Who loves the movie “Catch Me If You Can”?
The classic film stars a young Leonardo DiCaprio, who plays the trickster Frank Abagnale outwitting the FBI in a witty comedy that explores the life of a check forger and imposter.
But if you’re in touch with the payments industry, you probably are well aware that Frank Abagnale is a real person, and his past inspired the film. Today he an expert on payment security and fraud, working as an American security consultant and has worked with the FBI over the last 40 years.
Frank’s former days as a fraudster have served him well as he transitioned from finding the best ways to con people out of their money to helping businesses and individuals keep their money safe from guys like him in his youth.
Today, let’s explore what Frank Abagnale thinks about certain payment types and their potential risks.
Frank’s views on paper checks.
Since Frank’s an expert at preventing fraud, he offers some great insight into watching for points of weakness in what kind of payments a business accepts.
One of the common risky payment methods he sees businesses using is taking paper checks. Paper checks go through too many hands when being processed, creating too many chances for someone to steal the routing and account number off the paper check.
His solution? Shred everything, or offer safer payment options.
“The Government is placing the burden of protecting individuals on businesses…Every business that works with a consumer’s private data should have a shredder.” (Frank Abagnale, Privacy Guard)
Frank’s views on ACH.
In his experience, he shows some caution when it comes to ACH payments since clients will give their account and routing number out, which is sensitive information.
His solution? Work with a secure payment processor to protect that data.
“Know the person with whom you are dealing,” Frank states. “Fraud happens by incorrectly assuming an unknown party’s legitimate.” (Frank Abagnale, WalletHub)
If we take his words to heart, your business should be a person your client trusts implicitly to handle their account information.
As for credit cards?
Credit card payments are a great option for your clients if they don’t want to hand over their accounting number.
As Frank has states, “A fraudulent credit card charge affects your available credit but doesn’t immediately take money from your pocket.” (Frank Abagnale, WalletHub)
Credit card processing can be pricier, but it is a great option to receive payments from clients, and protect the money in their pocket.
What can you do to protect your clients’ account information?
There’s an easy solution to protect your clients’ sensitive payment information, and not worry about storing it where it could quickly become compromised.
ConnectBooster allows you to take customers payments via Frank’s preferred safe methods.
ConnectBooster integrates with ConnectWise and Autotask and automates ACH and credit card payments. But to keep everything away from criminals, we offer a secure payment gateway that houses a PCI Compliant Customer Vault. You can also utilize point-to-point encryption and Tokenization via a patented 3-step redirect method of card authorization.
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Click here to learn how to transform how your business takes payments.