Welcome to the show. If you're listening, chances are you own a cell phone, and if so, you're likely familiar with spam calls. Robocalls are just a part of the scam landscape. Daily, identities are stolen, credit card numbers are compromised, and fraudulent transactions are rampant. Scammers are constantly evolving their tactics, which makes it crucial for us to safeguard our identities and the technology we use. Thankfully, Frank Abagnale is here to share his expertise. Formerly a con artist, he now helps individuals and organizations enhance their security. He's the author of Scam Me If You Can and an ambassador for AARP. Frank, it's great to have you.

Thank you for having me, excited to be here.

It's a pleasure. Congratulations on your new book!

Thanks!

Many people know you from Catch Me If You Can. Can you briefly explain how you transitioned from con artist to a security expert?

Sure. After the movie, the FBI offered me a job as part of my parole. I accepted and have spent the last 43 years working with the Bureau, teaching at the Academy and assisting law enforcement globally. While I didn't have a complete transformation in prison, I was inspired by the ethics and dedication of the agents around me. I also met my wife during an undercover assignment, and we have three sons, one of whom is now an FBI agent.

Have you watched the Broadway show or movie multiple times? It seems to be a classic.

I've seen the film a couple of times and loved it. Spielberg made it for the redemption aspect, and I appreciate the Broadway show as well. The music really brings the story to life.

What inspired you to write this latest book on scams?

While I've written about commercial crimes before, my collaboration with AARP shifted my focus towards consumer-related scams. They commissioned me to cover various scams affecting different demographics, including millennials and seniors. Surprisingly, I found that millennials are often scammed more frequently than seniors.

That's interesting.

Yes, while seniors lose more money due to their accumulated wealth, scams are increasingly targeting millennials, who tend to be more trusting. Anyone, regardless of intelligence, can fall victim to scams.

What are the best defenses against scams?

In writing this book, I identified two critical red flags that can help prevent scams. First, if someone asks for immediate payment, especially via wire transfer or gift cards, that's a warning sign. Second, if they request personal information—like your social security number—be cautious. Always verify calls from your bank by looking up their official contact number.

That's solid advice. Let's discuss specific scams. What about robocalls? They seem to be everywhere.

Recently, the government has allowed phone companies to identify scam calls, so you may see alerts on your phone. However, as we reduce robocalls, we might see a rise in roboscams through text messages. It's crucial to be wary of unsolicited texts.

What signs indicate a roboscam?

They often pose as recognizable entities, asking for confirmations or requesting links. Responding to unknown texts can lead to trouble, especially if they prompt you to provide personal information.

Romance scams are another growing concern. How can individuals protect themselves in these situations?

Romance scams are on the rise. Often, scammers engage in long conversations without asking for money initially. Eventually, they create a financial crisis to solicit funds. If someone you've never met asks for personal information, that's a red flag.

Are women more susceptible than men to scams?

Scammers use online profiles to target women, often impersonating military personnel. While men can also be victims, women are frequently targeted in these scams.

What can we do to protect our families from scams?

Many people buy multiple copies of my book for their parents and in-laws. Education is key—don't rely solely on authorities for protection. Be informed about scams and share that knowledge with loved ones.

Thank you for your insights, Frank!

Always a pleasure to be here.

Let's dive into your mailbag now.

Our first note comes from Linda, who is seeking advice on ESG funds and their credibility. She raises valid points about marketing versus reality.

Linda is right to question the integrity of ESG labels. Reading the prospectus is essential to understanding what's genuinely being offered. Morningstar remains a valuable resource for evaluating funds.

Cynthia writes about being removed as an authorized user on her husband's credit cards post-separation. She's concerned about losing access to accumulated rewards.

Cynthia, I empathize. Frequent flyer miles can be considered marital assets. Discuss this with your lawyer, as it's important to address these assets during property division.

Megan, who's graduating soon, inquires about relocation packages and down payment strategies.

Megan, focus first on securing jobs before buying a home. Bonuses still exist in some industries. Remember, you don't always have to put down 20% to avoid private mortgage insurance, and maintaining an emergency fund is vital.

Thanks for tuning in today! We appreciate Frank Abagnale's expertise in keeping us safe. If you enjoyed this discussion, consider subscribing to the show. Next week, we have the CEO of Fidelity Investments joining us to discuss career growth and more. See you soon!