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Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

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Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#11

Post by tyingq »

gvb wrote: post #9
tyingq wrote: post #8

Earlier quoted context omitted.

They've stolen the merchant's money if it was an online transaction. Bank only takes the fall for card-present transactions.

The key is that it's somebody else's problem, not yours.

Sure. As a merchant myself, though, I cringe at generalizations that the bank eats the cost.

Personally, I think they should, because they have access to the aggregate data that could prevent more of it.

Because they take no hit for online fraud, however, they do almost nothing to make things better.

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#12

Post by [deleted] »

shoover wrote: post #6
akhilcacharya wrote: post #2

I had never seen him give a talk before - is this one of his first that's publicly available? He's a phenomenal storyteller.

That’s what I was thinking. It’s also great PR for the FBI to demonstrate competence and an optimistic outlook in a time when DOJ is taking hits from the executive branch and the rank and file get no public defense from the AG.

[deleted]

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#14

Post by gregmac »

girvo wrote: post #10
gvb wrote: post #7

Earlier quoted context omitted.

His recommendation is based on the USA consumer protection laws so it may or may not apply in other countries. For credit cards, US law limits your personal liability to $50 (typically $0). "Under the FCBA, your liability for unauthorized use of your credit card tops out at $50. However, if you report the loss before your credit card is used, the FCBA says you are not responsible for any charges you didn’t authorize.…

In Australia, my debit card was stolen. My bank worked out this fact before I did, and sent me a text message. The charges were reversed within 3 days.

You're still without that money for three days, instead of zero days. Credit cards act like a buffer to your real money, so disputed transactions have no real effect on you.

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#16

Post by burntrelish1273 »

sharpercoder wrote: post #3

A great story. What I do not understand (I am a European) is that he uses a credit card, but not a credit card. I just did an AirBnB and I was prohibited by the system to use my debit card. I was outraged. I still am. I had to buy a separate debit-credit-card to be able to use AirBnB services. AirBnB supports iDeal (Dutch payment system), but only for bookings >6 days. From my point of view, using a debit card is far…

Credit cards have consumer protections and dispute resolution processes like chargebacks. Debit cards often have nearly zero recourse for disputes. Why would you want to lose all protections for the less important temporary debt that you can pay at the end of the month? It seems like you're optimizing for the wrong things.

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#17

Post by abritinthebay »

sharpercoder wrote: post #3

A great story. What I do not understand (I am a European) is that he uses a credit card, but not a credit card. I just did an AirBnB and I was prohibited by the system to use my debit card. I was outraged. I still am. I had to buy a separate debit-credit-card to be able to use AirBnB services. AirBnB supports iDeal (Dutch payment system), but only for bookings >6 days. From my point of view, using a debit card is far…

From a general point of view: using a credit card responsibly will improve your credit rating.

A debit card won’t.

I had to explain this to a school friend recently as he has never owned a credit card and avoids loans - preferring to save first, then spend.

When it came time to get a mortgage he couldn’t get good rates - or a large enough loan - as his credit history was so lacking.

He was infuriated but I pointed out to him that it makes sense from a lenders point of view: they gave no record of him being able to manage debt responsibly.

So that’s one reason to use a credit card, though likely not any reason Frank would suggest (he’s going with their better protection and coverage)

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#18

Post by lamp_book »

akhilcacharya wrote: post #2

I had never seen him give a talk before - is this one of his first that's publicly available? He's a phenomenal storyteller.

He spoke at my University and mentioned that he does talks regularly now - not sure if any other are recorded though.

Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]

#20

Post by skrebbel »

abritinthebay wrote: post #17
sharpercoder wrote: post #3

A great story. What I do not understand (I am a European) is that he uses a credit card, but not a credit card. I just did an AirBnB and I was prohibited by the system to use my debit card. I was outraged. I still am. I had to buy a separate debit-credit-card to be able to use AirBnB services. AirBnB supports iDeal (Dutch payment system), but only for bookings >6 days. From my point of view, using a debit card is far…

From a general point of view: using a credit card responsibly will improve your credit rating. A debit card won’t. I had to explain this to a school friend recently as he has never owned a credit card and avoids loans - preferring to save first, then spend. When it came time to get a mortgage he couldn’t get good rates - or a large enough loan - as his credit history was so lacking. He was infuriated but I pointed ou…

In other words, American banks extort their customers to go into debt with them early and often.
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