Cash generates security

The pandemic has seen a sharp acceleration in payment fraud. But this is not a new phenomenon. A report based on 2014-2018 data for 52 countries provides a comprehensive taxonomy of payment fraud for both cash and electronic payments and offers an empirical estimation of the value of fraud with cash and cards.

The growth of mobile money in Africa has been one of the great success stories in digital payments over the past decade. A new Interpol report has found that the industry is being exploited by organised crime groups.

In a short period of time, the Covid 19 pandemic has caused immense human suffering and major economic damage. But what if Covid 19 was a virus that would infect the Internet and limit its functionality to such an extent that payment systems would no longer work? Preventive measures are needed to contain this danger.

As a growing part of the world shifts into lockdown, governments are identifying critical infrastructure industries that must continue operating to ensure public health and safety as well as national security.

As the coronavirus pandemic spreads, several central banks have now made strong statements emphasizing the importance of cash in this crisis.

The Central Bank of Malaysia is proposing to place a Cash Transaction Limit to promote financial integrity. Meanwhile, the government is launching a programme to subsidise digital payments.

The European Cash Management sector sees further consolidation as Loomis has entered into an agreement to acquire Nokas Värdehantering, a Swedish subsidiary of Norway’s Nokas Kontandhåntering.

1 in 4 women experiences domestic abuse in their lifetime. In the UK, one woman reveals how she wouldn’t have escaped her abusive partner without having access to cash.

ECB figures show that the number of counterfeits dropped by 16.5% in the first half of 2019, compared to the same period in 2018.

Is cash condemned by cryptocurrencies, cards and other alternative payment methods?

‘Dirty Money’ has never gotten as literal as this. Do you ever just wonder how clean cash, cards and coins are? LendEDU did and they share exactly how!

As Facebook publishes its white paper on Libra, the code-name for its future global digital currency, it is probably timely to reflect on the value of privacy and more particularly the value of privacy in payments.