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governments around the world appear to
be waging war on cash France is
considering banning cash for
transactions above a thousand euros and
a number of other governments are
eliminating the highest denominated
notes but might the elimination of cash
also make us less safe cybercrime has
reached unprecedented levels and cost
the global economy four hundred and
forty five billion dollars a year the
monetary value of digital data and
services drives this for example the
prices for stolen credit card
credentials can be as high as $100
apiece 995 for debit cards and 560 for
stolen usernames and passwords research
suggests websites transferring illicit
goods and services using online front
stores to process payments are
generating around 10 percent of the
traffic that legitimate sites to a
cashless economy won't stop illicit
financial flows estimated at one point
one trillion dollars in 2013 finding a
way into banks about 45% of those flows
end up in offshore financial centers
after being laundered through the
international banking system criminals
might find ways to hack the databases
events diverting vast amounts of money
towards themselves or even holding
financial institutions to ransom then
there's the potential cyber threat from
government itself in principle
currencies could be invalidated funds
frozen or seized and baylin's
implementation our banks become
insolvent as they did in 2008 but since
we can't go back to a world of cash
these dangers will exist whether or not
cash is finally phased out
you