One of the more surprising advantages of becoming cashless has been found by Denmark: there have been no bank robberies.
Recent statistics from the banking group Finans Danmark show a consistent decline in violent crime at branches over the past 20 years, with no reported robberies in 2022 as a result.
Additionally, in 2022 there were no assaults against Danish ATMs for a second year in a row.
But as predicted, there has been a sharp surge in financial crime, particularly online fraud and scams.
As criminals profit from the expansion of internet banking, there has also been an increase in online fraud and other forms of scams everywhere in the world in recent years.
According to industry statistics, the decline in physical robberies is due to internet transactions, which have led several Danish banks to stop offering cash services at their branches.
In Denmark, fewer than 20 bank locations still store cash.
In Denmark, there were 221 bank robberies in 2000, but that figure dropped to 121 in 2004, one in 2021, and none in 2022.
The elimination of Danish bank robberies, which was originally noted by Bloomberg, is another indication of how the development of the internet is changing the nature of the world's financial system.
In terms of banks, Americans continue to be more traditional than their European peers. According to FBI statistics, there has been a rise in crimes involving banks in the US.
In the United States, there were 1,964 bank robberies, break-ins, and assaults on armored vehicles in 2021, up from 1,788 in 2020.
In the meantime, non-cash forms of payment have grown in popularity in Britain.
According to UK Finance, cards accounted for 57% of all payments made in Britain in 2021, with cash making up just 15% of transactions.
Up from 13.7 million in 2020, over 23 million customers used cash either once a month or not at all throughout that year, according to UK Finance.
Since the pandemic, the use of internet banking has grown rapidly throughout Europe. As a result, thousands of branches have closed in recent years.
By fLEXI tEAM