Catch Me If You Can

March 30, 2011

The book, movie (with Leonardo DiCaprio), and now the Broadway show, Catch Me if You Can chronicles the life of Frank Abagnale, master of fraud.  Since his release from prison, Mr. Abagnale advises the FBI, with whom he has associated with for over 35 years by teaching at the FBI Academy and lecturing for FBI field offices throughout the country. He is a leading authority on all types of financial and cyber crime.

On his website,, he says that The Nilson Report estimates check fraud losses to be about $20 billion a year. He continues saying that, "Check fraud is by far the most dominant form of payment fraud and produces the greatest losses. Check fraud gangs are hardworking and creative. They constantly try new techniques to beat the banking system and steal money. Historically, the banks have been liable for these losses. However, changes in the Uniform Commercial Code now share the loss with the depositor. The Federal Trade Commission reported that nearly 15 million Americans have been victims of identity theft, costing consumers $5 billion and banks and businesses $56 billion every year. Because this crime is so simple to commit, I believe identity theft will become one of the most profitable criminal activities in history."
With identity theft on the rise Mr. Abgnale recommends a list of actions you can take to reduce the potential risk including protecting your Social Security number, Internet/Computers, credit cards, bank accounts/checks/PINS and other factors. You can find free advice from him on these issues and others to protect yourself and your business from becoming a victim on his website.

For more information, please contact your Perelson Weiner partner.

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