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Less cash, more fraud

Categories : Cash generates security, Cash is trust
January 4, 2017
Published in : Commercial bank, Counterfeiting, Europe, Money laundering, Security
Deutsche Bank Research shows that abolishing cash would not eliminate crime.
Guillaume Lepecq

Speaking at the 2016 World Economic Forum in Davos, John Cryan, the CEO of Deutsche Bank, predicted “Cash I think in ten years time probably won’t (exist). There is no need for it, it is terribly inefficient and expensive”. Mr. Cryan also focused on the way in which cash supports the underground economy.

Surprisingly, 10 months later, Deutsche Bank Research, the macroeconomic analysis arm of the group, publish an interesting report entitled Cash, freedom and crime – Use and impact of cash in a world going digital.

The report observes that “demand for euro cash is on the rise”. Euro notes in circulation trebled in value between 2003 and 2016. But the report also stresses that “abolishing cash will not eliminate profit-driven crime”. Moreover, the report provides some striking illustrations that cash and crime are not connected.

 

  Cash and card fraud

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