Frank Abagnale on how to protect your money

28 August 2019, 04:14 PM

For those who don't recognize the name, he was the guy whose exploits were the basis for the movie Catch Me If You Can.

quote:
‘Never, ever use a debit card,’ warns fraud expert and ex-con artist—here’s what to do instead

'A debit card is certainly and truly the worst financial tool ever given to the American consumer. '

https://www.cnbc.com/2019/08/2...-frank-abagnale.html

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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training

28 August 2019, 05:11 PM

RealPlayer

He advocates credit cards. I don't think anybody's going to approve me for a credit card.

01 September 2019, 12:50 PM

wtg

Guess he's written a book, so that explains why I'm seeing his name pop up more than usual. Looks like an interesting read.

https://www.vox.com/the-goods/...e-scam-me-if-you-can

01 September 2019, 01:13 PM

Nina

Interesting. I only use a debit card for ATM withdrawals, and even then rarely. It's surprising how little cash you need to carry around nowadays.

I've heard the anti-debit card advice before and it does make sense. On the other hand, even with my virtually nonexistent debit card use, we have had our CC compromised multiple times over the past several years. It's been a hassle to deal with the card changes, but the bank has always covered the losses.

I do not understand why the US is so slow about doing things to increase your card security. We lag everyone on things like chip use, tap-to-pay gizmos, and whatever you call those devices where your server processes your CC bill at your table at restaurants, right in front of your face. You never give them your physical card. It's always seemed really creepy that you hand someone your card, they disappear with it and return at some point later with a bill.

I'm sure most of us have also had the experience in restaurants where the server brings you back someone else's CC. A really bad system.

Not sure what "use a debit card" really means in this context, though.

01 September 2019, 01:33 PM

wtg

I think he literally means don't use a debit card. People attach skimmers to all kinds of card reading devices, including ATMs at banks. I think the last time I used my debit card to get money from an ATM was five or six years ago....

If they drain your bank account, it's a PITA. Payments can start bouncing due to NSF, and then creditors start charging late fees, your credit rating can be affected because the payments are late, etc. Of course you can sort that all out by demonstrating that your debit card was compromised, but I'm pretty sure that's up to you (not the bank) and it's a lot of hassle.

01 September 2019, 02:39 PM

ShiroKuro

We try to avoid using our debit cards at all costs as well, and we only use them in certain places which we've decided (perhaps naively) seem safer.

Another we did was to set it up so that the debit card can't access all the accounts associated with the card, only the main checking account. So even if we did end up having that main account drained, it wouldn't be all of our actual money. But it would have the potential trigger a bunch on NSF etc., which hopefully wouldn't happen since I check our accounts frequently.

But, yeah, we're all vulnerable and this brave new world we live in is pretty scary.

03 September 2019, 09:50 AM

rontuner

Well, I use a debit card for just about everything day-to-day...

I guess the only thing in my favor is that's the account/bank that keeps a pretty low balance all the time anyway!

03 September 2019, 03:17 PM

I have two debit cards. When set up, they were NOT stated as debit cards. Now they are. I keep low monies in the one I use.

I ran into problems when at an airport a couple years ago. Rented a car from back here. It was a company in both locations and gave them my normal debit card used for years. Had confirmation for the rental car.

But when I got there, the co. Would not accept my debit card. Nor cash.

I was stranded and beyond kissed.

No rental car company would take it. Had them even call my bank to show it was covered. Not even a large amount. 2 days. Grrrr...

Had to have a local come pick me up.

I refuse to take out a credit card. Not even sure I could being self employed.

18 September 2019, 04:39 PM

wtg

quote:
Originally posted by wtg:
Guess he's written a book, so that explains why I'm seeing his name pop up more than usual. Looks like an interesting read.

https://www.vox.com/the-goods/...e-scam-me-if-you-can

Good book with lots of info and tips about how to protect yourself. Definitely worth a read; check your local library!