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]
#2I had never seen him give a talk before - is this one of his first that's publicly available? He's a phenomenal storyteller.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#3A 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 superior to using a credit card. Why would I want to debt myself to pay stuff? I have enough on my account to pay for a mere AirBnB. I don't want to indebt myself. yet, there is a system which forces me to.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#4A 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…
It’s all about putting fraud liability completely on the bank and not on yourself for the duration of an investigation. And building credit.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#5A 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…
To my knowledge, it's because if somebody steals money off your debit card, they've stolen YOUR money. You gotta fight with the bank to get it back.
But thanks to consumer protection laws, if somebody steals money off your credit card, they've stolen the BANK'S money. It's up to the bank to get it back.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#6I 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.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#7A 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…
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. If your credit card number is stolen, but not the card, you are not liable for unauthorized use."[1]
If you contest a charge, you are NOT required to pay that amount until the matter is resolved. Resolving it typically takes two or more months, but it isn't your problem and doesn't affect your life during this period. If it is resolved in your favor, dealing with the loss/recovery/reversal is not your problem, it is like it never happened (for you). The bar you need to achieve to show a charge was fraudulent is pretty low - typically a phone call to challenge the charge and a followup letter with a statement and any documentation available (as simple as stating you did not order/receive the goods shown or the goods were damaged).
Debit cards typically have limits to liability, but the stolen money is not restored until the matter is resolved. It typically is a LOT more work and can be several months to get the card issuer to make you whole again. Also, with a debit card, the theoretical limit of what the thieves can take is ALL the money in your bank account (and more with overdrafts). The bills don't stop while you are unwinding the mess and your money is unavailable... You can end up in a big hole; restoration of original funds that were stolen does not make you whole because of the "knock-on" charges and losses while your money was unavailable.
[1] https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-cr...
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#8A 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…
To my knowledge, it's because if somebody steals money off your debit card, they've stolen YOUR money. You gotta fight with the bank to get it back. But thanks to consumer protection laws, if somebody steals money off your credit card, they've stolen the BANK'S money. It's up to the bank to get it back.
They've stolen the merchant's money if it was an online transaction. Bank only takes the fall for card-present transactions.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#9Earlier quoted context omitted.
To my knowledge, it's because if somebody steals money off your debit card, they've stolen YOUR money. You gotta fight with the bank to get it back. But thanks to consumer protection laws, if somebody steals money off your credit card, they've stolen the BANK'S money. It's up to the bank to get it back.
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.
Re: Frank Abagnale: “Catch Me If You Can” – Talks at Google [video]
#10A 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…
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.