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Austrian ditch physical money for card payments

Money is at its last legs. But the increase in payment cards makes fraudsters very easy to live. Do you have to worry?

We can not fight money down. This happens in the form of a test. Before long cash can be something strange old people, and other buyers will be surprised if you get a currency from your layout at checkout.

This next graph shows how fast the money has fallen in favor. It was from over 60 percent to less than 40 percent of the deal in just a few years.

Note that Australian data is not updated for some years. Now we could easily get to the Swedish level. One of the threads is in the next graph, which shows how much ATM is withdrawn every year. This is a turning point. The average Aussie runs 24 times a year and decreases.

If you receive money every week (52 times a year), this is more than twice as often as usual. If you do this, you might see that the machines at the bank are now much shorter.

The withdrawal of ATM has decreased from 40 years per person to 24 years per annum for one person for about eight years. If the trend continues, banks may need to withdraw a large number of ATMs directly from the wall.


Aussie cash is a bit of a mystery. Although the amount of money we use is in a free fall, the amount of money has increased. The reserve bank, which prints our money, is not 100% sure where it all goes.

It is not used (or at least not in the form of official channels). The best guess is that there are load and load notes, sitting crisp and silent. This next graph shows how much the bill is per person. There are about seven twenty dollar marks per person. I use them from time to time, which makes sense to me. I am struck by hundreds of dollars in grades. Currently, the world has about $ 15 $ 100 notes per person in Australia.

But where are they all? I have not accumulated them, I swear. In the last two years I have touched one 100 dollars invoice!

Even the RBA is not too sure what's going on with hundreds, and it uses all of these polymers to print.

They think that many people abroad are holding people who trust the Australian currency more than their own.


Going cashless will not be popular. A government that is able to track your every issue is a kind of thing for which movies are taken.

However, it is too easy to emphasize the risk. If money disappears, anonymous alternatives will definitely appear. There are many economies in the world where the US dollar is located next to the main economy. If the government gets rid of money – and we will obviously do not offer it – people could still use US dollars. Do NZ dollars, Apple gift cards or Bitcoin.


But back to the money. We are increasingly using our credit card for the end of the cash flow. Especially online.

The more we place our credit card numbers, the more likely they will fall into the wrong hands.

This next graph shows Australian credit card fraud. The left hand side shows witty deals with people who have their own card. This kind of fraud will not increase at all.

On the right, you'll find sophisticated deals with people who know your name, credit card number, expiration date, and code on the back of the card. This kind of fraud is absolutely thriving.

If you are a victim of credit card fraud, the most likely form is that someone places your credit card information on the website. Every year, this kind of fraud is almost half a billion dollars.

It seems alarming to me that somewhere in the dark somebody sells their credit card data for a few dollars somewhere in the world. But this is a big business. Like many online retailers, stolen credit card vendors recently held black Friday sales.


I use the words "victim of credit fraud". But this may not be the right one when it comes to credit card fraud.

The secret of cheating with credit cards is that banks will almost certainly pay it. Pointing out the 2018 official network of crime scams, the Paying Network in Australia:

"Australian consumers are not liable for fraud damage and will be repaid as long as they have properly verified their confidential data."

You will most likely not be compelled to pay if someone is using your credit card unless you assume that someone should tell you your PIN or your credit card number on the Internet. Both Mastercard and Visa offer Zero Liability Policy (there are some other conditions, but they are quite small).

Many people do not seem to know it. I still know people worried about using my credit card online. They are not wrong about the risk of fraud, mind you. But they are wrong about their risk personally. I say using your card online with confidence. And if you see a tricky deal, let it be known.

This is at least something grateful as we move from cash. Make sure the banks do not charge you if someone drags your money and used it!

However, banks are unlikely to pay for fraud forever. Previously, they were able to decide if card protection was too weak. The combination of a card number, name, expiration date, and code on the back of the card contains a lot of information that one can remember, but it is insignificant to share online. It's like one long complex password. They call this one-factor authentication.

On-line payments have been subject to one-factor authentication duplication (they send out a code via SMS) and credit cards could do something like that. One creative idea is to add a map to a little screen, so the back number changes every hour.

If it becomes popular, people who sell stolen cards will have to work very quickly to stay ahead.

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