International Legal Firm raises concerns about privacy and security in a cashless society

New findings from Osborne Clarke reveal concerns over data privacy and security are rising, despite a reduction in the use of cash across UK
·81% of UK consumers worry about fraud in a cashless society an eight percentage point increase on the year before
· Over three quarters of UK consumers (79%) worry they would share too much data if cash were to be completely replaced by mobile payments
· UK identified as the European country most open to using biometric technology to verify individuals identity
London, UK – 11th April 2018. Despite well-reported reductions in the use of cash across the country, new research from international legal practice, Osborne Clarke, today reveals that UK consumers are now more concerned than they were a year ago about incidents of fraud and security breaches should mobile payments completely replace cash in the future.
UK consumers have open been to using alternative payment methods to cash for a number of years, to the point whereby card payments replaced cash as the number one payment method in 2016. Figures from UK Finance also predict that sales made using notes and coins will fall from 40% to just 21% by 2026. Yet, new findings from Osborne Clarke reveal that rising concerns over data security and privacy could hinder the reality of a completely cashless society.

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International Legal Firm raises concerns about privacy and security in a cashless society

Natalie Ceeney, author of the 'Access To Cash Review' says : "everyone should have guaranteed access to cash in the future" - 06/19/2019

Douglas Ross, Member of Scottish Parliament: "The loss of access to cash inevitably affects the more vulnerable in society." - 06/11/2019

The British Treasury Select Committee warns the elderly and those on low incomes are still reliant on cash - 06/05/2019

Cameron Bready, Global Payments CFO : "There's always going to be a role for cash in commerce around the globe." - 05/29/2019

Dr Muzaffar Syah Mallow : "Cashless society will not make our society crime free." - 05/27/2019

Central bankers fear chaos in a cashless society - 05/06/2019

We must halt the relentless march to a cashless society. - 05/02/2019

A cashless society wouldn't work in the US - 04/23/2019

Andrea Nitsche from Cash Matters, says: “Going cashless is not a choice consumers make, it’s a choice made for them by market players." - 04/04/2019

Cybercrimes and security in a cashless society by Dr Muzaffar Syah Mallow - 03/15/2019

Tax evasion and crime: the truth about cash - 01/14/2019

Reserve Bank of Australia governor Dr Philip Lowe: "As we rely less on cash, outages affecting retail transactions can have a significant impact on businesses and individuals." - 11/30/2018

The cashless dystopia : "With implantable chips, we are becoming hackable and trackable devices." - 11/30/2018

Malcolm McDowell, Director on the Board of the International Currency Association : "The most powerful form of reinforcing a ‘save first, buy later’ mentality is to use cash." - 11/20/2018

"For decades, anti-cash campaigns led by dominant card brands, have been waged with the objective of discrediting cash" according to the ATM Industry Association - 11/16/2018

Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse." - 11/12/2018

"If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods." says Swedish economist Cecilia Skingsley - 11/12/2018

Bitcoin causes global warming according to researchers at the University of Hawaii - 11/01/2018

The Bank of Canada warns against an increased dependence on retail payment networks. - 10/23/2018

Dr Rakesh Goyal (PhD in cyber security): "The risks associated with the move towards a cashless society are no longer hypothetical." - 10/10/2018

The drive towards a cashless society doesn't appear to be a smart move - 09/10/2018

The challenges of transitioning to a cashless society - 09/08/2018

A cashless society: central bankers warn of the risks involved - 08/14/2018

Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns - 07/10/2018

Sweden’s central bank governor calls for public control over its payment system - 06/04/2018

The former President of Interpol discusses the risks of going cashless - 06/04/2018

CTO of Paypal says Cash still matters and will not go anywhere anytime soon - 05/30/2018

The cashless society from an ethical point of view