Wednesday , September 28 2022

Aussies physical money pit for card payments



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The cash are on the last legs. But the rise of card payments is making life very easy for fraud. You should be worried?

We can not tackle the reduction of cash. Going the way of controls. Before long cash can & # 39; is something strange use only the elderly and other buyers will stare in amazement if you have a coin from your wallet at the checkout.

This next chart shows how the cash & # 39; quickly fell from favor. She went from over 60 percent to less than 40 percent of transactions in a few years.

Notice that the data & # 39; Australia has not been updated for a few years. We can easily come down near the Swedish levels now. One clue to what is f & # 39; this next graph shows how the withdrawal & # 39; ATM we do every year. He lost. The average Aussie runs 24 times a year, and falling.

If you are receiving cash weekly (52 times per year) is more than twice that of & # 39; often. If you do, you probably notice that the queues at ATMs are much shorter now.

Withdrawal from ATMs decreased from 40 years to 24 years per person per person in & # 39; smashed. If the trend continues x & # 39 banks, are likely to attract many ATMs from the wall.

REVENUE NOW MAKING

There is little mystery in the history of money & # 39; the Aussie. Even if the amount of & # 39; cash is going to use b & # 39; free way, the amount of & # 39; increased money there. The Bank & # 39; Reserve, demonstrating our cash, not 100 percent sure where everything goes.

Not used (or at least not through & # 39; formal channels). The best guess is there are loads and loads of & # 39; notes there, crisp and quiet sitting. This next chart shows how many bills per person. There are about seven & # 39; notes & # 39; twenty dollars per person. Used from time to time, which makes sense to me. Notes & # 39; hundred dollars surprise. There are currently about 15 $ 100 notes in the world for every man in Australia.

But where are all? Nneħħilhomx not, I swear. I've touched perhaps account & # 39; $ 100 in the last two years!

Even the RBA is not too sure x & # 39; happens hundreds using that entire polymer to print.

Suspect that many are being stored offshore people to trust the currency & # 39; to Australia more than their own.

MONITORING

Going cashless money will not be popular. Government can & # 39; follow your every expenditure is the type of & # 39; dystopian films thing to do.

But it is easy to over-stress the risks. If the money disappears, anonymous alternatives that will surely come. There are many economies in the world where the US dollar plus economy is & # 39; the mainstream economy. If the government got rid of the cash – and let us clear, not propose to – people can still use US dollars. Or NZ dollars, cards & # 39; Apple gift, or Bitcoin.

FRAUD JILĦUL THE GAP

But back to cash. The cash end Lahna more credit cards and more. Especially on the internet.

The more we put the card numbers & # 39; Our credit there, there is more chance that they come in & # 39; wrong hands.

This next chart shows fraud & # 39; & # 39 card; Credit in Australia. The left side shows dodgy transactions by people with your card in & # 39; hands. That kind of & # 39; not growing fraud.

The right side shows dodgy transactions by persons who know your name, number of & # 39; credit card, date & # 39; deadline, and the code on the back of your card. That kind of & # 39; fraud is absolutely powerful.

If you're the victim & # 39; & # 39 fraud; card & # 39; credit, the most likely form is that someone put the details of your credit card in & # 39; website. Almost half a billion dollars of & # 39; that kind of & # 39; fraud happens every year.

I find it disturbing that & # 39; anywhere on the web & # 39; darkness someone is selling the details of my credit card for a few dollars. But it is big business. Like many retailers online retailers, vendors & # 39; & # 39 cards; had recently stolen credit sales & # 39; Black Friday.

LIABILITY

I used the words "victim & # 39; fraud & # 39; of & # 39; credit card". But it & # 39; is not the most correct one to use when it comes to card fraud & # 39; credit.

The secret of the fraud of & # 39; credit cards is almost certainly pay for banks. To quote the Official Report of the Australian Network Fraud & # 39; Payments in 2018:

"The Australian consumers are not liable for loss of & # 39; fraud and will be reimbursed provided they have taken due to their confidential data."

You get & # 39; likely not be forced to pay if someone uses your credit card – unless admit to telling someone the number of your PIN or is the number of your credit card online. Both Mastercard and Visa offer policies & # 39; Zero Liability (there are a few other conditions, but they are quite small).

Most people do not seem to know this. I still know people who find themselves concerned about using their credit card online. They are not wrong about the risk of & # 39; fraud, mind you. But they are wrong about the risk to them personally. I say use your card b & # 39; online confidence. And if you see dodgy transaction, let them know.

This is at least something to be grateful for as we move & # 39; away from cash. Banks sure if any rimborsawk heck does someone swiped your money and use it!

But the x & # 39 banks, are unlikely to pay for fraud forever. Before long, may decide that the protection on the cards is too weak. The combination of card number, name, date of & # 39; deadline and the code on the side of & # 39; post card is & # 39; for a man who remember a lot of information, but it is trivial to share online. It's like a long complex password. They call that the authentication & # 39; single factor.

The online payment authentication iddampjaw & # 39; single factor (send code via & # 39; SMS), and credit cards can do something similar. One creative idea is to add a small screen with your ticket order number on the back changed every hour.

If that becomes popular, people who sell stolen cards have to work very quickly to stay & # 39; forward.

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