Frank Abagnale thinks digital cheques are a great idea. Especially for people with a criminal mind.
In the US, since the introduction of Check 21 in 2003, recipients of a cheque can make a digital image of it and process that instead of the paper version. It’s easy, explains Mr Abagnale: you’re selling a house to a cash buyer for $580,000 and you ask them to pay you by cheque, which they write and give to you. You then distract them – by choking and asking them to get you a glass of water – and while they are out of the room you take a photo of the cheque with your smartphone. You send the digital image to your bank to be processed before they come back in the room. Then you say: "I’ve changed my mind – I don’t want to carry this cheque around with me. Why don’t you wire it to me instead?" as you tear up the paper cheque. They wire the $580,000 to you, and before they realise it, you have received the payment twice.