Following the post-COVID stimulus hangover in 2022, the bull market has continued to run. One of the key factors was the Federal Reserve’s decision to
Catch Me If You Can
Published Date : May 4, 2015
For Sand Hill’s annual Forum event in January, our featured speaker was Frank Abagnale, the acclaimed subject of the best-selling book, Tony Award-winning Broadway play, and Steven Spielberg directed film “Catch Me If You Can.” Frank is one of the world’s most highly regarded authorities on forgery, embezzlement, identity theft and fraud. His rare blend of personal knowledge and expertise began more than 50 years ago as a teenager when he became infamous internationally as a con man who successfully posed as a pilot, attorney, and doctor. Eventually apprehended, he served prison time both in the U.S. and abroad before being released on condition of helping the federal government, without remuneration, by teaching and assisting law enforcement agencies. Four decades later, he is still associated with the FBI and has also advised and consulted with hundreds of financial institutions, corporations, and government agencies around the world.
In addition to his fascinating retelling of his early life story, Frank passed on several tips on fraud prevention and identity theft to the audience. First, use a shredder, and shred everything! Specifically, it is important to use a micro cut shredder that turns even old plastic credit cards into confetti. Surprisingly, thieves can reconstruct documents from any other type of shredder. Second, avoid writing checks when possible. Too much information is contained in one place: name and address; often phone numbers; bank name and address; and routing and account number. Moreover, clerks often write a driver’s license number on the check for additional reference, adding to the treasure trove of sensitive information.
What about debit cards? “No way,” says Frank. Debit cards are an invitation to empty their linked account. Use credit cards instead, which are the safest form of payment. If they’re lost or stolen and used fraudulently, the credit card company absorbs the cost. This dramatically limits the cardholder’s exposure and puts the burden on the issuing company. Also, unlike debit cards, proper credit card usage helps build a credit score. Frank also suggests the possibility of parents using supplemental credit cards for their children. While still linked to the parent, these cards are effectively owned by the child and allow them to begin establishing their own credit.
Social media is another area where Frank advocates caution. As with check writing, it is important to be aware of how much personal information you are sharing. Additionally, he recommended that you never place a direct headshot photo worthy of a passport on Facebook or LinkedIn. It can easily be copied and used for ID theft.
Frank reminded us that in today’s environment, we must be smarter about how we protect and use personal information. It’s easy to become complacent- and therefore more exposed – with the use of our electronic conveniences. Law enforcement, in Frank’s estimation, simply does not have the resources to adequately protect consumers in a cyberspace world.
In his closing remarks, Frank reflected on his appreciation for being born in a country that has given him a second chance. He has refused three different presidential pardons to forgive his past. His transgressions as a young man motivate him, and he remains dedicated to making the most of his new life. The sad experiences of his own childhood inspire him to cherish his children and his family every day, and to make that an integral part of his message to audiences like Sand Hill’s Forum guests.
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