AGE OF FRAUD AND THE END OF CASH
Two recent articles hit our desk at the same time and got the staff at KnightsBridge Castle thinking about the future of Identity Theft. The Economist Magazine featured an article announcing the end of the “cash era”. Electronic commerce, including the credit cards, debit cards, pay pal, and electronic payments from bank accounts has greatly diminished the need for notes and coins in the cash economy. The Economist noted “Notes and coins are already a small fraction of the money in most rich countries.” The article predicted that the within a few years cash as we understand it would cease to exist.
The second article was a series of comments by the President of the Association of Certified Fraud Analysts. In these comments the president of the association commented that the crime of the new century would be fraud. New technologies and new systems were actively creating new opportunities for criminals engaged in fraud and theft. Clearly the proliferation of frauds and identity theft confirm his views
As we enter a cashless society many classes of crime may diminish. For example when a bank contains no cash, or a store has no cash, certain types of robbery will disappear. However they are most certain to be replaced by new types of robbery and fraud.
Therefore we at KnightsBridge Castle believe that Identity Theft, and the frauds that are committed using personal information, are a crime wave that will not diminish. Reluctantly and sadly we find ourselves watching the unprecedented growth of identity theft and fraud as we exit the age of cash and enter the age of fraud.