CHARLESTON, S.C.–The man who authored the book “Catch Me If You Can,” which became a major movie of the same name, has a warning for consumers: “Don’t use debit cards if you can.”
Frank Abagnale, the former professional imposter of renown who has become a respected authority on fraud, forgery and cyber security–and who has spoken at several credit union events–has written a first-person column that appeared on CNN.com and other outlets in which he warns of the perils of debit cards.
“Want to avoid identity theft? Never, ever use a debit card. I don’t own one. I never have and I never will. I don’t recommend them to anyone — not my family, not my friends, not you,” Abagnale wrote.
‘Your Account is At Risk’
Citing his own comments made in an earlier Google talk, Abagnale called the debit card “certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk.”
Abagnale instead recommends that a credit card be used for all purchases as it limits liability for cardholders any time there is unauthorized use.
Abagnale said approximately 7% of the U.S. population is scammed every year, and that in 2017 the number of fraud victims in the U.S. reached 16.7 million, with $16.8 billion lost.
‘4,000 Times Easier Now’
Abagnale noted that during that same Google talk, a young man posed a question that he said he is often asked: “Given all the advancements in computing and technology, isn’t it harder for today’s criminals to steal your identity than it was back in the 1960s?”
“The answer, I told him, is no: It’s not harder. In fact, it’s about 4,000 times easier today than it was then,” wrote Abagnale, who called technology the identity thief’s “best tool.”
“In the 1960s, when I wrote fake checks under a business’ or an individual’s name and account number — in essence, stealing their identity — I needed a four-color printing press, typesetting equipment and the technical know-how to run those machines,” wrote Abagnale. “Now all I’d need to do is go to a corporate website, grab its logo and then to a banking website to download its logo. Next, I’d have to make a phone call to the accounts receivable department of the company whose identity I plan to steal and ask for writing instructions so I could ostensibly wire funds I owe them. And just like that, I’d know which bank the company uses and its account number at that bank. Then, I’d go online to access the company’s annual report.
‘Lo & Behold, Look What I Have’
“Lo and behold, now I have a copy of the chairperson’s or CEO’s signature from the letter at the beginning of the report, which I can put on the checks I created through the miracle of technology,” Abagnale continued. “All of it totally authentic to the very last detail — except that the money isn’t mine, and the check is a fake.”