142: Axact
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Episode Description
Axact sells fake diplomas and degrees. What could go wrong with this business plan?
Sponsors
Support for this episode comes from NetSuite. NetSuite gives you visibility and control of your financials, planning, budgeting, and of course - inventory - so you can manage risk, get reliable forecasts, and improve margins. NetSuite helps you identify rising costs, automate your manual business processes, and see where to save money. KNOW your numbers. KNOW your business. And get to KNOW how NetSuite can be the source of truth for your entire company. Visit www.netsuite.com/darknet to learn more.
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AI-Generated Summary
The Scam of Axact
Axact, a call center hidden within a fraudulent university facade, operated by convincing students to enroll in non-existent degree programs. The podcast narrates the story of Fazal, an employee who unwittingly participated in this scheme, highlighting the lengths to which the company went to create a tangible presence for its fake operations, including building convincing websites and using fake accrediting bodies.
Inside Information Gathering Practices
The podcast details the duplicitous methods used by Axact to gather sensitive information from potential students. This included obtaining usernames and passwords through seemingly innocuous account creation on their websites, allowing them access to personal social media accounts and other private data.
Psychological Manipulation and Financial Exploitation
Fazal reveals how once individuals were enrolled, there were multiple steps to further exploit them financially. The company employed tactics to make victims feel invested, leading them to pay for additional qualifications and fees under false pretenses. This manipulation capitalized on the 'sunk cost fallacy', where individuals hesitate to abandon the investment of time and money.
Legal Consequences & Operations
After investigations highlighted Axact's large-scale fraud, law enforcement attempted to bring those responsible to justice. Despite the initial raids and arrests, many key figures avoided punishment due to legal loopholes and corruption in the judicial system, leaving the potential for continued operations intact.
Repercussions and Ongoing Issues
The story contemplates the ongoing implications of Axact's actions, including the impact on victims who were misled into believing they had obtained legitimate credentials. The podcast raises questions about accountability and the future of similar fraudulent enterprises.
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