Date: 4 March 2022
Abagnale, whose life inspired the movie "Catch Me If You Can," worked several fraud scams in his youth and was eventually asked by the FBI to teach prevention and verification tactics to agents. He has done so for 46 years.
鈥淢y philosophy is: prevention, verification and education,鈥 said Abagnale. 鈥淓ducation is a powerful tool to preventing crime.鈥 He said the pandemic led to an increase in both identify theft losses and 鈥渞omance鈥 scams. 鈥淲e saw record compromises or breaches in 2020,鈥 Abagnale said. 鈥淓very breach occurs because someone did something they weren't supposed to do, or they failed to do something they were supposed to do, creating an open door for a hacker.鈥
Abagnale cited a 2012 study of 40,000 children, which found that 10 percent of them had been victims of identity theft. Children have no credit so their identities can be stolen and used for years without anyone noticing, he noted. Public records can serve as valuable resources for identity thieves, along with social media. 鈥淪cammers can use social media to gain information to create more custom and sophisticated phishing scams,鈥 he said. 鈥淧hishing emails are nothing more than social engineering.鈥
Abagnale advised participants to look for 鈥渟oft spots鈥 in their offices and even homes. 鈥淭here are soft spots everywhere,鈥 he said. 鈥淐riminals are not looking for challenges, but opportunities. They will find soft spots in your building or home. And now everything is connected to the internet.鈥
Abagnale predicted the inevitable demise of using passwords, as they are a large liability to security. 鈥淚 hate passwords,鈥 he said. 鈥淪ixty three percent of network intrusions are due to compromised user passwords.鈥
With social media, Abagnale recommended thinking twice about what one posts. 鈥淣ever tell anyone or share your date of birth or where you were born,鈥 he said. 鈥淲hat you say on Facebook stays on Facebook. And Facebook puts together everything from your gender, age, ethnicity, sexual orientation and more.鈥
Abagnale offered three tips for how to protect yourself:
1. Don't just shred old files. Destroy records with a security microcut shredder, specifically.
2. Freeze credit. Once it is frozen, no one can see it without permission. 鈥淓veryone should do this,鈥 he said. 鈥淏ut you should still use a credit monitoring system.鈥
3. Don鈥檛 use a debit card. 鈥淐redit cards are safest,鈥 said Abagnale. 鈥淲ith credit cards, you are never using your own money, unlike with a debit card. Your credit card company will reimburse you for fraudulent charges. If you use Venmo or Zelle, back it with a credit card, not a debit card.鈥
Abagnale said $37 billion is stolen every year by scammers targeting elderly adults. 鈥淎ny time anyone is telling you that you have to pay immediately, that is a giant red flag,鈥 he said. 鈥淎nother is when they ask you for information. Romance scams rely on that too. Romance scams can go on for a year before anyone asks for any money or suggests they might need money.鈥
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