In Focus Risk
technology for moving our money and confidential data from one place to another, with its potentially adverse effects on loans, payments, and a multitude of cash transfers, whether or not done by debit or by credit cards, or by a range of hard devices. Thus, given the situation as just described,
it is initially proposed: l That there will be a requirement that cheques are permitted in payment for goods purchased or services provided. While this could delay settlement of
invoices, there is ample evidence to show that a sizeable number of small and medium sized firms constantly experience considerable delays in receiving their much-needed money owed, even when apparently sent by instantaneous electronic means. It could also help in eliminating the all too
frequent excuse of ‘computer error’ when an urgently needed payment is not received on time. Moreover, a cheque supposedly ‘lost in
the post’ can be cancelled and be quickly replaced without incurring unnecessary risk, with the added benefit of being rather difficult to hack into. l That there will be a re-opening of at least 50% of cash machines, or ATMs, which have been closed down in the past five years, with a review of additional re-openings after a further year.
March 2019
In too many cases, a debit or a credit
card has been used to pay for items costing less than a pound – for example a second- class stamp. In effect, the refusal to take cheques and the closing down of thousands of cash outlets constitute a means of forcing payment by the internet, regardless of how much is involved. Although using more cash would slow
down transactions and increase charges for transferring funds, the other side of the ‘monetary coin' is that hacking, as we know it, with its increasing and potentially catastrophic effects on society, could be largely prevented if alternative and well- tried methods for dealing with finances were not being phased out, with the eventual aim of eliminating them altogether.
l That, from a social standpoint, in limiting the ways that cash is used for essential payments, this has rebounded mainly on those for whom ‘proper’ credit and loan facilities are not readily available, and who are forced to cope financially on a week-to- week, or even day-to-day, basis. So, apart from the problems hacking
causes to the better off, the needs of those at the lower end of the income scale (who form a sizeable part of the population) obviously merit particular consideration before the advocates of the cashless society impose even more restrictions on the use of cash than they have already. Finally, should you have any views or
suggestions on this, or indeed any of the other matters that have been raised, then please make them know at the address or telephone number given at the end of this broadcast. If you do not wish to do this by digital
Moreover, a cheque supposedly ‘lost in the post’ can be cancelled and be quickly replaced without incurring unnecessary risk, with the added benefit of being rather difficult to hack into
www.CCRMagazine.com
means, it can be done by freepost. None of the information received will be kept in any form that will identify who it has been sent from. After receiving and looking carefully at
what you send, there will be a further broadcast in six weeks time, when additional proposals will be put forward. In the meantime, you may wish to review your current financial arrangements. Thank you and good evening! CCR
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