AAYAN:

Title Page

Slide 1:

What are scams?

● We all have heard about the infamous scams, and possibly fallen victims of them. But do
we know what a scam is, or how to avoid these devastating operations?

● Well starting off, a scam is a deceptive operation or trick to attain personal information.

● According to the Australian Competition & Consumer Commission (ACCC), scams have
cost Australians approximately $634 million in 2019.

MUSAB:

Slide 2:

What is identity theft?

● Identity theft is by far the most devastating type of scam, and according to Investopedia,
it is, “…the crime of obtaining the personal or financial information of another person to
use their identity to commit fraud, such as making unauthorized transactions or
purchases.”

● According to an article published by CNBC, identity theft and fraud has cost humans $16
billion USD globally in 2016, which is a huge rise from the previous year.

● This is not considering health and economical losses, which are far more severe.

Slide 3:

This graph shows the amount of money lost, and the amount of reports submitted every month.
It is clear that identity theft is a severe problem, because a large number of money is lost for
every case. For example, in October, there were only 2999 reports, but a mere $416,000 were
lost.

AAYAN:

Slide 4:
 ● Identity theft happens if someone, often by data mining, steals your confidential
information, which may include your name, date of birth, bank account number, and
credit card information.

● The aim of the robbers is to use your personal details to assume your identity in order to
access your bank account and drain assets. They open and use credit cards on your
behalf, take out loans, file a tax return to obtain your refund and pay medical expenses
with your health insurance.

Slide 5:

Abraham Abdallah

In 2001, a restaurant busboy named Abraham Abdallah was accused of scamming more than
400 people on the Forbes Annual List of Wealthiest People.

He has robbed people like Oprah Winfrey and Ted Turner, and the billionaire Warren Buffet.

Mr. Abdallah is indicted for using the internet and his nearby Brooklyn library to map and view
bank, brokerage and credit card accounts for sensitive details.

MUSAB:

Allegedly, Mr. Abdallah used web-enabled cell phones and virtual voicemail technologies to
track packages shipped in the names of his victims and to collect messages from anywhere in
the United States.

He established hundreds of bogus New York addresses in the authority of the victims, before
using the accounts to order packages to these addresses.

AAYAN:

He was first suspected in action, when receiving a delivery of $7 million from a bank in the name
of Thomas Siebel. The bank suspected malicious activity because the withdrawal of such an
astronomical amount is against the account requirements. They verified with Thomas, who
denied such activity.
The NYPD also found a Forbes magazine, with the personal information of the victims, such as
credit card numbers, addresses, and Social Security Numbers in his house. This increased the
suspicion.

Eventually, he was sentenced 11 years in prison.

MUSAB:

​
•In​ a study done by Cornell University in the USA, it was concluded that the following three
entities are the most vulnerable to identity theft:

•The elderly, who are biologically disadvantaged.

•Mega social media users

•High-income earners

•The study is further supported by the American Bentley University. SteveWeisman, a senior
lecturer at Bentley University and the author of ‘Identity Theft Alert’, speaks about social media
users: (AND I QUOTE)

•“We are often our own worst enemies when it comes to social media and identity theft, the
more we share, the more we put ourselves at risk.”

•Also, High-income earners have a bigger data footprint and more disposable income, which
can make it easier to scam them.

AAYAN:

The Federal Police says that victims of identity theft have the right to report the scam.
To avoid a scam, make sure to:

● Provide minimal information about yourself

● Destroy identifying information when throwing out personal information.
● Conduct regular checks of billings and accounts.
● Keep all personal information in one secure place
● Accept credit cards from banks in hand only.

If a scam has happened, it is your responsibility to:

● Report the scam
● Change your passwords
● If your financial information were stolen, such as the credit card, change them.
● If you experience any mental issues, such as depression, consult a psychiatrist.