American consumers have fallen victim to scams and fraud at extreme amounts. The number of fraud victims just in the US in 2017 reached 16.7 million with over $16.8 billion lost. The world’s most famous con artist has come forth with some advice of what not to do. He was so good at his job that he was labeled most famous con artists and has worked with the FBI and hundreds of financial institutions to help fight against fraud.
One would think that given all the technological advancements in computing that it would be harder for today’s criminals to steal your identity than it was back in the 60’s. The answer is no, it’s actually about 4,000 times easier today than it was back then. Technology is an identity thief’s best tool because it provides a smooth, convenient black topped road to the details of your life. Think about all the personal information that’s available with just a few taps on the keyboard: bank account info, personal family details, credit reports, it’s all right there.
One of the easiest rules to follow from this ex-con is to never use a debit card. If you don’t want your money or identity stolen then don’t use your debit card. They are not recommended to anyone, family, friends, nobody. The debit card is the worst financial tool ever given to the American consumer. Every time you use one, you are putting your money and bank account at risk. Instead use a credit card. You can use it for practically all of your purchases, it helps prevent fraud, you can get cash back and you are benefiting your credit. At the end of the month just transfer your money over and payoff your credit card. No interest is being charged and its a win win for you.
If there is another large data breach (seems like it happens every month now) and a criminal possibly swipes your credit card and racks up $1 million on it, then you are protected and the cc company will cancel the card and send you a new one. If this type of thing happens with your debit card then you could be out your personal money for a long time and just hope the recovery process goes well and in a timely manner. Can you really afford to sit around for weeks with no money in your bank account? We didn’t think so, just get a credit card and pay it off within the same month you use it.