clone identity, which in turn buys merchandise, requires loans and tends to make other financial transactions. The impersonator keeps the loot, while you get stuck with all the bad credit. Identity theft ripoffs have received their great amount of media consideration in recent years.
The offense of identity theft has reached epidemic proportions, along with identity theft scams making headlines more and more each day. One of the high-profile identity theft scams involving a New York’s cafe busboy, Abraham Abdallah, is the largest id theft in the history of the net. Abdallah, a 32-year-old high school dropout, breached the private finances of 217 with the Forbes 400 wealthiest people in America. Using a few web-enabled mobile phones, virtual voicemail plus a public library personal computer, the so-called “busboy” is said to get guessed the security passwords of his preferred tycoons, input personal information so conveniently available in Forbes magazine, swiped Social Safety numbers, and accessed brokerage accounts.
Quickly Abdallah forged bank’s stationeries used multiple couriers to escape detection, and had credit cards within Steven Spielberg, Martha Stewart, Oprah Winfrey and Ted Turner’s titles! Law enforcement officers named it one of the most ambitious identity theft scams they had ever seen, a hi-tech scheme of Hollywood proportions. Although police arrested Abdallah five years ago, they are nonetheless trying to trace the actual 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 with which five young employees from MsourcE, an Native indian call center allegedly achieved a financial fraud worth nearly half-a-million dollars. The actual accused were simply no geeks, and didn’t break through fire walls or decoded encrypted software. Instead, they devised a simple modus operandi. Being the particular authorized e-banking service providers to Citibank, these MsourcE employees had been privy to confidential details of various account holders. The sole pieces missing have been the passwords, which usually these employees apparently got by “sweet-talking” the account holders.