In a recent article from Tech Insider titled “The FBI is reportedly quietly warning banks of a potential large-scale hacking scheme that could hit their ATMs“, indications of an ATM cash out scheme are presented describing that malware could be used to access bank or payment card processors allowing hackers to duplicate cards and access accounts to withdraw large sums of cash. Millennials may ask why you need cash to begin with, and why not just use your cards every place you go? Older generations – less trusting of the digital world – find it difficult to give up cash-in-hand and still rely on having cash to transact business citing – what if all that technology goes away if even for a few days. This is a reasonable question.
As I read this article, one thing that comes to mind – not sure why – are sci-fi movies where people live in a cashless society and all transactions are made using digital data to add and subtract funds from one’s account. The payment device could be a watch, ring, or anything able to identify you – even your eyes. When the transaction is complete, notification is provided of the amount, and remaining account balance.
In my View
We are not far from being a cashless society today. Credit and debit cards are in higher use than ever before, and we now have cryptocurrencies like Bitcoin in place. Imagine a society where there were no more paper or metal currency to carry about. What would it be like? Would store and individual robbery go away as a result of not having cash? Would you have to worry about balancing budgets, overdraft, and payments to creditors? Or would these be automatic if approved and would you be automatically limited in your purchasing capacity when spending limits are reached? Are you ready for a cashless society?
Bob Larrivee is President and Founder of Bob Larrivee Consultancy, and a recognized expert in the application of advanced technologies and process improvement to solve business problems and enhance business operations. In his career, Bob has led many projects and authored hundreds of eBooks, Industry Reports, Blogs, Articles, and Infographics. In addition, he has served as host and guest Subject Matter Expert on a wide variety of Webinars, Podcasts, Virtual Events, and lectured at in-person seminars and conferences around the globe.