Dr Eowyn’s post first appeared at Fellowship of the Minds
Identity theft is the deliberate use of someone else’s identity (e.g., name, address, Social Security number, bank accounts) to get money and credit, obtain employment, steal property, falsify educational and other credentials, access healthcare and more.
Frank Abagnale is a former con-artist and professional impostor whose memoir, Catch Me If You Can, was made into a movie with the same title starring Leonardo DiCaprio. Abagnale lectures at the FBI’s Academy and field offices, and is one of the world’s most respected authorities on the subjects of fraud, forgery and cyber security.
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Every year, millions of American consumers — nearly 7% of the population — are victims of scams and fraud. In 2017, the number of fraud victims in the US reached 16.7 million, with $16.8 billion lost.
For more than 45 years, I’ve worked with, advised and consulted with the FBI and hundreds of financial institutions, corporations and government agencies around the world to help them in their fight against fraud.
But my expertise began more than 50 years ago, in an unusual way: I was one of the world’s most famous con artists. While I’m ashamed of what I did as a young man — cheating, stealing and, along the way, deceiving and hurting people — I was grateful for the opportunity to turn myself around….
In 2017, during talk I gave at Google, a young man posed a question that I’m 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….[C]on artists are very good at seeking and finding information. With today’s technology, all a thief has to do is go online, give a check-printing service your name and account number, have the checks sent to a post office box and voilà — there goes the contents of your checking account….
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.
As I said at the Google talk, a debit card is 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.
Instead, use a credit card. I use one for practically all of my purchases, even when I’m traveling abroad. With credit cards, federal law limits my liability if there’s an unauthorized use of my card.
When I use a credit card, I’m spending the credit card company’s money every day until I pay my bill at the end of the month. Meanwhile, my money is earning interest in a bank account.
If there’s a large data breach (and you know that there will be) and a criminal does somehow get my credit card number and charges $1 million on it, I’m protected and my credit card company will cancel the card and send a new one within the next couple of days.
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