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Senior Couple At Home With Many BillsHave you watched the movie, Catch Me if You Can? The film tells the embellished story of a former con artist extraordinaire, Frank Abagnale. Abagnale is now one of the world’s most respected authorities on check fraud, embezzlement and secure documents. I recently heard him speak.
At the age of 16, Abagnale ran away from home when he learned his parents were divorcing. He tried to support himself with honest work, but, without a high school diploma, he could not earn enough. He became a con artist, posing as a Pan Am pilot, a doctor and a prosecutor, duping people and companies out of millions of dollars – all before the age of 21.
Then he was caught. In exchange for a shorter prison sentence, Abagnale agreed to work with the FBI to solve similar cases. Forty years later, he still consults with the FBI. Abagnale said, “I always looked upon what I did as immoral and I live with that every day of my life. I turned down three presidential pardons because I do not believe that a piece of paper will excuse my behavior. Only my behavior will.”
Abagnale had some interesting things to say:

  • Everyone’s identity is stolen. Your data, my data is already stolen. It is up to us to prevent thieves from using the information.
  • Public records are free and available on line anywhere in the world. This is a great source of finding people’s signatures in seconds.
  • Monitoring credit files for one year is worthless. People who steal data such as birthdates and social security numbers warehouse the information for five to six years then use or sell it. This data doesn’t change and becomes more valuable with time. Credit card data, however, needs to be used immediately before the card is shut down.
  • Used photocopiers are a great source of data. All copiers have hard drives which store the data from everything they copied. Criminals buy refurbished copiers, take out the hard drives, ditch the machine, and download the information captured on the hard drives.

Scary? All this is frightening to me. Abagnale offered five suggestions to help protect your identity:

  1. Shred every paper with any personal information such as dates of birth, Social Security numbers, account numbers, insurance ID numbers. Shred credit card offers, old credit cards, monthly bills, receipts from credit card purchases, and anything related to taxes. Shred the back covers of catalogues with customer codes. According to Abagnale, even this information can be used fraudulently. If in doubt, shred.
  1. Use the right kind of shredder. There are three types of shredders: ribbon-cut, cross-cut, and micro-cut. With the right software, documents shredded by ribbon-cut and cross-cut machines can be recreated within hours. You want to use a micro-cut shredder. These shred paper into the size of rice rendering them impossible to put back together.
  1. Use a credit monitoring service. There are several services available for a monthly fee. Choose one that monitors all three credit reporting bureaus and that will immediately notify you about suspicious activity. You don’t want to receive a letter a month after someone has opened an account in your name.
  1. Don’t write checks in stores. When you pay by check, stores want names, addresses, telephone numbers and, frequently, driver’s license numbers. Many stores process your check electronically, and send the physical check to a warehouse. There it sits, at risk, until the store gets around to shredding it.
  1. Pay with credit cards, not debit cards. Debit cards expose all the money in your bank account. When you make a purchase with a debit card, the money is withdrawn from your account immediately. If you dispute a charge, you won’t be refunded unless the merchant agrees, and it could take several months before your money is returned. According to Abagnale, credit cards are the safest form of payment. When you pay by credit card, you are borrowing the money from the credit card company whose money is at risk, not yours. Current consumer laws provide greater protections for victims of credit card theft.

The first thing I did after listening to Abagnale’s talk was to exchange my cross-cut shredder for a micro-cut. What will be your first step?
This blog is published to provide you with general information only, and is not intended to provide specific or comprehensive advice.  Money Care, LLC encourages individuals to seek advice from competent professionals when appropriate.
For more information on Frank Abagnale and identity theft protection, visit his website, abagnale.com.
To hear Abagnale speak about his life, you can watch this U-Tube video: Catch Me If You Can: Frank Abagnale’s Story
 
 
 


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