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Sunday, 26 January 2020

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16 October 2012

The war on cash suffered a temporary setback during the London 2012 Olympics

The war on cash suffered a temporary setback during the London 2012 Olympics, when Wembley Stadium was forced to become cash-only after card terminal systems failed. The failure was an embarrassment for sponsor Visa, which mandated the use of its cards at Olympic venues. However, the pitfalls of cash have been painfully exemplified by a case in Australia, where a man hid his A$15,000 cash life savings in his oven for safe-keeping, only for his wife to cook dinner, incinerating the lot. The man took the remains of the cash to his local WestPac branch but a member of staff refused to accept it. Following publicity over the case, WestPac has since apologised and vowed to do what it can to compensate the man. Reserve Bank of Australia guidelines state that if pieces of the same note are handed over, each one is deemed “to be worth a share of the value in proportion to its size”. A US man who targeted Chase Bank ATMs in a year-long skimming spree and stole around $400,000 has been jailed for 5 years. The man was connected to more than 30 ATM skimming incidents in 4 states, using skimmers and cameras to capture PINs and card numbers. At the time of his arrest, the man had 22 gift cards on him that had been converted to counterfeit ATM debit cards.

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