Privacy is no longer a social norm and the digital realm, although having its benefits, carries many risks as well especially in the world we live in today. Our financial transactions say more about us than any social network. Even though our fundamental freedoms are called into question, it seems essential to us to preserve Money in physical form such as banknotes and coins. More, which is the guarantor of our financial freedom.
In October 2020, CashEssentials defended individual freedom and the benefits of cash through a digital campaign: “Live free. Pay cash.”, targeting France as cash gained a lot of negative traction due to Covid-19, but continues to be the most popular payment instrument.
Designed with Paris-based media and brand communications agency Publicis Conseil SA, it included visual elements with strong messages focusing on the intrusive use of algorithms, the risk of cybercrime, the loss of privacy and the role of BigTech firms. The campaign used Facebook as its digital platform together with Native and Display Advertising Media which all received remarkable performance.
The campaign aimed to respond to the issue and raise awareness among the general public – sharing the message that cash is the most secure means of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More for everyday purchases as it maintains all forms of privacy and avoids all forms of tracking – unlike its digital counterpart. The initial objective was to reach 17 million people but after just five weeks since its launch, the campaign captured the attention of more than 40 million people showing that the topic is raising interest.
Algorithms, based on your internet browsing history (what you have previously watched, bought, listened to and liked, including what you gave up along the way) constitute a real barrier to your freedom of opinion. They influence what you watch, what you buy and even your choice of friends. Moreover, the majority of internet users find these algorithms to be too intrusive.
As we are living in historically remarkable times in terms of the protection of individual privacy, issues of data breaches and data protection have never been more pressing. Indeed, scandals such as the Facebook/Cambridge Analytica raise serious questions, including the willingness and ability of private companies to protect our personal data.
Did you know that the illegal economy linked to cash in 2018 was 0.93 times its value in 2014, when fraud linked to bank cards almost doubled (x 1.82). Fraud associated with the use of cash has declined 1.7% per year, while fraud through cards is increasing 16.2% per year.
Protecting the privacy of citizens is an essential condition for democracy. If all behavior and movements were to be traced, it would damage democracy. A bank statement says more about you than your social media presence or your e-mails. The use of cash, thanks to its anonymous nature, allows for financial privacy.