MONEY AND BANK SECURITY UNDER THE CASHLESS SOCIETY, END OF THE ROAD FOR BANK ROBBERS

One of the greatest concerns of security operatives has been providing efficient security for financial institutions. Obviously, over 50% of robbery incidents and security breaches have directly related to banks and other forms of financial institutions. Aside huge fatality rates, large sums of money are also carted away in most of the cases.

Those ugly events were happening because of the financial method of operation known as the Cash economic system. Under this system, raw cash was the medium of exchange leading to high risk or exposure to unwanted elements lurking around.

Of course, banks and large financial institutions were not the only victims of security breaches and robberies. Human beings at ATM points also got their fair share of theft, robberies and general security breaches. In most cases, buglers would attack people in the open air, malls, streets etc. All you need to do is just withdraw cash from your wallet and you are spotted and attacked.

Most surprising is the fact that both the developed and underdeveloped countries of the world are experiencing this problem almost on daily routines. At some points, it became as if the police, security agencies and the entire populace got used to the reoccurring attacks and it became almost a second tradition.

It is heartwarming to know that the society is gradually evolving and is beginning to adopt a robbery-proof financial system. The cashless financial system is a platform whereby cash flow would be minimized and instead, transactions would be paid for electronically. This means that no one would be handling cash anymore rather credit and debit cards etc. this means that bank robbers and money thieves would be completely out of job.

The cashless financial system would definitely make for a better secured and well guarded monetary system. From its little application here in Nigeria, it has shown to be a veritable and more secure means of transacting business in a society like Nigeria. How much more the other parts of the world, with all their technology and political will.