Cryptocurrency News

Arch-Fraudster-Turned-FBI Consultant Frank Abagnale Says “Blockchain Will Be Adopted by Every Bank”

Frank Abagnale knows a thing or two about fraud, having worked as an FBI consultant on that subject for more than 40 years. Therefore, when Frank Abagnale says that the blockchain is “the best way to secure information 100%” and is a cert to be adopted by every bank, you better believe it. 

Frank Abagnale was so good at fraud, forgery and con artistry, after a brief spell in prison he has was employed as a consultant by the FBI, and he has advised banks on all levels of security for five decades. Between the ages of 15-21, Abagnale’s criminal career encompassed bank fraud and check forgery, but it was his skills as an imposter that were truly jaw-dropping.

Despite his young age, Abagnale passed himself off convincingly as a physician, an attorney, a teaching assistant, and most famously of all, as a travelling Pan-Am pilot. It was in that guise that Pan-Am reckoned Abagnale racked up a million air miles, travelled to 26 countries, stayed in 5-Star hotels and ate in top restaurants, billing everything to Pan-Am.

Catch Me If You Can

Abagnale’s story was so incredible, it was the perfect subject matter for a Hollywood movie. In 2002, Steve Spielberg directed Catch Me If You Can, Abagnale was played by Leonardo DiCaprio, while Tom Hanks portrayed his FBI pursuer. The film was both critically acclaimed and a box-office hit.

As shown in the movie, after serving four years of a twelve-year sentence, Abagnale was paroled on the understanding that he worked as a consultant for the FBI, a role he maintains to this day.

Abagnale was a highly skilled check forger, and estimates that he defrauded various banks out of an estimated $2.5 million. Ironically, since the early 1970s, Abagnale’s white-collar bank robbing skills have since earned him regular employment by banks as a security consultant. Abagnale is therefore in a lofty position when it comes to speaking about bank security, so when he says he believes blockchain technology is the best way to secure information, he know what he is talking about.

Blockchain Nation Miami Conference

Speaking recently at the Blockchain Nation Miami Conference,  Abagnale said:

“I think you would have to be pretty ignorant not to realize that blockchain is the way for the future, it is the best way to secure information 100 percent, so I think you will see banks, especially accounting practices and accounting firms, all move to the blockchain, keeping records through blockchain. It will be the best way to do so because you cannot break the blockchain, you cannot hack into the blockchain, you can’t change anything in the blockchain.”

While Abagnale is acknowledged as a master forger and fraudster, he is only too aware that if a bank is using the blockchain, Abagnale’s skills would be useless. Bank fraud – which Abagnale specialized in and earned millions of dollars from  – would not be possible. A cryptocurrency such as Ripple is lightning fast, and because of its blockchain, there is no “in point” where a fraudster could access Ripples inner workings and set about defrauding an individual or company. Unless there is a “51% Attack” against a network, it is impossible to forge or create more Ripple.

“One would have to be incredibly foolish not to see that the blockchain is an incredible technology and that will be eventually adopted by all types of governments, businesses, and corporations” said Abagnale. “A cyber currency, just like anything else, it will take time to get people to understand how it works and I tell people all the time, and they say “is it safe?” I say every financial transaction has a risk. The only financial transaction in the world that exists that has no risk is a credit card because federal law takes total liability away from you.”

Related posts