Sand Hill's Chief Investment Officer, Brenda Vingiello, CFA, joins Jenny Harrington on “Halftime Report” to go over their most recent portfolio moves. Brenda's commentary begins
Catch Me If You Can
Published Date : May 4, 2015
For Sand Hill’s annual Forum event in January, our featured speaker was Frank Abagnale, the acclaimed subject of the best-selling book, Tony Award-winning Broadway play, and Steven Spielberg directed film “Catch Me If You Can.” Frank is one of the world’s most highly regarded authorities on forgery, embezzlement, identity theft and fraud. His rare blend of personal knowledge and expertise began more than 50 years ago as a teenager when he became infamous internationally as a con man who successfully posed as a pilot, attorney, and doctor. Eventually apprehended, he served prison time both in the U.S. and abroad before being released on condition of helping the federal government, without remuneration, by teaching and assisting law enforcement agencies. Four decades later, he is still associated with the FBI and has also advised and consulted with hundreds of financial institutions, corporations, and government agencies around the world.
In addition to his fascinating retelling of his early life story, Frank passed on several tips on fraud prevention and identity theft to the audience. First, use a shredder, and shred everything! Specifically, it is important to use a micro cut shredder that turns even old plastic credit cards into confetti. Surprisingly, thieves can reconstruct documents from any other type of shredder. Second, avoid writing checks when possible. Too much information is contained in one place: name and address; often phone numbers; bank name and address; and routing and account number. Moreover, clerks often write a driver’s license number on the check for additional reference, adding to the treasure trove of sensitive information.
What about debit cards? “No way,” says Frank. Debit cards are an invitation to empty their linked account. Use credit cards instead, which are the safest form of payment. If they’re lost or stolen and used fraudulently, the credit card company absorbs the cost. This dramatically limits the cardholder’s exposure and puts the burden on the issuing company. Also, unlike debit cards, proper credit card usage helps build a credit score. Frank also suggests the possibility of parents using supplemental credit cards for their children. While still linked to the parent, these cards are effectively owned by the child and allow them to begin establishing their own credit.
Social media is another area where Frank advocates caution. As with check writing, it is important to be aware of how much personal information you are sharing. Additionally, he recommended that you never place a direct headshot photo worthy of a passport on Facebook or LinkedIn. It can easily be copied and used for ID theft.
Frank reminded us that in today’s environment, we must be smarter about how we protect and use personal information. It’s easy to become complacent- and therefore more exposed – with the use of our electronic conveniences. Law enforcement, in Frank’s estimation, simply does not have the resources to adequately protect consumers in a cyberspace world.
In his closing remarks, Frank reflected on his appreciation for being born in a country that has given him a second chance. He has refused three different presidential pardons to forgive his past. His transgressions as a young man motivate him, and he remains dedicated to making the most of his new life. The sad experiences of his own childhood inspire him to cherish his children and his family every day, and to make that an integral part of his message to audiences like Sand Hill’s Forum guests.
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All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.
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